Mortgage Forum

Joel Fraser

Regarding Investment Property purchased - OCWEN denied my short sale.Take you back to 2005 when the real estate market was in full swing. I thought OK I will dabble in real estate investing. But did not see the market take the turn for the worse...and the rent was not covering expenses. About a 650 deficit every month. So I have gotten behind on my first mortgage. I started working with OCWEN (who is in 2nd position) about 3 months ago to get an approval on a short sale. My first mortgage (who has been great) has approved everything. I e-mailed upper management at OCWEN (I retrieved the e-mail addresses from some of the past forms on this website - thanks for that great info.) and that is who told me they are not interested in discounting the loan. The first was willing to pay them $5500. So I asked them how do they propose I come up with the $30K+ I owe. They basically said it is not their problem and that in order for this to close I have to pay this amount. They told me that my credit was still in fair condition and that is why they would not approve me. They said I could still afford their payment. So they need you to be down and out on your luck and THEN they will talk to you. OK the $315/month payment is not too bad, but when you combine it with the first mortgage the HOA payment and condo fee it adds up! This has to be criminal - I really need help. I don't have $30K dollars lying around to pay them. I am 3 months - going on 4 months behind on my first mortgage. I paid $229K for the property and it is now worth $139K. I just don't know what to do. I fortunately have a contract for someone to purchase my property and it is scheduled to close on the 14th of August. I don't have much time. Any help would be great. Thanks,