Can Anyone Confirm Countrywide Not Approving SS for Non-primary Res?

Foreclosures, Short Sales, Tax Foreclosures
1

I just turned in a ss package to Countrywide and the LM called to say that Countrywide is no longer approving short sales unless the home was a primary residence. I find this odd, because I currently have 3 other Countrywide short sales that are in process and those LM’s said that we’re still fine with those.

I left a message with new LM to get that new policy in writing but haven’t heard back. If anyone else has heard this or better yet, can confirm it, please let me know - so I don’t waste time with all these investors listings.

Thanks!

2

This is the first I’m hearing of this too. I guess they want to hurt speculators by sticking them with a foreclosure on their credit.

3

That is really strange, because I’ve been doing SS since 2000 and lender used to PREFER non-primary sellers. ???

4
5

This is the word that is out on the street. Apparently Countrywide is experiencing short sale overload. More than their system can handle. We will see how this plays out.