I have a property that has been approved by Ocwen but have two additional liens that have to be paid off prior to closing and the seller doesn't have the money.
Here are the details:
1st lien - HOA 9k discounted from 11k. Ocwen will pay 6 months worth or approx 2k and will not pay a penny more per the investor.
2nd lien - a personal lien in the amount of 3k. This lien holder has a wage garnishment on the seller but still will not release the lien until it is paid off.
Does anyone have any ideas on what to do to get this to the table?
Ocwen said it wouldn't matter if they netted more money by the buyer paying more money. The issue is the investor not paying any more for the HOA lien.
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I agree with the other posts here. It looks like the buyer is going to have to pay off these liens before closing. So, if the buyer does not have additional cash, they could reduce their down payment and use it to pay off these other liens. I am not sure if the lender will consider paying off the HOA and personal lien as down payment but it looks like that may be the only viable option.
You're going to have to have a buyer that can pay these, directly, which means a buyer heavy on cash.