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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Has to do with RECOURSE loans vs. NON-RECOURSE Posted by k2163 on April 06, 2008 at 10:25 AM In Reply to: COUNTRYWIDE NO LONGER ALLOWING SHORT SALES posted by Antonio on April 03, 2008 at 2:41 PM If the property is investment or non-owner occupied Countrywide can pursue a deficiency judgment against the borrower for the blown out junior loan. If the loan is for personal residence and the second loan was purchase money, the borrower can walk away from the blown out second without recourse. So CW has determined it makes sense to take Non-recourse loans back via short sales, but pursue recourse borrowers after a foreclosure. Pretty good business sense it seems to me. : On investment/non-owner occupied properties : OCWEN has shut down their short sale department and will no longer do ANY Short sales on ANY loans.. : JUST SOME FYI Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : If the property is investment or non-owner occupied Countrywide can pursue a deficiency judgment against the borrower for the blown out junior loan. If the loan is for personal residence and the second loan was purchase money, the borrower can walk away from the blown out second without recourse. : So CW has determined it makes sense to take Non-recourse loans back via short sales, but pursue recourse borrowers after a foreclosure. Pretty good business sense it seems to me. : : : On investment/non-owner occupied properties : : OCWEN has shut down their short sale department and will no longer do ANY Short sales on ANY loans.. : : JUST SOME FYI [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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