I represent the buyer in this transaction.  Seller accepted our offer in May and we waited patiently for approval from Ocwen. In October we were given written approval from Ocwen and advised the deal HAD to close by November 9th. We were ready but seller wanted more time and requested an extension to stay in the house until Nov. 30, 2015, Ocwen denied their request. HUD was approved by Ocwen and buyers mortgage company wired funds to attorney trust account. The buyer, buyer's attorney, seller's agent and title company sent by seller's attorney assembled at the closing table for a 2:00 closing. Attorney for buyer advised she was just waiting for final HUD from Ocwen. We had been told the day before file looked great and there would be no "hiccups". Well, final HUD never arrived, we waited 4.5 hours. Even though bank had demanded an 11/9 closing they woudn't send final HUD. Seems a few days before our file was to close a new short sale specialist inherited our file and all came to a screeching halt. Has anyone else had an experience like this? Ocwen ordered another BPO even though they have their appraisal and buyers mortgage appraisal, the BPO came in at $476k over $100k higher than the appraisals and buyer's contract. House is not worth that amount. Buyer was required by FHA to install railings on the stairs and do some painting so she has spent money on the home. We're getting the complete run around from Ocwen and our calls now go to India. Buyers rate lock expires for the third time 12/18/2015. Has anyone had a similar experience? Any chance this will close? Any insight? This has been one big,

giant headache.

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It seems to me that there is a bit of miscommunication going on here. First of all the timeline is confusing to me, you say seller requested an extension and that was denied. In that case there should have been a re-review of the file, you cant just go back to the previous approval after that. Also you mentioned the buyer's attorney waiting on Ocwen for the Hud. I'm from NJ so maybe that's why this doesn't make any sense to me. Generally the realtor who did the shortsale is the one that prepares the preliminary Hud and when that Hud and short sale gets approved they forward that to the buyers attorney or title company. They use that to draft the final Hud for closing approval and generally Ocwen takes 48 hrs to review the final hud for approval. Now depending on when the file actually began, your BPO may have expired and you are at the mercy of whoever goes out and does the valuation. You can counter and dispute the value which will take time. If you want to light a fire under Ocwen you can file a complaint with CFPB. Ocwen tends to respond well once this occurs but its a process. Hope this helps, I work with Ocwen all the time and while they are a challenge they are so much better than what they were. 

Becky Alfaro

Thanks Becky. We were waiting for the final HUD from Ocwen, buyers attorney was working with listing agent on this. Everything was a go even that morning and then they refused to send over the final HUD though they demanded sellers vacate the property by the 9th so we could close that day. None of it makes sense. I'm not sure if getting a new rep when we did was the problem. This is the worst bank I have ever worked with. Meanwhile, the house sits empty in NJ with no utilities just waiting for the pipes to freeze. 

Cara, Ocwen is great (IMHO) as long as they don't get thrown a curve ball! And the seller's request to stay in the home longer was a curve ball, and ridiculous on the seller's part. I had a similar problem with short sale ready to go, buyer backs out, file gets transferred around, new BPO ordered, value waaaaay to high. I would send a mail with HUD to your rep, also to all the escalation email addresses on Ocwen page. I had to send comps and fight my BPO, but at the time, was without a buyer, so didn't have the time constraints you have. The people at the escalation addresses never write back, but a follow up phone call to my rep--in India-- a day or two later, and it all got done.  GOOD LUCK.

And that.... is how the seller got their extension.....

Cara -

Contact this person:

Michael Rapp | Escalation Resolution
Collateral Based Solutions | Ocwen Loan Servicing
1525 S Belt Line Road | Coppell, TX 75019
T 214.874.6649 | F 866.502.4464
[email protected]www.ocwen.com

If he didn't get involved in my file last January 2015 it NEVER would have closed! 

(I kept stopping the sale of the property at the courthouse foreclosure auction on the mornings it was scheduled to go on the block!  It finally did close to it's new buyer - the property is located in Boca Raton, FL)

You can also give him my regards...

Eloise P. Wexler, II

RE/MAX Advantage Plus

Boca Raton, FL  33432

Cara, this happened to an ocwen short sale  property that my husband was buying. in that case we went to closing on the last day that the short sale letter was expiring. They refused to acknowledge the hud 1 and proceeds from the title company.The next day the listing agent got a phone call from ocwen asking to gain access to do a bpo. the bpo came in much higher than the house was worth. my husband sued them however after exhaustive court filings and motions from their attorneys, he decided to let it go but not before filing a lis pendens against the house.I found out that this  happened to another agent as well. I wish you more than luck on this one

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