Ocwen-LCS Won't Budge

By
Real Estate Broker/Owner with Rulnick Realty, Inc.

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.

Posted by

"It's Wendy... It's Sold!"

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

Call Wendy Rulnick 1-850-650-7883 ext 204

email itswendy@rulnickrealty.com

www.rulnickrealty.com property searches and community info

 

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.

Rulnick Realty

 

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Show All Comments
Rainmaker
218,361
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Realtor - Senior Real Estate Specialist

Citi Mortgage countered to the seller to come to closing with $50,000 also and a promissory note for the difference.

Sep 03, 2008 01:07 PM #1
Rainmaker
1,021,268
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Hi Wendy - The trials and tribulations of dealing with short sales - Aren't they so much fun!

Sep 03, 2008 11:55 PM #2
Rainmaker
506,175
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

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.

Sep 04, 2008 12:26 AM #3
Rainmaker
2,393,836
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

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?

Sep 17, 2008 11:57 PM #4
Rainmaker
506,175
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Evelyn-   I think they send to a collection mill and roll the are on gelting anything.

Sep 18, 2008 12:55 AM #5
Rainer
402
Street Russell
N/A - Louisville, KY

Is the second mortgage a Home Equity Line of Credit?

Sep 18, 2008 03:02 AM #6
Rainmaker
506,175
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Second mortgage....

Sep 18, 2008 03:33 AM #7
Rainer
402
Street Russell
N/A - Louisville, KY

You mentioned the second mortgage with Ocwen above...is it a HELOC?

Sep 18, 2008 03:55 AM #8
Rainmaker
506,175
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Not a HELOC

Sep 18, 2008 04:11 AM #9
Rainer
402
Street Russell
N/A - Louisville, KY

Are you still working on the deal?

Sep 18, 2008 04:21 AM #10
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Rainmaker
506,175

Wendy Rulnick

"It's Wendy... It's Sold!"
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