Ownit Mortgage sets bid procedures for sale of mortgage loans

By Reshmi Basu

New York, Aug. 27 - Ownit Mortgage Solutions, Inc. asked for approval on the bidding procedures for the proposed sale of its remaining mortgage loans, according to a Monday filing with the U.S. Bankruptcy Court for the Central District of California.

According to the motion, the company already has sold 85 mortgage loans for $7.03 million. It now seeks to sell the 25 remaining loans, which will be sold in different groups and pairings.

Under the bidding procedures, the company will forgo the stalking horse selection in lieu of a one-step sale and bidding process.

Bids must be submitted by 4 p.m. ET on Oct. 2. The offers must also be accompanied by a 10% deposit.

A hearing on approval of the bidding procedures is scheduled for Sept. 18.

The auction, if necessary, will take place on Oct. 5. The sale hearing is scheduled for Oct. 9.

Ownit, an Agoura Hills, Calif., mortgage lender, filed for bankruptcy on Dec. 28, 2006. Its Chapter 11 case number is 06-12579.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.