Replies to This Discussion

Permalink Reply by Rebekah Gamble on March 19, 2012 at 9:39am

Hi, Brian.. The loan is non-GSE. 

 

also..oops, I meant to say "stuck in Sac" Thanks all.

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Permalink Reply by Kevin - Greenville, SC on March 19, 2012 at 6:06pm

6.2.4.2 Subordinate Liens
It is the responsibility of the borrower to deliver clear marketable title to the purchaser or investor
and to work with the listing broker, settlement agent and/or lien holders to clear title impediments.
The servicer may, but is not required to, negotiate with subordinate lien holders on behalf of the
borrower. The servicer, on behalf of the investor, will authorize the settlement agent to allow a
portion of the gross sale proceeds to be used as payment(s) to subordinate mortgage/lien
holder(s) in exchange for a lien release and full release of borrower liability. All subordinate lien
holders will be paid in order of priority. Subordinate mortgage lien holders with subordinate liens
secured by a mortgage on the subject property may be paid no more than an aggregate cap of
$6,000. Such cap does not apply to non-mortgage subordinate lien holders with subordinate
liens not secured by a mortgage on the subject property, such as mechanics’ liens or liens
associated with assessments owing to homeowner’s associations. Payments will be made at
closing from the gross sale proceeds and must be reflected on the HUD-1 Settlement Statement.

6.2.4.2.2 Prohibition on Contributions
Subordinate mortgage/lien holder(s) may not require contributions from either the real estate
agent or borrower as a condition for releasing its lien and releasing the borrower from personal
liability. In addition, any payments to subordinate mortgage/lien holder(s) related to the short sale
or DIL must be reflected on the HUD-1 Settlement Statement.....

https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/mhahand...

http://www.scribd.com/doc/72126645/GMAC-Mortgage-HAFA-Eligibility-M...

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Permalink Reply by Kevin - Greenville, SC on March 19, 2012 at 6:09pm

• HAMP Solution Center: 1-866-939-4469,
[email protected]

• Escalate cases to [email protected].

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Permalink Reply by Smitty on March 20, 2012 at 1:33am

If it's a non-gse loan then the second lien holder can get $8,500
https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/sd1202.pdf

(p. 18)

They just increased second lienholder payouts in March.

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Permalink Reply by FranKeys Agency on July 14, 2012 at 2:19am

As long as the RASS was submitted after 06/01/2012, otherwise second lien holders still get the old 6,000.

I was supposed to have a closing yesterday in which second (Chase) wanted to change their payoff to 8,500 at the last minute. I had to dig this detail up and am still fighting it.

 

Has anyone has a similar experience?

 

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