How Negotiable is Countrywide on Short Sales?

Foreclosures, Short Sales, Tax Foreclosures
1

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.

2

As for Countrywide not doing short sales on Investment Properties I have heard that but not experienced it. I am working on 2 Short Sales with CW for owner occupied properties and everything is moving forward…slowly that is.

As for an investor buying the property, its all about the numbers. Does it Cash Flow? Is it a good investment? So it really depends on what someone can purchase it for.

3

Thanks for the answer. Another quick question, if we purchased it as a second home but stuck a tenant in there to cover costs…would countrywide look at it as a second home since that is what it says on paper or would they now look at it as an investment property we own?

4

They don’t care if you have renters and won’t know unless you tell them.

5

cw will consider it a non-owner occ prop, not a 2nd home. i work for cw