Servicing transfered to Ocwen from Chase

I was just informed that servicing on a short sale I have been working on was transfered from Chase to Ocwen. This loan was HAFA qualified and we had a marketing period good through July and sheriff sale date would be postponed at a minimum of until after that date expires. I had an offer on the property which also had a 10,000 Chase incentive and 3000 HAFA incentive. Of the 10000 we were using most to pay off liens etc.

With all that being said I just contacted Ocwen and I was informed that there is a sale date set for 5/1 and unless they approve the short sale betwen now and that date there is nothig they can do and that the HAFA agreement the borrower had with Chase is void as well as any incentives. I am really not so sure as to how to proceed and borrower has not made any provisions to move at this point because he thought we were good through at least July and as per his HAFA agreement that he would stay in the property. Help!!!!

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on April 12, 2012 at 6:04am
Permalink Reply by Kevin - Greenville, SC on April 12, 2012 at 6:05am

Do you have a signed HAFA SSA in place? If so, they must honor.

Permalink Reply by Mike Rosania on April 12, 2012 at 6:10am

I do from Chase but told me doesnt matter and that I have to get them there short sale package complete with offer to be reviewed but will not postpone date regardless of what HAFA agreeement says.

Permalink Reply by Daniel Sandoval on April 12, 2012 at 6:33am

The same thing happen to me ...they transfered my short sale from chase to ocwen...not sure why they are transfering..im thinking because they know ocwen forecloses the homes no matter what...and chase is trying to save the homeowner from foreclosure..

Permalink Reply by Kevin - Greenville, SC on April 12, 2012 at 7:12am

5 Protections Against Unnecessary Foreclosure

Pursuant to the servicer’s HAFA Policy, every potentially eligible borrower must be considered for
HAFA before the borrower’s loan is referred to foreclosure or the servicer allows a pending
foreclosure sale to be conducted. At the servicer’s discretion, the servicer may initiate
foreclosure or continue with an existing foreclosure proceeding during the HAFA process, but
may not complete a foreclosure sale:

 During the term of a fully executed SSA.

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

Permalink Reply by Mike Rosania on April 12, 2012 at 7:15am

Thank you and I really appreciate your help!!

Permalink Reply by Kevin - Greenville, SC on April 12, 2012 at 7:15am

1.4.1 Transfer of Eligible Loans
When a participating servicer transfers or assigns mortgage loans, or servicing rights relating to
mortgage loans, that constitute Eligible Loans pursuant to the SPA, the transferee servicer must
assume the transferor’s obligations under the SPA with respect to the transferred Eligible Loans.
A transferring servicer may not use a transfer to circumvent its existing obligations under the
SPA. If the transferee servicer has signed its own SPA, the Eligible Loans involved in the
transfer become subject to the transferee servicer’s SPA. If a transferee servicer has not signed
its own SPA, it will be required to execute an assignment and assumption agreement, the form of
which is attached as an exhibit to the SPA.

https://www.hmpadmin.com//portal/programs/docs/hamp_servicer/sd1104...

Permalink Reply by Mike Rosania on April 12, 2012 at 8:16am

What do you think about the $10,000 incentive that Chase offered borrower to participate in short sale? Does new servicer have to honor that?

Permalink Reply by Daniel Sandoval on April 12, 2012 at 8:19am

i dont think so...your luck enough if ocwen postpones sale dates...they are very difficult in that..

Permalink Reply by Kevin - Greenville, SC on April 13, 2012 at 2:24pm

That's probably a no on that one, but I'd push for it.

Permalink Reply by Mike Rosania on April 13, 2012 at 11:20am

I received a call from Ocwen today in response to my email and sent them the SSA and an offer that I have on the property. I will keep everyone posted as to how this plays out. Thanks for all your help and thanks to Kathleens team for reaching out to me so quickly!!

Permalink Reply by D'Adrea Davie on May 3, 2012 at 3:11am

The same thing happened to my clients. I was able to get the trustee sales date postponed for 30 days but now Ocwen is prolonging reviewing the file. I had an approved HAFA Short Sale with Chase. I was in the process of requesting an extension to the original sales date and the loan was sold to Ocwen. I found out a day before closing, even though I had called Chase and left messages with the negotiator. She finally called me back the day before closing was scheduled. So, now I am going through Ocwen process to request a HAFA Short Sale. Ocwen has that the trustee sales date was on May 2, 2012, once I verified that it was postponed through the Attorneys office I called Ocwen back the next day and their records are not updated. As a result, the representative put a request in to the Attorneys office for an update on the trustee sales date, which could take another 2-3 business days and review will not begin until the file is updated. 

As a result, I sent an email to Kathleen requesting the file to be escalated for Short Sale review. I also called the phone number given and the message referred me back to the Home Retention Department. 

This is beyond frustrating....Any suggestions? 

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