I have a property that I purchased as a second home in Fort Myers, FL in 06. Countrywide is sole mortgage holder. We stuck a tenant in the place to cover some of our costs but with our ARM and rising insurance we are still losing a ton a month.
Has anyone had any experience with Countrywide lately? I retained an attorney who practices in FL and CA, but he just told me today Countrywide is no longer allowing short sales or negotiating short sales on investment properties. He is in California and said that just came down from one of Countrywide’s VP’s for Cali. He didn’t know if it applied to my property in FL. He is now wanting to present a deed in lieu to them, but I would obviously prefer to do a SS.
Also, does having a good paying tenant who wants to renew the lease motivate short sale investors to purchase a property quicker? We get $1,100/month from tenant.