I walked away from my upside down condo in northern California and stopped paying both mortgages after closing on a house I bought with my husband in August 2012. I own the condo alone, and I received 100% financing and both mortgages were taken out for purchase price only. As of August 2012, the first mortgage of the condo was serviced by AHM and the second by Ocwen. The first and second are now both serviced by Ocwen, and the first loan is owned by Deutsch Bank. Since I walked away, I have received daily phone calls from Ocwen, none of which I have returned. The condo also has been rented since I moved, disclosures were signed by tenants regarding the mortgages being in default, and I have maintained my payments to the HOA.
As the value of the condo is starting to increase, I recently answered a call from Ocwen and began the process of loan modification. I explained I needed to complete the HAMP application for rentals, and told them the condo is currently empty and I've moved to another residence that I own with my husband.
My income allows me to pay both mortgages on the condo with no hardship, and my concern is that since Ocwen is now servicing both loans, how do I prevent my financial information from being disclosed in the negotiation of my second mortgage. According to their website, the balance on my second is zero, but I have received no documents stating this. If I am to follow the advice given on Strategies for Settling Second Mortgages, I want to prevent my financial information getting disclosed in the modification of the 2nd. The letter sent from Ocwen with HAMP application has the loan number of my 1st mortgage on it, but I'm not sure if the information I provide will only be used for the first mortgage modifiication.
They have also set up an appointment with me for August 15 to speak with a loan relationship (?) counselor on the phone. Should I keep this appointment, and how can I make sure the information I provide to the counselor will only be used to work on modification for the 1st mortgage?
I'M IN THE THICK OF IT, AND JUST WANT TO MAKE SURE I PLAY ALL MY CARDS RIGHT...THANK YOU, THANK YOU, THANK YOU!!!