Short Sale after Sheriff Sale?

I've just started working on an Ocwen File & I'm having a hard time.

I've had the house listed for Short sale since 01/29 & the Sheriff Sale was 2/03/2011. We did receive an offer for the home. With other banks I have worked with, I have still been able to close out deals & continue with a short sale post sheriff sale because Michigan is a redemption state with a 6 month redemption period, however I wanted to know if anyone else has ever tried to do this with Ocwen in Michigan?

Ocwen is telling me the house is now an REO property & I can't seem to reach ANYONE in the REO dept to help me with this file. I've left a vm or two on their general mailbox but...nothing.

Any help is greatly appreciated.

Thank you

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on February 15, 2011 at 1:13pm

Kierra,

Hope this info helps.

 

It is your right as a homeowner to try and sell the home during the redemption period.  If you can sell it for more than the redemption price owed, you keep the equity!   Be sure to interview the realtor before you list the property to be sure they have experience working with foreclosed properties.

 

http://www.ewashtenaw.org/government/departments/extension/CommDeve...

Permalink Reply by Kevin - Greenville, SC on February 15, 2011 at 5:01pm
Permalink Reply by Kathleen Lordbock on February 15, 2011 at 5:50pm
Most of my short Sales are during our MN 6 month redemption period. Some lenders do seem to think they own the home and try to change locks etc- they need to be reminded of your state laws! They are bound by them.
Permalink Reply by Kevin - Greenville, SC on February 16, 2011 at 4:25pm

It's a sticky subject, but under the terms of most mortgages they may be able to change the locks before ownership if they deem the property unsecure.

 

http://floridaforeclosurefraud.com/2010/02/the-bank-can-change-your...

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