Can anyone give me some insight as to what Green Tree,Fannie Mae might offer Ocwen,GMAC for a junior lien? The approved price of the short sale is about $60,000 Ocwen wats $6000. I believe that is 10% of the balance. My realtor tells me this way too high and has stated that I may need to look at other property as this is headed to foreclosure. Mainly due to the junior lean wanting way too much. This really is upsetting as we are very deep into this whole process.
I just talked to them and what the realtor is saying now is that they dont know what the balance is at ocwen. Im not asking for any closing cost at all. This realtor is either a totally incompetent or taking me for a ride. This whole thing stinks. I and getting mad now.
yeh, this doesn't make sense. All she has to do is ask Ocwen for a payoff balance. Simple. Or ask seller to provide last statement. A realtor has to know the balance to request the 6% to put on the HUD.I get it that the 1st HUD was hosed as she had the loans confused...but then she had to resubmit.
The seller has to put balance on the paperwork to Fannie and Greent Tree for the 2nd.
Tell them you want to know how much is owed to Ocwen and ask to see the HUD that was last submitted. If they won't give you this, you're out. It's impossible to know what your success chances are without knowing this info.
Update Realtor called me saying they could get this done but wants me to go back under contract. Im 118 days into this should I??
Mike, Only you can answer that.
Did you sign a buyer's agreement with the agent (who is also representing the seller)? If not you may want to consider reaching out to a buyer's agent in your area who is experienced in short sales to help guide this process with the listing agent- who you said had little experience with short sales. He/she can screen the likelihood of the sale closing, better than you, and advise you.
Your agent can help prepare a short sale addendum (or whatever is used in your area) giving a deadline for the approval- such as only 30 days (or whatever you choose).
If you signed a buyer's agreement then you must use your agent. Otherwise, if your contract has expired you may seek out someone experienced with them to guide you. That would be my suggestion.
Thanks, I just hate to get drug back into this. I love the house but hate this. Ill try this once more. They said Green tree said we could send the HUD in to Fannie with $6000 to Ocwen. I pointblank asked the realtor if Fannie would accept giving $6000 to ocwen and they said fingers crossed.. I too dont understand why Ocwen wants so much when this balance cant be that high.
The Realtor also said that Green tree has been really slow at doing anything and Ocwen is really trying to derail this by demanding the max.
They represent the seller and last time we gave them 90 days this time I want 30.
Did you end up getting the house Mike Romone? I know it has been two years since this post but I started reading this blog because I was curious about an Ocwen deal.