Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on March 18, 2013 at 5:33am

Read when Ocwen 's own Guidelines are on how much they will offer toward subordinate lien holder(s) when they hold the 1st -

Subordinate Liens – Ocwen will allow a total of up to $8500 to pay subordinate mortgage lien holders to release their
mortgage liens.

https://www.ocwencustomers.com/oc/.../pdf/HAFAMatrix.pdf

Keep pushing back on Ocwen.  Escalate here if necessary -

http://www.realtor.org/topics/home-affordable-foreclosure-alternati...

Permalink Reply by Kevin - Greenville, SC on March 18, 2013 at 6:20am

Here is the correct link to the Matrix - https://www.ocwencustomers.com/oc/documents/pdf/HAFAMatrix.pdf

Permalink Reply by Sheila Vardakis on March 18, 2013 at 6:29am

this states that OCWEN will pay up to $8,500 to subordinate liens and in my case they are demanding that they get $8,500...........I think that is fair since they are paying that amount. 

 

I guess the issue lies with Carrington?  they will only pay 6% of UPB which equates to $1972 in my case. 

Permalink Reply by Karin Christa on March 18, 2013 at 5:36am

Sheila I just had the same scenario happen to me after working a file for 1 year and several Servicer transfers. The 1st gave 8500. but SLS the 2nd demanded 12,325. on a 98K loan. We agents offered via HUD to make up the difference, but the 1st demanded an approval letter from the 2nd for 8500. - so agents offered to prepay the remaining 3800. in order to get the letter for 8500. Again the 2nd refused stating they do not have to follow HAFA guidelines. The borrower offered to pay the difference upfront, again the answer was "No". This file will go to the media and legal route.

Permalink Reply by Sheila Vardakis on March 18, 2013 at 6:35am

wow Karin................that is jacked up.  sorry you wasted your time on that one.  :(

Permalink Reply by Jimena Paridee on March 18, 2013 at 5:44am

From the sound of it your first is either Freddie or Fannie, find out which and let Ocwen know who the investor on the 1st is, they should take the $6k once they know it is Fannie or Freddie.  If they give you a hard time you can escalate it to Fannie or Freddie and often time they will reach out to them directly to remind them they have to accept the payoff according to their guidelines but I have found that once you let them know they are the investor they don't give you any trouble.  They are asking for the $8500 because they think it is a standard HAFA.

Permalink Reply by Sheila Vardakis on March 18, 2013 at 6:31am

the file is neither fred or fan so can't use that one :(

Permalink Reply by Lisa Allen on March 18, 2013 at 5:54am

I hada similar situation with a HAFA approved first where the 2nd lien wanted $8500 and they would only received 6% (which is less than $8500). I escalation to the HAMP Solution Center and the 2nd lien backed down, approved the 6% and we closed the deal.

Use this link to escalate..https://www.hmpadmin.com/portal/resources/advisors/escalation.jsp

Good Luck!

Lisa

Permalink Reply by Kevin - Greenville, SC on March 18, 2013 at 6:19am

Congrats Lisa!

Permalink Reply by Sheila Vardakis on March 18, 2013 at 6:30am

thank you very much Lisa