Problems With 2nd Mortgage Bank In Short Sale
I am the owner of a house and have presented a sales contract to the Mortgage Company (Countrywide) for a short sale. The sales price will basically pay off the entire balance of the 1st mortgage and only a small % of the 2nd mortgage. The problem I have now is that the investor on the 2nd mortgage has told me (through my Countrywide Workout Negotiator) that they are only willing to release the mortgage and not the note, meaning they will expect me to pay the balance off.
I do not know what to do. I cannot financially afford to pay off the 2nd mortgage as it is. I have not paid on either mortgage since last July.
Does anyone have any suggestions which might help me out?
Also, my workout negotiator @ Countrywide (who never returns my phone calls...just an occasional email) has refused to give me any information on the investor for the 2nd mortgage. Is this common? I would like to speak to them directly to see if we could work this out.
Please Help!!
shorts are predicated on the as-is, fair market value + mortgagor's demonstrated hardship + internal policy/criteria
who holds your second mortgage, and why are you using CW to present your case?
Countrywide is who I pay both of the mortgages to and I now understand that they are only servicing the loans for other investors. I applied for the short with them through their loss mitigation department, so that is why I am dealing with them.
I am not an investor. I am a home owner who simply wants to get out from under this home.
Your suggestions are greatly appreciated.
You could either take a crash course in the construction of a successful preforeclosure short sale proposal... or have someone do it for you.
I'm available to offer one, the other, or both.
Since I am not a professional in this area, I would probably be better off have someone do this for. Is this something that i would have to pay for?