Looking for your guidance. I've never negotiated with Novad before. They are the 2nd lien holder, Ocwen is the 1st. Has anyone dealt with a similar situation? Will Novad negotiate? I'm used to getting the 1st lien holder approving $6,000 to the 2nd.... and the 2nd happily accepting that. I have a funny feeling that won't be the case here :-(
What type of loan is with Novad? Partial Claim / EHLP?
Partial claim. Payoff $121,708.05 The offer is $350k on a $375k listing
Since you have a Novad Partial Claim 2nd - The loan with Ocwen should be an FHA loan. Correct?
The Partial Claim loan is paid 100% (no short sale) and the NET to Ocwen is reduced by this amount. Ocwen should be aware of this - if you have any issues - call Novad - file a case and get a HUD rep involved.
I negotiate these types of files often (FHA 1st with Partial Claim 2nds) and Ocwen shouldn't cause an issue.