Second Loan has been Charged off and we don't know who to negotiate with
We are working on a short sale where the title search and MERS shows the second mortgage is with Ocwen. When we call Ocwen and give the loan number they say they don't have the loan. We pulled the credit report and it shows Litton loans as being charge off. We can't find anyone to claim the second mortgage. We need to get a release from the second but don't know who to get the release from..
This property has a sale date of Sept 6 so we don't have time to file a Quiet Title Action.
Our underwriter says they are running into this problem a lot and it is becoming a huge problem. Does any one have a way to find the owner of the note? If it has been sold to a collection company how can we know which company and how to contact them?
Wendy Rosenberg
954-494-7030
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Wendy,
We have ran into this issue a lot and typically we are able to get it resolved, but at times it does take some effort. It sounds like you're on the right track, but you need to keep digging. Who did you speak to at Ocwen? I'd give them a call back and ask more questions.
Warm regards,
310-564-6389
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Permalink Reply by Terri Barrow on
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Have the seller check to see if they have been contacted by a collection agency. They won't show anywhere on Public Records or on credit. I have one where the 3rd was being handled by a collection agency. We found out when the seller went through their correspondence and found the collection letter. Hope this helps!
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