HAFA deal, Ocwen told us they would  not issue an approval letter until we took the borrower's $3,000 off the HUD.  When we protested, Ocwen said it was going to be applied to their net (HAFA regs specifically prohibit this).


I know that's wrong, but the seller was mainly interested in debt forgiveness and we figured if we raised too much of a stink, they would not waive the deficiency.


The 2nd, Wells, noticed this missing from the HUD and tells us Ocwen must pay it if it's HAFA, or give us a reason why not.  Because if this is not a HAFA deal, our approval from the 2nd goes away and we have to start all over again in the non-HAFA department.


Anyone have experience with this with Ocwen or other HAFA servicer?

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Were you given a Minimum Acceptable Net Proceeds on your HAFA SSA?


I don't believe there is anything in the HAFA Guidelines that prohibits them from taking all or part of the $3000 HAFA incentive if the Minimum Acceptable Net Proceeds are not met.  This wouldn't necessarily mean it's not a HAFA SS then.


Is this a Fannie, Freddie or Treasury Dept. Loan?

Servicers can change guidelines however they are directed by the investors.  This too is part of HAFA rules so if they don't really feel like following any of the guidelines, they don't have to.   I hate to say it but if they want the $3000 per the investor, they can take it.
I am currently on the phone with Ocwen trying to teach them the HAFA Guidelines. Seriously, I'm teaching them the guidelines!
On the phone for an hour with Victor. Said he is sending priority email to concern department and supervisor to call me but can't promise anything.

Now Ocwen says they did not approve this for HAfA. We read him our notes, detailing the November 1st call from our Ocwen negotiator who said the revised approval letter with the $3,000 HAFA $$ included would be sent to us in a couple of days.


The 'negotiator' we spoke to today claims the guy we talked to during our Ocwen-scheduled negotiator phone call was just a customer service rep. who didn't know how to read the file. When we asked him why they were denying for HAFA, he kept saying missing paperwork, but when we drilled down to find out exactly which documents were missing,  nothing he said held water.


If this is not HAFA, then Wells Fargo will not forgive the debt on the 2nd.  AND lis pendens has been filed, so it could be sold out from under us before the short sale.


Anyone have contact info for someone in the Treasury Department? HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!




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