Does anyone out there know whether it is likely to pose a problem for seller in working a short sale with Ocwen that subject property is no longer seller's principal residence; having purchased and moved into another house a few few years ago. Seller has been making mortgage payments but now has a serious health challenge that will impact ability to make payments to Ocwen. Thanks much!

Hello all.

I have been working out a short sale with Chase. Managed to pull property off sheriff sale list after foreclosure decree when property was ordered to sale. Judgment was entered against my client for around $205K plus 8% interest per/year.

FNMA is involved and there is M.I. Sale is for $180K.

Today Chase offered the following as a condition to the short sale:

"Investor would like a contribution in the amount of $10,000."

My client says "Let them…

We just lost buyer number two for the usual reason that lender has taken way too long for short sale approval. This was a really good offer as it was only $3K less than seller owes on her mortgage! But Chase resisted approval because they believed it to be a strategic default on seller's part because seller has a good salary. But seller also has a lot of debt and had to relocate because of her job. We warned Chase that buyer #2 might move on to another property to take advantage of the tax…

I live and work in Ohio which is a judicial foreclosure state and, as it turns out, thank God for that! The courts here actually try to help people either stay in their homes are work-out a short sale.

My friend in Virginia, who was recently diagnosed with and has been receiving treatments for cancer, recently told me that she is upside down and in arrears on her mortgage and that she has been trying to work-out a loan modification with her lender. I looked into Virginia law and…