CW said no need to miss payments to be approved - is that right?

[spj3210]

A lot of what I'm reading in terms of getting your short sale approved (like once an offer comes in and you submit everything) says that you'll need to be late on payments to show that there is in fact a hardship. According to the person I talked to at Countrywide, that's not the case. ?

I sent out a mass email to a bunch of Countrywide people (found the list online) and actually got a phone call from someone the other day. I had wanted to do a DIL but they said the house has to be listed for 90 days on MLS first, so we're going to do that and if a short sale works out then fine. She said missing payments was not necessary to get a DIL approved either. Any experiences w/getting a short sale approved w/o having missed any payments? We feel this would be better for our credit score either way, if we can avoid missing any payments. We do have a hardship which is the loss of half our household income, but by using savings and etc. we can continue to make payments..


But I've been thinking, would they really tell me, yes, stop making payments..? I mean the longer they keep me making payments the better it is for them right? But maybe I'm overthinking it.

[bachbaron]

I had to get at least 31 days past due on my Countrywide mortgage in order for them to get serious about doing a short sale. I had them on the 20 of my 80/20 loan. My 80 mortgage holder told me I had to get at least 30 days behind in order for them to consider a short sale. Trust me, I kept paying my mortgage for almost 2 years before the mortgage holder told me to get behind as there was no use in paying if I wanted to do a short sale. Once I did that and it was hard to do as I am sure you are a responsible person, they listened to short sale offers very quickly.