Here is the situation. I have a 76 year old client who is completely insolvent. Living on social security and a minimum wage job. The house he owns is uninhabitable due to mold damage. We tried to negotiate a deed-in-lieu with Ocwen. They did a BPO and determined that the value of the property is TOO LOW to accept a deed-in-lieu. They WON'T take the keys!!!!
I am stunned. He is absolutely insolvent, they have to pay the taxes and insurance, and they WON'T TAKE THE PROPERTY!!!
Ok! He'll keep in until they foreclose. It will continue to deteriorate. And they'll get it when they get it! I'm just stunned.
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The lender has the "ability" to take it, but there is nothing that "requires" them to take it.
Chase will not offer a deed-in-lieu for values under 50k. With this particular listing, it is one of those Chase-in-house-inflated-valuations so the short sale won't work. So now the property is on the market via auction.com and the property continues to deteriorate. Nobody can even preview the property because the property preservation vendor changed the deadbolts and did not leave a lockbox & key. I've grown weary of trying to get a key or at least a key code. Perhaps I'll suggest to the seller to ask the court to force the foreclosure.
Sharona--have you tried Kathy Robinson at Ocwen? She is in management in their SS / Loss Mit Dept and she is great to work with. She may not respond to your email herself, but we always get a call within 24 hrs (usually the same day) from someone on her staff after we email her for help. Her address is [email protected]. Good luck.
Just think, your Client is able to live in the Property for free until they Foreclose! Thank Ocwen.
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