Listen up all you Realtors and Investors that are doing short sales with Countrywide.
THEY ARE NO LONGER CONSIDERING SHORT SALES ON INVESTMENT OR RENTAL PROPERTIES.
Any files submitted to them that have yet to be processed and it is not the borrowers primary residence will be denied! If your BPO has been ordered on your file then you may scrape through the system but if not there is little or no chance that they will process the request.
This decision is due to the amount of short sales being requested and it is their Investors decision to take this action to alleviate the work load.
Even if the short sale is the borrowers primary residence they have to have SEVERE HARDSHIP to qualify which means in Countrywide language 30 days or more delinquent and unable to make payments, job loss, pay cut, medical condition etc. so it also appears that the so called "hope department" was a futile waste of energy.
I'll keep you all updated on anything else I hear so don't spin your wheels with Countrywide on investment or rental properties - the answer is NO!
Kathy Morris
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