Ocwen department for payoff Property has Ocwen as 2nd

I am working on a FHA file which involves BOA first and Ocwen 2nd.

BOA sent ATP requesting Ocwen payoff discount..Ocwen states they are owed $3,600. FHA/BOA will permit $1500. paid to 2nd.

When i contacted Ocwen they sent me to short sale department and stated we would have to go thru a 20 day short sale process.

This is a payoff and not a short sale process.

Is there a department to touch base with in regards to a payoff rather than a short sale department with Ocwen?

Any help or suggestions are greatly appreciated.

Thanks,

Johnna

Views: 229

Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on June 9, 2014 at 10:55pm

Joanna,

if Ocwen is owed $3600 and BOA is offering them $1500 how is this a payoff?

Permalink Reply by johnna lodge on June 10, 2014 at 12:49am

if they are paid off they receive something..if not they get nothing..

in the past when i was doing short sales, a lump sum payment to the 2nd was not considered a short sale. It was considered a pay off.

I did this many times with other banks.

this is not the case now?

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on June 10, 2014 at 1:03am
So you are paying the entire 2nd on a short sale? Don't know of a way to short the 1st without second being a short also. You will probably have to go thru Ocwen process.
Permalink Reply by Tony Morales on June 12, 2014 at 8:19am

Of course it's short sale.  You are requesting the junior lien holder to accept less than their balance. However,  FHA pays $3,000.00 incentive to seller.  And they do allow seller to use incentive toward demand of jr lien holder. So options would be for seller to contribute or do the short sale  20 days is pretty good

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