Simple question, looking for simple answer
I have a homeowner who is in default of their mortgage held by New Century Home Equity Loan Trust and serviced by Countywide. My question is who do I approach with short sale, New Century or Countrywide?
Does anyone know anything about either of these companies? How likely are they to short? How long do they take?
When you look at the Notice of Default or Lis Pendens document is shows the defendant and plaintiffs, whichever lender's name appears on the document is the one you should contact. Countrywide is a hard lender to short sale because they have many requirements that you must meet before they will consider a short sale, i.e. the property has to have been listed with a realtor for a period of time before requesting a short sale. The short sale process depends on how the lender handles it and how quickly they can complete your request. It can take up to a month or more.
Tanya