Ocwen won't pay $3k HAFA incentive - says they'll apply it to their net

HAFA deal, Ocwen told us they would  not issue an approval letter until we took the borrower's $3,000 off the HUD.  When we protested, Ocwen said it was going to be applied to their net (HAFA regs specifically prohibit this).

 

I know that's wrong, but the seller was mainly interested in debt forgiveness and we figured if we raised too much of a stink, they would not waive the deficiency.

 

The 2nd, Wells, noticed this missing from the HUD and tells us Ocwen must pay it if it's HAFA, or give us a reason why not.  Because if this is not a HAFA deal, our approval from the 2nd goes away and we have to start all over again in the non-HAFA department.

 

Anyone have experience with this with Ocwen or other HAFA servicer?

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Replies to This Discussion

Permalink Reply by Kylee Roe on October 28, 2011 at 9:48am

This is very weird, and sounds as if you are speaking to someone who answers the Ocwen phone lines--i.e. a clerk! You may have to educate them, or contact HAFA more directly. Their keeping the 3k is completely outside the HAFA guidelines as far as I know, and HAFA  guidelines should waive the defieciency I believe. So go ahead and make a stink. Talk to the servicer and/or get to a manager at Ocwen. If they participate in the HAFA program, then they cannot keep the 3K.

 

Permalink Reply by Jennifer Grace on October 28, 2011 at 1:21pm

We've got a second with Ocwen and they don't have a problem allowing the homeowner to get the $3,000.

Permalink Reply by Michael Hayley on November 2, 2011 at 4:39am

I say escalate as high on their totem pole as you can get access. 

Permalink Reply by Jessica Eisenhauer on November 16, 2011 at 9:02am

Was there a special packet you submitted to Ocwen for HAFA or did you just submit the normal Ocwen packet that is on Short Sale Super Stars site and just provide a HUD with the 3K on it.  How did it turn out or did it?  I have one I want to start with Ocwen and I would like to to go HAFA to make it easier to deal with the 2nd if possible.  Which is a local credit union in this case.

Permalink Reply by Jen Basnight on November 30, 2011 at 12:05am

If Ocwen participates in HAFA, they should have to follow the Guidelines. I would love to hear an update. 

Permalink Reply by Corinn on December 5, 2011 at 10:06am

Jennie, 

Try this email.  It is in place to make sure servicers are adhering to HAFA rules and regulations.  [email protected]

Include an Authorization Form in the email.  Include the borrower name, address, loan #, servicer, and a description of the trouble you are having.  I used this email about 6 months ago to get somewhere with a BofA HAFA file and miraculously, made some headway with BofA after I sent this email to the Treasury!  Good luck! 

Permalink Reply by Kevin - Greenville, SC on December 18, 2011 at 4:47pm
Permalink Reply by Kevin - Greenville, SC on January 20, 2012 at 5:03am

How did this turn out?

Permalink Reply by Jessica Eisenhauer on January 20, 2012 at 5:25am

I just got one approved yesterday with Ocwen and they are giving the client 3K and not applying it to the net.  BUT, they don't issue a normal approval letter, they sign the letter that most clients get saying they may qualify for HAFA and basically said IF they sign it that means it is approved and no final HUD approval is necessary.  So strange.  But I am happy it worked. =)

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