Hello Specialists,

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.

Thanks

MeLisa Minter, MBA, Broker, SFR, HRC

Minter Real Estate Services

www.homesmint2be.com

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Comment by Julie Vrigian CSSG, CSSP on May 19, 2010 at 12:23pm
Sorry, I should have read your post closer. It does sound like he wants to modify.
Comment by Joseph C. Alfe on May 19, 2010 at 12:18pm
He is seeking a modification. In that respect, you as an agent have no place in the negotiations, and there will be no sale. Tell him to have his attorney or himself work it out with the bank.
Comment by Julie Vrigian CSSG, CSSP on May 19, 2010 at 12:13pm
If the goal is to short sale the property, I would get the offer and submit it. If he needs to bring money to the table to settle, that would be the time to do it. He may not need to give them as much as he is willing to pay.

I have had similar situations, where they will take considerably less to settle and waive their rights to a deficiency judgement. I usually offer them 3-5% of the amount owed and negotiate from there.
Comment by MeLisa Minter on May 18, 2010 at 7:05pm
Hi Joseph,

He wants to offer the bank $200K on a $325K loan, but I'm not familiar with this approach. He wants to remain in the home and use the money from a reverse mortgage offer to settle the loan with Ocwen. Is that possible?
Comment by Joseph C. Alfe on May 18, 2010 at 6:32pm
what does settle mean? He either is selling the property, or he is not. If he sells, then its a short sale. If he stays, it is a loan mod. The second will settle because they are the second.


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