Ocwen-LCS Won't Budge

Short Sale -Condo in Destin, Florida

Hardship - Seller in the Mortgage Business  - Loss of Income

ASC, first - owed $420,000

Ocwen, second - owed $280,000

Market Value - $280,000

Offer - $277,000 (fair market value)

Ocwen -has sent the loan to LCS for colllection/buy-out

LCS - Wants $43,000 from seller at closing plus promissory note for $150,000, otherwise, will not approve Short Sale and will "pursue all other legal options". 

Seller has no savings.

Wendy Rulnick gets ASC and buyer to agree to pay OCWEN/LCS $12,000.

Denied.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.

Short Sale Pre Foreclosure Help.

Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.  Call toll-free  1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Ocwen-LCS Won't Budge* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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10 comments • Wendy Rulnick "Its Wendy!" Destin FL Short Sales • September 03 2008 07:43PM

Comments

Citi Mortgage countered to the seller to come to closing with $50,000 also and a promissory note for the difference.

Posted by Mike Jackson Realtor Pleasanton Homes For Sale (Realty World Estates) over 3 years ago

Hi Wendy - The trials and tribulations of dealing with short sales - Aren't they so much fun!

Posted by Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 3 years ago

Mike- What chances do these banks really think they have to collect after foreclosure?  1 really don't understand it.

Bill- These "dead ends" are certainly no fun.

Posted by Wendy Rulnick "Its Wendy!" Destin FL Short Sales (Rulnick Realty, Inc.) over 3 years ago

Is there a grant from the government that these banks with big losses can apply for?  Nothing else makes sense.  Do they really want to go out of business by doubling their losses?

Posted by Evelyn Johnston Real Estate Agent Elkhart Indiana Subdivision Specialist (Elkhart County Subdivisions, LLC) over 3 years ago

Evelyn-   I think they send to a collection mill and roll the are on gelting anything.

Posted by Wendy Rulnick "Its Wendy!" Destin FL Short Sales (Rulnick Realty, Inc.) over 3 years ago

Is the second mortgage a Home Equity Line of Credit?

Posted by Street Russell (N/A) over 3 years ago

Second mortgage....

Posted by Wendy Rulnick "Its Wendy!" Destin FL Short Sales (Rulnick Realty, Inc.) over 3 years ago

You mentioned the second mortgage with Ocwen above...is it a HELOC?

Posted by Street Russell (N/A) over 3 years ago

Not a HELOC

Posted by Wendy Rulnick "Its Wendy!" Destin FL Short Sales (Rulnick Realty, Inc.) over 3 years ago

Are you still working on the deal?

Posted by Street Russell (N/A) over 3 years ago

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