My basic question is, would OCWEN approve a short sale on a house that has been vacant for 9 years? It was a single family primary residence before the owners defaulted in 2007 and moved out in 2009. The foreclosure suit was filed in 2008 but never completed. The bank eventually withdrew the FC in 2015 and the house continues to just sit there. It's still vacant and the bank continues to pay the taxes and keep it winterized. The owners want nothing to do with it, and in NY it's fairly simple for a lender to foreclose once the house is vacant. I've researched all I can on this house, and I can't figure out why the bank hasn't foreclosed. The only thing I can come up with is that they don't possess the original note, which NYS requires. Anyway, the owners are willing to cooperate and do a short sale, but I'm not sure how motivated OCWEN (or HSBC, the investor) will be.
Has anyone had success with OCWEN and a vacant property?
Thanks in advance!
Ocwen will work a short sale even if the home is vacant...i have worked shortsales in calfiornia and some homes were owner occupied and vacant.. Just advice the client that they will not be able to get a reloction incentive unless the home is owner occupied..
It seems to me that vacancy is not the issue. There may be issues with the title that need to be resolved.
actually you are correct...I had one that closed on january where the home was never foreclosed and seller assume it was foreclosed and was boarded up by the city because of some illegal activity that even the seller was never aware of. The city wanted to take the house so were were dealing with an attorney from ocwen and the city. It finally closed.
Yes, you can short sale vacant property's. At times Florida has very slow foreclosure proceedings. Depending on the investor on the note and the delinquency factor, a short sale may be disqualified.
Run title report letter to see what the issue was with the FC that was not completed. It should show up on title.
Thanks all for your input. I pulled the full foreclosure case file and property records (I even pulled the owner's bankruptcy records through PACER), and I couldn't find anything that explains the banks withdrawal. I'll order a title report though and see if they can find something I didn't.