Re: Ocwen bought my second mortgage after the foreclosur
12-27-2012 08:30 AM
Yes it was purchase money and unfortunately I live in a recourse state (Louisiana) which gives OCWEN 10 years! to pursue legal action against me. I was figuring that there wasn't much I could do. They are reporting it as a HELOC which of course it wasn't. I contacted one attorney and he just wanted me to file for bankruptcy (lazy way to make a quick $1500) I just don't understand how they can keep reporting it as open and delinquent after 4 years of no activity. And they bought the loan after forclosure, so they basically bought a junk debt that they are hoping to collect on. I guess I will have to figure out a way to settle with them, which I'm sure I can do for pennies on the dollar. I really don't want to wait another 6 years to be able to buy another house.
Ouch... If you're in a recourse state, they could file on you any time during SOL... they almost certainly will before the time is up. They didn't buy it just to sit on it. I'm sorry to hear that you're in such a tough position. It would be smart to save as much as possible, then approach them with a settlement offer. Alternatively, you could put your savings in a protected account, like a Roth IRA, and keep quiet. If they get around to suing you, then you can withdraw your contributions (not your earnings) penalty free and use it for a settlement. Of course that means living with the knife over your head for ten years...
You should take a hard look at the total amount, compared to your income and determine if it's reasonable to think you can save up a good nut for settlement. If you can't, bankruptcy protection might get you clear sooner. Imagine if they sued you in year 9... The judgement would then be on your CR for another 7 or so.
Jandj80, if I were you I would find a lawyer to take yours on contingency and sue. Why not spank them for screwing you?