Ocwen SS won't pay more than $6000 to second mortgage
Hello all,
Has anyone had success with Ocwen or Bank of America allowing more than $6000 to second lender?
I contacted some of the Ocwen people listed in other forums, and I am now told that BofA (the investor) may allow 10,000. The loan was originally with Bank of America, and it I had started this SS on the Equator system. One day I went to log on, and the file had disappeared, I was told that Ocwen bought the loan from BofA, and now BofA is the investor? I am trying to clear that up.
The numbers involved are as follows:
House is under contract for 910,000
Ocwen is owed about 825,000, and I am asking them to take 735,000
Fifth Third is owed 175,000 on second & wants 100,000
The rest of the proceeds will go to back taxes, closing costs & commissions.
I think that this is a pretty good offer!
Any Ideas?
Thanks,
Siobhan
Westport Realty
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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My guess is the loan was serviced release to BofA and that they are not the investor. Fannie and Freddie will not pay anymore than $6,000 towards the junior liens. This is for all junior liens total. And in order to get the $6,000 the 2nd has to agree to full waiver od deficiency.
With your deal I wouldn't involve the 1st at all. Order a payoff and pay them in full on the HUD. Whatever is left over is what you offer the 2nd. Why negotiate with 2 lenders when you can do the deal by negotiating with one?
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Permalink Reply by siobhan murray on
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That's good to know, about the $6,000 limit by Fannie/Freddie. Thanks
As far as not involving the second lender, my client wouldn't be able to offer clear title to the buyer without their agreement to take the 6000 as payoff. And buyer's attorney isn't going to allow that!
Or am I missing something?!
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Permalink Reply by Short Sale Superstars LLC on
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Siobhan,
Bryant is stating that you do not need to put the 1st in a short pay position. Pay the 1st off in full and run through the short sale process with only the 2nd having whatever is left over after paying off the 1st going to the 2nd on the HUD. You'll have to have escrow crunch the numbers once you have a pay off from the 1st to see the exact numbers and if this is going to work, but it appears that in your case this may allow more monies going towards the 2nd's release.
310-564-6389
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With your deal I wouldn't involve the 1st at all. Order a payoff and pay them in full on the HUD. Whatever is left over is what you offer the 2nd. Why negotiate with 2 lenders when you can do the deal by negotiating with one?
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That is a good idea, I am going to run the numbers- thanks!
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