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Ocwen requesting approval of 2nd (Chase) prior to their approval

Posted by Jeanine Corcoran on February 24, 2013 at 5:57pm in Short Sale Discussions

Has anyone had a lender request an approval from the 2nd prior to the first approving?  The 2nd is Chase and of course Chase wants their approval letter.  Ocwen is denying short sale unless they receive it.

Any suggestions.

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Replies

  • TOP END Properties February 25, 2013 at 9:33pm
    Makes more sense to get the 1st approval first .. since they dictate how much the 2nd will get.
  • Bryant Tutas February 25, 2013 at 2:23am

    Happens all of the time. I usually send the response from the 2 lenders to each other.  Most times one will give in.

    Also, it helps to send over a regular loan payoff when you submit the package. Many times this will slide right through and keep this form happening. Remember the person putting the package together for the negotiator is just checking documents off of a list before pushing the file up. The payoff looks similar to an approval. I've done this many times with success.

    Keep pushing.

    • Shawn Wilkinson > Bryant Tutas February 25, 2013 at 5:10am

      I'm with Bryant on this one. Most times all they want is a payoff and the language they use in the request is murky. Try a recent payoff/ statement to see if it works. 

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