countrywide home loans foreclosures
Why do I need to prequalify AGAIN for a home loan if I already am approved with a lender?
We are in the process of buying our first home, and it is a foreclosure. We are preapproved through our lender and are ready to proceed. The current bank owner of the property is Countrywide, and they are requiring us to prequal through them (they aren’t requiring we use them, just prequalify). I don’t understand why I need to jump through more hoops, when all I want to do is buy a home. Shouldn’t they be THRILLED that I am able to take the property off their hands (and books)? To my way of thinking, it is none of their business what my personal information is so long as they are getting their money.
They can’t give me, my realtor, or my mortgage company a logical reason for this. Does anybody know why they are requiring this?
PS- We are in California.
Thanks!
We just purchased (Feb 08) a foreclosed property owned by Countrywide. We also were preapproved by our own lender. Countrywide told me that in order to even submit an offer, we needed to be preapproved through them. I told my realtor (who is great) and she said that was basically BS. The Countrywide loan guys want to sell you on a loan so bad, they make it sound like you have no other choice. We (on the advice of our realtor) ignored their request. We submitted our offer with a copy of our own preapproval and it was accepted. We now own the home. I thought it was just the local office of Countrywide being pushy (I am in Colorado), but apparently not! I would just submit the offer.
