Ocwen Holds 2nd
I know Ocwen is notorius for not being open to short sales and taking properties back at foreclosure to rehab and sell on their own. However, I have just come in contact with a homeowner motivated to sell and Ocwen holds the second position mortgage. Does anyone have experience with shorting a 2nd with Ocwen? If so please advise.
FMV=117k
1st Chase= 92k
2nd Ocwen=25k
repairs=3500
Looks like a good candidate... but to be clear, what do you mean when you say the FMV is $117K.
as it sits, or if repairs are made?
We did one this year and I think I paid .20 on the dollar to them.
Obviously it will depend on their perception of value in the property.
IF they think it is worth 150K then you will not get much of a discount if any. If you can denigrate the appraisal or BPO or if the 117 is ARV then you have a good chance of pulling it off.
[addsig]
Thanks for the replies, 117k is the after repairs value it just needs paint and carpet. It really doesnt need new carpets, just a good cleaning, but for the purposes of the short sale I will include cost estimates for replacing the carpet.