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.

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Note that is 6% of Ocwen's unpaid balance that Fannie Mae should be offering.

Yeah they didnt tell me that. I honestly think they are worn out. They told me that this would take less than 60 days.. They have really tried for me but I think they are just tired. I know for sure Ocwen wants $6000 I believe they want 10% the balance that may be $60000 I believe. I think Green Tree is playing hard ball. But I think Fannie wants to foreclose.

I think it's $20,000 or someone needs to go back to GT and have them do it for $3,600 if it is really $60,000.  I've yet to see Fannie offer less than 6%. If they say the net is too short then you could pay more perhaps on the price...but without knowing what is on the 2nd you are blind.

They probably are worn out.   I don't think GT is playing hardball if they are giving 6% (if loan is $20,000).  It's really Fannie making the call.  It's Ocwen that needs to be negotiated with then.

Worst case...let it foreclose...or let seller try to negotiate a deed-in-lieu.  Perhaps in a few months you could pick it up then. If the agent is released from the listing agreement she can set up an alert for you when it goes back on the market.  It won't be quick though.

Check public tax records and see what sold price was and mortgage amount - if yours shows it.  You can figure out the original amount on the Ocwen loan that way to give you an idea of where it is at....unless it is a HELOC.

You really need to know what the outstanding balance is with Ocwen.  It makes no sense that Fannie Mae would only offer 2% at $1200 if the loan is at $60,000.  With so many HUDS flying...you don't know if the numbers got messed up on the balances.

I do know that Ocwen wants $6000 and they knew they were dealing with Fannie. So they knew that was the max Fannie would give and they ask for it. Why Fannie wont give it who knows. What suck is I offered to pay $6000 OVER what Green Tree wanted just to get Ocwen to help. My realtor said not to do that as Green tree will just keep all that $6000 and give 0 to Ocwen.

I was a good buyer too. I didnt bid on any other short sales out of respect for the hard work of my realtor. See what happens to nice guys. I did learn that I will never bid on another short sale that has a second mortgage. Never again.

That's why I tried to encourage you to keep looking.  I know it's hard though.  I've brought ones to closing that most agents would have given up on long ago- so sometimes the bad ones really do have a happy ending.  Not always though.

I'm still perplexed over your realtor.  I thought she was trying to talk you into looking at others.  If you like her- stick with her, she can represent you as a buyer's agent on another property.  She can always remarket this one unless there is no hope.

If it were me I would keep looking (because you never know what you could be missing) and have her verify 6% is being offered to Ocwen and try to get Ocwen down.  If she escalates and can not get them to budge...only then would I call it dead.

The best short sales for buyers, in my opinion, are FHA ones where they are already in a pre-foreclosure status and an Authorization to Proceed has been issued and only 1 loan.  You know the price they will accept, and they really have preapproved the short sale.

 

 

 

I found out today that Green Tree is offering nothing to Ocwen. Thats right Zero. They told my realtor they refuse to work with the second in any way and they cant be on the hud either. But they want FULL release.. Ocwen wants $6000. Realtor said Ocwen rep got so mad she wanted to refuse any further negotiations. This is nuts because I thought Green Tree had to offer 6% as this is a Fannie Mae loan?

Mike, This scenario makes no sense at all.  I don't know if the problem is agent inexperience with short sales or just 2 lenders who will never come to terms...but this is beginning to look like a losing battle now.

Yes I know Im at my the end of my rope. Im pretty sure at this point the realtor is the problem. If they would have let me offer $65000 like I wanted too I almost bet Green Tree would offer something to ocwen.

Id almost bet there's a net fannies looking for. Probably mortgage insurance has something to do with this too. Im up against what this place would appraise for too. Im paying more than its worth already. Because I want the house. This has been long and stressful and a few sleepless nights too lol

I think you just aren't getting told everything or your agent doesn't understand it.  If you are paying more than their BPO, aren't requesting much in closing, and there is only the Ocwen lien it makes no sense why they would paying 6% of Ocwen's balance.  Yes, Fannie has a net.  Fannie should already be netting it with that.  What are you requesting in closing cost?

A HUD being rejected 4x before an approval (which you don't even have b/c you don't have a letter) is a lot.  Usually it just comes back once with changes.  Even with GT. 

It also doesn't make sense the 2nd loan is $60,000 if it was a piggyback for 20% and I doubt there was a HELOC for that if the home is worth so little now.  I don't understand why the agent won't explain this to you. 

Ask to see the last HUD that was submitted. If the seller gave you access to speak with the lenders (which I find shocking and counterproductive) then you should be able to get this from your realtor or lender.  The seller may also have other liens on there you aren't being told about...who knows.

If the junior was a piggyback loan, there is no MI.  There could be MI on Ocwen's loan though. It's usually hidden in the payment and seller not aware of it.

Ask to see the last HUD if you are curious.  Something just doesn't make sense here.

 

 

 

 

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