Short sale extension expired. Ocwen now wants to start over.
Hello everyone. I joined this group in hopes that someone may be able to offer some advice. I will try to make our situation as brief as possible.
March 2014- Put in an offer on a short sale with the intention of using a USDA Rural Development loan. We were told 2-3 months for approval from Ocwen.
July 2014- Finally got the OCWEN approval (30 days to close) and loan process was initiated.
August 2014- Loan still in process. Had to file for an extension with OCWEN.
September 2014- Could not get a 0 coliform water test for the well and appraiser needed about $1000 worth of repairs done. Did the repairs and extension was granted. Water test finally came back good.
October 2014- Approaching the closing date laid out by OCWEN. Loan submitted to rural development who was 2 weeks behind. Should have had 1 week to wrap things up and close. RD fell behind and we missed the closing date by just a few days. New extension request was submitted to OCWEN a little over two weeks ago and we were given the clear to close by the mortgage company.
So now, after calling my agent to find out what was going on yesterday, they told me OCWEN is saying they will not do an extension and want to resubmit the entire thing for processing. My mortgage agent is unsure if this means it will only take a couple of weeks, or if it could be another 4-5 month process just for that to go through. Our documents for our loan begin to expire mid November (income, assets, etc). Yesterday they provided OCWEN with our loan information in hopes they will give a faster approval. We are basically paying appraised value at which they will be taking less than a $30k loss, so it is not like they could really get a better deal if it went to auction.
In the meantime, our entire house is packed up, our landlord is hounding us for a move out date, the business I run out of our home is basically in bits and pieces for now and not generating much income due to the fact that I thought we would be moving at this time, and I am due with our 4th child in the beginning of February. The whole process has been awful, but we would still really love to have the house; especially after having been out there to do all of the work on it required by the appraiser. Has anyone had an experience like this and had it turn out alright? Any idea what time frame we might be looking at or why they may have decided to do it this way rather than just give us the extension?
Replies to This Discussion
-
Permalink Reply by Short Sale Superstars LLC on
-
The file needs to be escalated for an extension as one may still be possible to obtain. Also, it may be possible they do not want to extend because their value expired and they will need to complete a new valuation for the investor on the property. The file shouldn't have to start "all over", but it sounds like they are trying to kick it back for review. This could mean an updated value is needed and/or updated financial documents from the homeowner. It's hard to know exactly what is transpiring as I'm on the outside, but it sounds like whoever is facilitating this transaction needs to get more information.
310-564-6389
-
-
Permalink Reply by Ashley Ganey on
-
Thanks for the information. From what I understand the seller's agent has been in contact with them and was supposed to give them the information for our loan on Friday, such as the different dates things will be expiring. I know the homeowners keep on top of things when something is needed, so that should not be an issue. Obviously there is no certain answer, but I'm just hoping we are not looking at another 4-5 month wait. I can't imagine it would take that long if it is not traveling all the way to the back of the line again. Of course, who knows. Ocwen kept telling us that they would have an answer "by next week" for two months straight. lol
-
-
Permalink Reply by Bryant Tutas on
-
Have the sellers agent escalate to Michael Rapp at.....
FOR ESCALATION; Use sparingly......
[email protected] this should be where you start.
2nd escalation is Michael Rapp at the following email address [email protected]. as of 9-11-14
AND.....Ocwen's Ombudsman is a consumer advocate, they'll work with you to get issues resolved. Give them a call, they are super to work with. The first time I called them, they put me in touch with someone who got me an approval. I would call and email them: [email protected] Phone: 800-390-4656.
Ocwen Loan Servicing
P.O. Box 24737
West Palm Beach Florida 33416. -
-
-
Thanks for all of the information, I really appreciate it! I have forwarded it over and hopefully it will help out. Boy, for a first time purchase we sure picked a doozy, but if we can get in there it will certainly be worth it. Unfortunately, my kids had to come out with us while we were doing the repairs for those few days and now they would be absolutely devestated if we did not get the house. After all, they have already found all of the hiding spots for the snakes, moles, and frogs. lol Thanks again!
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons