Ocwen and FHA Loan Modification Guidelines
I have been negotiating with Ocuwen to get a short sale approved for a client. After the initial runaround of having to send the same paperwork in over and over only to be told that FHA will not allow the short sale and that my client will be forced into a loan modification program that she is unable to pay, I remain diligent to help these people.
My concern is that although FHA specifically states that they have the right to do this hold the sellers to a loan modification program, the banks are not all treating the guidelines the same. Some are following, others aren't. How is this determination made and is this not discrimination? Who gets the short sale pass and who is held to the guideline?
Although we are continually told that there will be a universal process implemented or has already been, the rules change depending on who is doing the negotiating from one minute to the next.
Has anyone had a successful escalation with this issue? Please advise.
Linda C Babbitt
Keller Williams Realty
50 Sewall Street
Portland, Maine 04102
207-450-3387
207-553-1324
Replies to This Discussion
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Permalink Reply by Carla Ann Tyus on
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Per the FHA Short Sale guidelines, the borrower must first be denied or approved for a modifcation prior to submitting for a short sale. FHA does waive the modification only if there is a job transfer to another state or death of a primary borrower. This is on a case by case basis. If the borrower has been denied or approved for a modifcation prior then submit the modification denial or approval to OCWEN. I am a DE Underwriter and Realtor and have cloed quite a few FHA short sales with various lenders.
Carla Tyus
Santa Clarita, CA
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