Short sale after house is brought current?
I was contacted by someone who wants to "get rid" of a house that they know that they can not keep on making the payments on. It was going to go to Auction March 21, but they brought it current and they just want to sell it. They have just a first mortgage of $150K and a second of $25K They said the house is valued at $210K and they just want $5,000 to get it off their hands. The second mortgage is with the previous homeowner who carried back a 2nd. My question is, if they are current, the first is with Ocwen Federal Bank, do you think that they will accept a short pay and do you think the 2nd will accept less than what is owed to cash him out??
Thank you for your guidance.
If your FMV of $250K is accurate, OCWEN won't consider a short. They'll want to be made whole. As far as the 2nd... that's a possibility. But, it depends upon the 2nd's financial resources.
If the numbers are correct and they aren't just feeding you a line, it sounds like an awfully ripe sub 2 deal.
Jom