Monday, March 24, 2008

Lending Institutions Not Permitting Short Sales

A Realtor friend of mine sent me this information the other day! I truly hope they are trying to help the homeowners and are not just foreclosing on their homes! I know that Wells Fargo Bank did help many homeowners keep their homes by re negotiating the loans. Many thanks to Wells!!

Ocwen Loan Servicing announced that they are no longer permitting short sales. Their goal is to try to keep the homeowners in their homes or just take the property to foreclosure. If Ocwen is in first position and is receiving a FULL payoff, then a short sale can still be done with the second servicer (obviously). However; if Ocwen is being shorted on the first or the second, they will no longer allow the short sale process to take place at this time.

The President of National Short Sale Center is in discussions with the Ocwen Loan Servicing's Upper Management Department in an effort to allow negotiations of short sales with their company.

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