Ownit Mortgage liquidating trustee asks for court approval of bid procedures for sale of loans held in trust

By Jennifer Lanning Drey

Portland, Ore., April 14 - The trustee for Ownit Mortgage Solutions, Inc.'s liquidating trust requested court approval of the bidding procedures for the sale of the mortgage loans held in the trust, according to a Friday filing with the U.S. Bankruptcy Court for the Central District of California.

According to the filing, the loans may be sold in one group or in multiple, separate groupings. The trustee does not intend to name a stalking horse bidder.

Under the proposed bid procedures, written bids must be submitted by May 14 and include a deposit of 10% of the bid amount.

The liquidating trustee may negotiate additional or modified terms with any bidder prior to May 19.

The trustee has proposed the hearing on the bid procedures be held April 22 and the sale hearing on May 20.

Ownit has already sold 85 of its residential, fixed and adjustable rate, first- and second-lien mortgage loans for a total of more than $7 million, the trustee said in the filing.

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.