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Sophie Yin
  • Marietta, GA
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Bought a second lien...

Sophie Yin
  • Marietta, GA
Posted Jul 23 2016, 12:09

Hi all,

I am new in this area. I bought my first house this month without enough knowledge. It seems like I put myself in one of most complicated cases now... 

I bought this condo on auction in front of county court house this month. It was a second lien. The bid started at 25K, I bought it for 56k. There was another guy there bidding with me. The first mortgage is 96K after about 10 years of payment, the loan's status is current, it had been paid until Jul. The first lender is Ocwen.

The condo is worth about 150k-160k. The outside of the building looks good. Have not seen the inside. For now I know the paint needs to be done in the condo and AC needs to be replaced.

Now I have several questions,

1. I want to negotiate with Ocwen for a discount on the payoff. In that way, I would not buy it exceeding the market value. But I don't know how to do this. Is there anybody knows about Ocwen, their regulation and how to do this?

2. I talked to an attorney, I was told I was the owner of the condo after I got the Deed. I haven't got the Deed yet. Is there anything I need to do to secure myself as the owner? Somebody told me to let the owner sign a quit claim deed, what is that for?

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