One thing though… from what Darrell explained to me, Carl Seel must have been in a very good mood the day of his unexpected tardiness, because even though he had been previously turned down twice for his own loan modification, two days before he showed up too late to propose the amendment, Ocwen granted him a PRINCIPAL REDUCTION that reduced his mortgage to $88,000 from roughly $190,000… that’s a reduction of approximately 56% give or take a few points one way or the other.
Now that is lucky, was all I could think to say. Really lucky, considering it was Ocwen, a servicer I’ve been told is among the most difficult when it comes to modifying loans. In fact, it’s almost like being the single-ticket-lottery-winner-three-days-in-a-row kind of lucky, wouldn’t you say?
So, how did Darrell know about the fortuitous timing of Mr. Seel’s generous principal reduction?
It’s quite simple really… Seel hired him to help him with his loan.
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