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Short Sale -Condo in Destin, Florida

Hardship - Seller in the Mortgage Business  - Loss of Income

ASC, first - owed $420,000

Ocwen, second - owed $280,000

Market Value - $280,000

Offer - $277,000 (fair market value)

Ocwen -has sent the loan to LCS for colllection/buy-out

LCS - Wants $43,000 from seller at closing plus promissory note for $150,000, otherwise, will not approve Short Sale and will "pursue all other legal options". 

Seller has no savings.

Wendy Rulnick gets ASC and buyer to agree to pay OCWEN/LCS $12,000.

Denied.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Search Destin Florida real estate and vicinity.

Short Sale Pre Foreclosure Help.

Read my Blog.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.  Call toll-free  1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Ocwen-LCS Won't Budge* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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Post is included in group: Sharing Information of Short Sales
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10 Comments on Ocwen-LCS Won't Budge

SEP
03
2008
187,139 Points

Citi Mortgage countered to the seller to come to closing with $50,000 also and a promissory note for the difference.
8:07pm • #1
SEP
04
2008
781,924 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Wendy - The trials and tribulations of dealing with short sales - Aren't they so much fun!
6:55am • #2
368,316 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Mike- What chances do these banks really think they have to collect after foreclosure?  1 really don't understand it.

Bill- These "dead ends" are certainly no fun.
7:26am • #3
SEP
18
2008
589,597 Points 2 Featured Posts Attended Rain Camp Called Shot Master

Is there a grant from the government that these banks with big losses can apply for?  Nothing else makes sense.  Do they really want to go out of business by doubling their losses?
6:57am • #4
368,316 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Evelyn-   I think they send to a collection mill and roll the are on gelting anything.
7:55am • #5

Is the second mortgage a Home Equity Line of Credit?
10:02am • #6
368,316 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Second mortgage....
10:33am • #7

You mentioned the second mortgage with Ocwen above...is it a HELOC?
10:55am • #8
368,316 Points 38 Featured Posts Outside Blog Hit Router Called Shot Master

Not a HELOC
11:11am • #9

Are you still working on the deal?
11:21am • #10

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Wendy Rulnick "Its Wendy!" Destin Florida Short Sales

Destin, FL

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Rulnick Realty, Inc.

Address: 12889 Emerald Coast Pkwy West, Ste. 107-A, Destin, FL, 32550

Office Phone: (877) 487-9639 x 204

Email Me

The market. Smart sellers. The Emerald Coast of Florida.


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