Resigned To Forclosure

[richard1111111]

What is the name of your state?Hi, I live in indiana ,have been dealing with ocwen mortgage for last year and a half it has been such a nightmare , but from consulting my attorney forclosure may be only option,I do not live in house. bankruptcy is not an option due to owning a business.. what usually happens if you have a deficiency judgement how are size of payments decided ? please any advice is appreciated .! rick

[HomeGuru]

Originally Posted by richard1111111

What is the name of your state?Hi, I live in indiana ,have been dealing with ocwen mortgage for last year and a half it has been such a nightmare , but from consulting my attorney forclosure may be only option,I do not live in house. bankruptcy is not an option due to owning a business.. what usually happens if you have a deficiency judgement how are size of payments decided ? please any advice is appreciated .! rick

**A: sell the property.

[richard1111111]

Hi I think you said sell the house ,it has been on market for a while,ocwen finally sent forms for a short sale but will not respond to any calls or messages even from agent.102000 owed on house only appraises at 85000 to 90000.which brings me back to my original question how does a deficiency judgement usually get figured.. if you have any other advice it is appreciated . thanks rick

[HomeGuru]

Originally Posted by richard1111111

Hi I think you said sell the house ,it has been on market for a while,ocwen finally sent forms for a short sale but will not respond to any calls or messages even from agent.102000 owed on house only appraises at 85000 to 90000.which brings me back to my original question how does a deficiency judgement usually get figured.. if you have any other advice it is appreciated . thanks rick

**A: it is really up to the lender on how they want to handle the shortfall.
They could forgive, make you pay installment payments etc.