OCWEN

Comment

Comment by David Dee on February 7, 2010 at 12:13pm

I'm not an attorney or cpa but from what I understand in CA, if the property is a purchase money the bank cannot go after for borrower for the deficiency even when there is a 1st and 2nd (as long as this is not a heloc). The lender may ask for the deficiency in the approval but it would be applicable for recourse loans where they can actually pursue. Whether or not they pursue this is another story. This is one of those gray areas.

Comment by Kent Dills on February 7, 2010 at 10:54am

David, I think that would be a discretionary thing since the program is voluntary (if I understand it correctly).

Comment by David A. Roebuck on February 7, 2010 at 10:46am

Kent,
Would it be for a short sale that started in April or started months ago and actually closes in April?

Comment by Kent Dills on February 7, 2010 at 10:10am

I also read that somewhere David. I think it's in the new HAFA guidelines for the program that is voluntary and starts in April 2010.

Comment by David A. Roebuck on February 7, 2010 at 9:07am

Isn't there a law with the new Obama administration that banks CANNOT go after deficiencies for primary residence short sales ~ I am sure I read this some where but can't seem to remember where ~ Anyone else remember this?

Comment by Bryant Tutas on February 7, 2010 at 8:09am

David, Just be sure to always have your sellers seek legal advice. In my opinion lenders will be aggressively going after deficiency judgments in the near future.

Comment by David Dee on February 7, 2010 at 3:41am

Kent, good to know that there is an unlikely chance of them pursuing the deficiency. This is what concerns many sellers once the s/s approval is reached.

Comment by Wendy Rulnick on February 5, 2010 at 12:33pm

Using the OCWEN docs, thank you!

Comment by Kent Dills on January 20, 2010 at 9:33pm

I didn't actually fill it in because I was representing an investor on my deal and he didn't care if OCWEN tried to come after him or not. He just wanted the short done and knew he was minimizing any potential future deficiency vs. full-out post foreclosure deficiency which ALWAYS is bigger than pre-foreclosure liquidation.
Regardless, one of our short sale colleagues recently shared with me that she's done over 60 shorts in the past 5 and 1/2 years (you know who you are!) and has never had a client pursued for deficiency either by collections or by civil suit. They just don't waste their time!!

Comment by David Dee on January 20, 2010 at 8:53pm

Kent, that's what I thought. Tks!

Rob, if that is the case, I wonder why they left a BLANK preceeding the verbage. What if we write in ZERO and then cross off the verbage that is underlined. Wonder if that would suffice....

• ‹ Previous
• 1
• 2
• 3
• 4
• Next ›
• Page