Legal Question in Real Estate Law in North Carolina

Hi, Ocwen (GMAC Mortgage) recently took my property and foreclosed after working with them on a short sale for almost a year. I had an 80/20 loan with them thus a 1st and a 2nd. I have a home equity line with BB&T which was attached to the residence as well. I am pretty sure that I am safe against Ocwen (GMAC) coming after us as the original loan was an 80/20 and NC is a non recourse state, especially when it comes to non tradition mortgages. BB&T agreed to take $6,000 from the shortsale to release and forgive the debt originally. When Ocwen (GMAC) sold the property and took it in their possession, I contacted BB&T and informed them that Ocwen rejected the $6,000 offer and foreclosed. I then stated that I would pay them $6,000 directly to take care of this. Today I got a call from them and they stated that they could not take $6,000 but would take $30,000 which is what they offered a year ago. She stated that it would be moving to recovery where I would be contacted in a couple months more than likely. My question is what should i do now? They already agreed earlier to take the $6,000 from Ocwen as part of the short sale. I told them a relative had offered to step in. I told them no on the $30,000. We just do not have that kind of funds. So what can I do?


Asked on 8/13/13, 8:09 am

1 Answer from Attorneys
Kenneth Love Ken Love Law

First, unfortunately the 80/20 are 2 separate loans...the 2nd loan is not covered under the non recourse laws. Although it was a from the same lender, you will have to deal with that one way or another as it was a separate loan that was not foreclosed.

You should speak to an attorney and discuss all of your options on both loans. BB&T is not stuck tot he $6,000 because it was conditioned on the short sale, which unless you had a specific written agreement, this does not mean that BB&T would not waive their rights to come after you personally even if they got the $6,000

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Answered on 8/13/13, 8:26 am


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