Short Sale Report - Ocwen
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| 164 | 50 | 214 | 5% | 5 |
2010 Ocwen acquired Home Eq Servicing. June 2011 they just purchased Litton.
1sts - Still Erratic. They are one of the largest independent servicers following the acquisition of HomeEq. We hear again and again that Ocwen will not postpone trustee sale dates to accomodate a Short Sale - even if it just about ready to close. If it has a trustee sale date set then don't even bother with attempting to contact them about a short sale. The bright spot is that they seem to change their policies on a regular basis so this could change at any time.
2nds - Ocwen has been one of the easiest to work with on junior liens from the beginning. They can, however, be demanding in terms of making agents work hard to get closing date extensions.
We hear that a short sale with Ocwen could drag on for over 2 years. They appear to be much better at modifying loans than approving short sales.Loan Resolution Dept phone: 877-596-8580
https://www.ocwencustomers.com/
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Comments
The process on the 1st has been relatively smooth as long as you call regularly. Letter issued at 61 days from original submission. However, no liability release and their India reps say they can't change the letter even though the owner will otherwise let it go to foreclosure. How should this be approached with Ocwen?
You've got to see this video on OCWEN...
Their President, Ronald Feris, says that they don't want to do short sales: http://shortsalepowerhour.com/ocwen-and-its-president-ronald-m-faris-cal...
OCWEN DONT WANT TO DO SHORT SALES BUT THEY definitely WANT FORECLOSURE FOR NOT HELPING CUSTOMERS LIKE THEY SAY ON THEIR WEBSITE
Ocwen--worst year long ordeal I ever had in my life and when they forclosed--even though we had a full price offer with 100,000.00 down would not give buyer additional time to close and slammed into forclosure--don't work with them -if you value your sanity--I do short sales all the time and i wont touch them with a 10 foot pole---horrific!! This bank really doesn't care!!!!
Ocwen is one of the worst Mortgage companies to work with. I had to walk away after 2 years of sending updated paperwork every 30 days and them calling my home 4 to 6 times per day. I was told in the beginning that they wouldn't even look at my file because I was not late on my mortgage. After depleting ALL of my savings to keep up after losing my job and while waiting for loan modification I finally gave up, I was no further along after 2 years than I was after the first 2 weeks of applying. So for those of you considering working with Ocwen prepare yourself to walk away and save your sanity.
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