I am a private lender. In 2007 I funded a second mortgage for an investor who had taken a house subject 2.
Today the house value has dropped and the investor is upside-down in the house. To the best of my knowledge, she is current on the first mortgage. She has a tenant in the property, but I don’t know what kind of cash flow she is getting. She is still making monthly interest payments to me. She hasn’t walked away from the deal, (God bless her) because of her obligation to me, but she is unable to sell the house. I did a loan modification for her about a year ago when she couldn’t pay off the loan when it was due, but that has now expired.
I don’t want to take the house because the loan to value ratio is too high. What I Want to do is this: I want to pay off the first note at a discount and then take the house (Ocwen Loan Servicing holds the note). I also want to reward the investor who DIDN”T default on the loan I gave her.
Would you guys please advise me as to how I should approach Ocwen? My goal is to get a 40% discount and pay cash for the note. Is this even possible?
Thank you in advance for your help
