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Deal involving Ocwen

Posted by Gloria Rivera on August 4, 2014 at 8:42am in Short Sale Discussions

I am currently working on a short sale with Wells Fargo. Homeowner had a second loan that Ocwen eventually started handling. My client has filed for chapter 7 and was discharged.  I tried to get a lien release from Ocwen but they won't even discuss this.  They want a portion of that sale and primary bank is not getting that much to begin with. Is this normal practice? Any way around it?

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Replies

  • Jonathan Katz August 4, 2014 at 3:14pm

    You will need to process the short sale with Wells Fargo and Ocwen. If a motion to extinguish a mortgage lien through a BK is not requested and granted then the mortgage lien still will need to be settled even if it was included in the BK to complete a short sale.

    If you have any questions or would like assistance please do not hesitate to reach out to me as my door is always open.

    BGold@acgnow.com

    310-564-6389

    www.ishortsalenow.com

  • Wayne Brooks August 4, 2014 at 1:16pm
    Yes, perfectly normal. The BK has no effect on this, as it releases the personal debt but has no effect on the lien. The lien release is Ocwen's only chance to collect any money. It's a normal short sale.
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