Short Sale Driving Me Bonkers
Can someone put me out of my misery?
I was in the process of negotiating a short sale on a pre-foreclosure property when it went to sheriff's sale. It is now in the 6-month redemption period. The contact I had pre-sale now says he has nothing further to do with the file, it has gone to REO. So I've called and called and called and been transferred a half a million times, trying to find who I can resume these negotiations with. No one can help me.
I was given the name of a real estate agent the file has been assigned to and told to contact the broker, but of course they can't do anything until the redemption period is up and they list the property. The homeowner still lives there.
What the heck do I do? Who do I need to talk to? The bank is Ocwen, if anyone can help me. Is that period post-sale but pre-REO just a dead time when you just can't do a thing? I would think they'd like to get this off their books while the homeowner is cooperating and just get rid of the property!
I don't know what else to do. I've got several in the same "twilight zone" of post-sale but pre-REO that I want to work on. Any suggestions are appreciated. 
I feel your frustration! Have the owners been contacted at all as to the status of their living situation? Do you know how much it would cost to reinstate the mortgage? How much of a difference is that compared to your short sale offer? Good luck!!
To whom is the redemption fee paid? Meaning, if the Homeowner wanted to redeem, who determines the exact redemption price? If it's payable to a trustee or sheriff, that's going to be a dead end. However, if it's payable to the Plaintiff's attorney, that's where I would make/renew your proposal. The foreclosing attorney will have direct contact with the empowered individual.
Firstly, purchase the (former) homeowner's right of redemption for $1. Then, make your Proposal for redemption as comprehensive as possible.... and send at least 4 bound copies to the Attorney, and 1 to the VP of loan servicing.