New Policy With Countrywide.
I just got off the phone with the manger of workout and they said as of 3/25/08 they do not do short sales on 2nd/rental/investment properties. Has anyone else heard this? I have been working on a property for over 8 months and had several buyers but they all walked because of CW taking so long. Now I have a buyer and all we want is a closing date. But now I get we dont do SS on 2nd homes.
I dont understand this policy. Anyone confirm this? or know why?
I wonder if it is because they have had investors trying to short their own properties to have a friend or associate buy them cheap?
It does seem rather "short -sighted" to not try to resolve the loan before they get it back as a reo and then have to take the huge losses that may be necessary in a declining market.
increase houshold income, or, reduce expenses. hang in there
Gone are the days of accountability, obviously.
The commute did not change. Sure, gas prices are high, but that is not new either. What kinds of cars do you and your boyfriend drive?
Did you plan to sell after 2 years when you bought? Why did you buy that house in that location? Why did you take the loan that you did?
Look carefully at solutions posted above; there are many. Ask why you were denied a solution. LEARN for your future and your character/integrity.
In 1977, when I bought my 1st tiny townhouse to protect and build for my family, interest rates were 18%. When we sold in 1985 it had appreciated by 50% (30K to 45K) and rates were 11.5%. Slow and steady built a strong future. Look for solutions, not running away.
What am I missing that the advice is to walk away from an agreement made? What am I missing?
Ultimately you have to decide what is best for you. Just make sure you check out all the options. It seems you may have some knee jerk reactions to changing situations instead of thinking them through completely. (We need to buy this house it is our only chance to buy.) ( We need to move as gas prices are too high.) ( We need to walk away because ....)
Maybe posting some accurate numbers might help - like your current Interest rate, estimated appraised value, mortgage balance, etc. That $1800 payment how much of it is Principal, how much interest, how much taxes, insurance.
There are many creative ways to keep a house. I just helped a friend keep hers. She bought at the top of the market, was working 3 jobs to keep up, then got laid off from her main job and took a less paying job and was about to let her home go.
She had a completed basement and we found that the State offers people up to $1600 a month to house mental-challenged people. She has to give them their own bedroom and provide supper for them and drop them off in the morning at a center of some sort. It more than pays her mortgage and she got to quit her two part-time jobs.
I am not saying you need to go to that extreme, but there are opportunities out there, you just have to search hard and be willing to do what you can. I am with Chris, my word is gold. I will suffer myself by eating ramen noodles rather than go back on an agreement I make.[ Edited by dnvrkid on Date 04/01/2008 ]