80-20 Loan - what happens with the 2nd?

Hi Folks, this is my first posting. I've only done 2 short sales before (they are not as prominent in Texas) and they were both with single lien holders. I was referred to this gentleman who bought at the height of the market, an 80-20 loan total of $164k. First is WFHM and the second is OCWEN. Is this even worth tackling and if so, what to do about the second?  Total owed - about $158k, value of property $120-130k.

 

Thanks, Cherry in Houston

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Permalink Reply by Jeff Payne on June 24, 2011 at 2:04am

Cherry,

the second has to be approved also.  You will need to send a short sale package to both. Most likely since Wells if the first, they will typically allow 10% of the balance of the second or $6000, whichever is lower.  We do short sales all the time with 2 mortgages, sometimes 3.

Permalink Reply by Cherry Wolfarth on June 24, 2011 at 2:49am
Thanks. Would I just duplicate the packet that I'd prepare for Wells? I see that the documentation forms & guidlelines are posted on this site. I don't see any for OCWEN.   THREE liens - you guys must be martyrs.
Permalink Reply by Jeff Payne on June 24, 2011 at 3:58am

Most short sale packages require the same documents.  Wells will be initiated on Equator and they will assign tasks of what needs to be submitted.  You need to set up an account on www.Equator.com for that. As far as OCWEN, I am sure that an agent on here will guide you in the right direction, I have never done an OCWEN short sale.

Just remember that a short sale is really just a math problem and you just have to get the numbers right to get the correct result

Permalink Reply by Bill Seufert on June 26, 2011 at 5:18am

Cherry,

 

I have done a couple with OCWEN and have some of the paper work they require. I am new to this site as well so I am not sure if I can upload to the site but if you shoot me an email I would be happy to send you the docs I have. I have heard a lot of negative news about OCWEN but haven't found them to be that bad to deal with.

 

My email is [email protected]

 

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