Work smart, not hard by focusing on short sales you can actually close. Only ForeclosureRadar lets you search for potential short sale listings with only one open loan and an easy to deal with lender.
Ocwen
Short Sale Report
| Time to Acknowledge |
Time to Approve |
Commissions | Full Release Available |
Comments |
| 3-5 days | 60+ days | 5% | usually |
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/openOtherMortgageOptions.action?findif=1 (Direct link to info. Log in to view all forms)
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
Post new comment