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How Banks Submit Bogus Payoffs in a Short Sale
Now I know why suddenly the second lenders in so many Sacramento short sales have been demanding beneficiary statements from the first lenders prior to issuing an approval. I used to think, what the hey, why do they care how much is owed to the first lender. Short is short. Right?
But then I saw what Ocwen did on a Rocklin short sale recently. It bumped up the fees, late charges, penalities, all over a 5-year period and just about doubled their payoff. If we had just paid off the principal, it would not have been a short sale. On the other hand, Seterus and its investor Fannie Mae ganged up to request a payoff that far exceeded any reasonable amounts owed whatsoever, and it was completely wrong. Further, they had to have known it.
That blew me away. And they probably could have pulled it off if it wasn't for our diligence. You can read more in my personal blog at this link: A Ditech Short Sale in Elk Grove That Seterus Tried to Hijack.
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