Hello,
Just got Ocwen approval on a 1st lien but have a $49,500 HELOC with BAC. Ocwen has offered $2000 to BAC. I know they will want more as a HELOC than a second mortgaqe. 10% reasonable? Or is even less a possibility?
Thanks for sharing and have a great holiday season!
Pat Hood
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How much did you ask Ocwen to review as a payoff? Who is the investor on the note with Ocwen?
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
Brett,
Thanks for your reply. On original settlement statement asked Ocwen for a $12000 payout to Bank of America HELOC. Per the Ocwen approval letter investor is"Deutsche Bank National Trust company as Trustee for Residential Asset Securitization Trust Series 2006-A13 Mortgage pass-through certificates series 2006-M."
Big loss for Ocwen on this as mortgage balance $439,000 and they will net $273,000. Their appraiser valued property at $375,000 and we did get them to approve a $300,000 investor offer.
Approval letter is on HAFA letterhead so surprised they offered BAC less than at least 8% of unpaid principal balance but will call them back about that.
Really trying to figure what should be able to get BAC to take...
Thanks for any insight!
Pat
If it's going through HAFA I'd be pushing for 12,000 to the 2nd. It's very possible that is what they will ask for.
Got it. I thought and even per their approval letter they had to pay out to the second minimum of 8% or $12000???Or has that changed??