I have a new client that has a 1st with Ocwen and 2nd with Wells Fargo. His situation is so convoluted, it would take me hours to explain.
So the long and short of it is, in 2004 his property was valued at $600K per tax. Today, it is valued at $325K. He went through major medical problems and has filed bankruptcy. Now Ocwen has a sale date of 7/5/10. He wants to offer them a settlement amount of $200K. He has already offered Wells $18K on their $44K second and they accepted.
My question is, should he try to settle with Ocwen, before I start the short sale, or should I just start the short sale as well?
Any help or advice would be greatly appreciated.
MeLisa Minter, MBA, Broker, SFR, HRC
Minter Real Estate Services