Thursday, February 19, 2009

Countrywide Minimum as 2nd Lender

I have a deal right now with Countrywide as the second lender. The balance is $250K+ and I submitted a HUD giving them $1000. Take that you slow behemoth! Anyway, I then spent weeks on the phone talking with their short sale department in an effort to find out why a loss mitigator had not been assigned. Finally, some light from a rare, very helpful woman.

Apparently, Countrywide's minimum requirement as a second lien holder is $3000. Any offers that come in under $3K get pushed under the rug and no loss mitigator will be assigned. I was told to resubmit the HUD with $3K to Countrywide and not only would a loss mitigator be assigned, but that I would likely get an approval on $3k or $5K. Interesting. So I did. And within a few days, a loss mitigator was assigned and I'm now awaiting their acceptance/counter.

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