Short Sales (AGAIN) (foreclose, mortgage, mortgage, banks)
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I just was doing a short sale with Ocwen. They told me after doing all the work that they changed their policy 3/15 and will no longer do shorts on firsts, only on 2nds. Anything that was not already approved for a short sale before the 15th would no longer go through. What they did do though is call the customer telling them they will reduce their mortgage by over $60K which allows them to sell the house and they actually will walk with some money in their pocket. Only stip is that they pay the mortgage for 3 months then they can do what they want.
Only thing I've heard about countrywide is that they are a pain in the butt, take forever and lose files...perhaps they've changed their ways?
Starting one of these with a First Franklin First and Washington Mutual Second. FF so far has been pretty responsive, WAMU hasn't even started calling the borrower yet. Anyone negotiate a second with WAMU yet? experiences?
The seller in mys hort sale case is also in contact with First Franklin and they are talking to him.....so he gets the feeling they are willing to do something, although the refused my first offer, and now months later they refused a lower offer (the market here went down even more and similar properties in the same communty have closed for a compairing price) , and are asking for my first offer again. They can come up with a judgment for the seller (which the sller doesn't mind as long he doesn't foreclose) but my offer stands. We are only $10K off from what First Franklin now wants and my offer is cash.
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