I'm surprised they were offered a Deed in Lieu from Ocwen. I've been working a short sale with them since 2012. They refuse to budge on price. The property is in need of a lot of repairs and no one is going to give them what they want in its current condition. They refused to even accept a Deed in Lieu from the seller. Now the seller has filed a lawsuit against Ocwen and it has kept the property from going to foreclosure. Continues to be postponed and they still wont budge. I can imagine what this is costing them. It's absolutely crazy they don't want to get it off their books. They too say it's the investor (Fannie Mae). If that is the case then the tax payers are footing the bill. This really burns me up! Ocwen should be shut down.
Wo is the investor... Prob a private equity firm that purchased it from Fannie Freddie or HUD for pennies on a dollar. They are the ones that hole the door closed usually. They will foreclose first sine they own the property for almost nothing If it were a HUD or FANNIE or FREDDIE seller may have a better chance to sue for clear title. or back them into a corner for something deserving. Most people wont or dont know how.
If they dont follow the guidelines then they should be scrutinized by the guidelines. PERIOD! I now sueing is none of our business but it may be the only way for the seller. Ocwen is terrible and Private Equity are worse.
They are reimbursed all the interest and expenses from the Federal Govt so hey dont stand a chance in losing anything unless you stand up and fight them... My most recent dealing I had a HUD They did the same crap. I called HUD who basically has their hands tied but I forced hUD to bang on the back door while our negotiator banged on the front door. Hitting them on both sides got our sale. waited almost 2 years. Use the hardship letter with HUD to get them motivated to hit the bank hard.
Unfortunately they can dictate . However you may want to look to see if this is a Fannie Freddie or HUD loan. then you have other recourses.
IF not then my advice is to sue the bank and the investor illegal foreclosure since the likelihood that the real investor has never actually stepped up to claim the note and did not actually foreclosure on the property. The trust and the investor are liely 2 different entities and neither have standing to sue... Doesnt put money in the realtors pocket but the seller/owner may have a real fight on their hands to win free and clear title...
aint a deed in lieu a foreclosure because you handing the keys back to the lender. .
i appreciate the information..Thank you