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Litton Short Sale transferred to OCWEN before closing

Posted by Judy Bell on September 24, 2011 at 2:37am in Short Sale Discussions

Hello Superstars:

Can anyone advise me on who to "talk" to at ocwen? I have a Litton Loan Approved Short Sale that was to close last Friday. Litton sold the loan to ocwen without notifying anyone. When I called Litton Short Sale Dept to confirm payout information I was told thay did not service the loan anymore call ocwen.

Calling cwen is beyond frustration. Three different calls to India,no supervisor and I do not think they know what a short sale is. They said they could schedule me an appointment for the short sale dept to call me on Oct. 1.

I need an payout extention letter from ocwen and a letter indicating that Litton sold the loan to ocwen for the bank to verify title.

Neither should be hard to get,normally.

Thanks in advance,

Judy Bell

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Replies

Judy Bell October 22, 2011 at 4:53am

Hello Everyone who has had the Ocwen experience. Add Bank of America to the mix and it is truely horrific.

Thankfully my little short sale has finally closed, but not before thousands of calls to Ocwen where you talk to a different person who says English words but does not speak English. I spent 20 minutes with a man there telling me to put Ocwen lien 504 on the HUD. The loan number was 12 digits and I kept asking him what he meant. He meant put Ocwen and the loan number on the HUD line 504 (the payout line for the seller) Yikes. Add to the mess that Bank of America kept insisting that Ocwen had to approve the final HUD....They had approved their payout in a short sale letter. After too many calls to Ocwen, where you get a different person everytime, even if one of them has called you and asked you to return his call, (they do not know what that means) The Bank of America Blinked and released the funds. Then that evening, the person who was supposed to be handling the file (calls were answered by a voice mail) called and said she would approve the final HUD. It is not necessary now but I sent it to her anyway. I am glad to be done with this miserable process and my hat is off to all of you who do it frequently. If I see Ocwen on any listing I am avoiding it at all costs.
- Pat Perrotta > Judy Bell October 22, 2011 at 9:46am
  
  I do mostly short sales, and I have a 98% success rate. You probably only do enough of them to hate them! It is the "thrill of the hunt" to get things done quickly. It really depends on the negotiator and ultimately on the investor, that is the owner of the loan as to how long it takes. I had one with Chase get an approval in 6 weeks, and another one with Chase I have been working on for 2 years with now the 6th buyer! All the lenders are overwhelmed with the volume of short sales, I can't tell you one is better than another.
Kenneth Kelley September 26, 2011 at 8:39am

All I have is an REO contact number but maybe you can get through to someone in Short Sale Dept in US (407) 737-5322
- Judy Bell > Kenneth Kelley September 26, 2011 at 1:19pm
  
  Thanks Kennth,I'll try anything.
  
  Judy
Eric Mieles September 26, 2011 at 12:57am

FYI guys believe the problem may lie in Ocwen recently buying Litton in a $264 million dollar deal. There's a lot if internal stuff to workout. Be prepared when taking on new files!
- Pat Perrotta > Eric Mieles September 26, 2011 at 4:37am
  
  It's a pain, I had this happen too, got approval and had 2 days to close! The reason was it was sold to Ocwen, and yes, you have to start over. If you call every day and bug them to death, you will probably get approval in 6 weeks or so.
Shelly Warren September 25, 2011 at 5:11am

I am having an issue with a 2nd lien that was sold by Litton to Ocwen, homeowner never notified and Ocwen can't even find the loan in their system. I am at a complete loss on what to do as I have an approval from my 1st Lien holder that expires at the end of October and at this point can't even figure out who services the 2nd. What number did you call to get your account number from Ocwen maybe I am calling the wrong department.
- Judy Bell > Shelly Warren September 26, 2011 at 12:50am
  
  Hi Shelly:
  
  I got the ocwen account number from Litton when I called them toconfirm the wiring instructions for the sale. My short sale with them expires today and because ocwen was not the loan servicer on the title the bank would not ship the title.
  
  What a mess.
  
  Judy
P Nicolas Velecico September 24, 2011 at 2:25pm

You will have a tough time with ocwen , the other service center is in South America
Smitty September 24, 2011 at 3:59am

Judy, I am going through the EXACT same thing. I had approval and was getting everyone ready to close. The beauty is my homeowner had no notification of the sale. I had to get the homeowner on the phone to authorize me to talk to them so we could BOTH find out the new loan number. Once that was done and I was authorized I was told I had to start the whole process over. So that's what I'm doing now.

Good luck.