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Ocwen short sale information

This group is for information, tips and solutions for OCWEN short sales.

Members: 648
Latest Activity: Mar 18, 2022

Ocwen Short Sale Information

 

 

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Ocwen Short Sale Package.pdf

 

Fax for Third Party Authorization 1-407-737-6300

 

Fax for Short Sale package 407-737-6352 (updated August 2014)

email [email protected] 

 

Short Sale direct phone 877-596-8580

 

Customer Service 800-746-2936

If you need to get in touch with the home retention dept that number as listed on the paperwork is 877.596.8580.


The hard ship package should be faxed to the home retention dept at 407-737-6352

[email protected]   For short sale packages

The contact #: 800-746-2936 option 4 then option 9

If you can't locate the loan try Loss mitigation at 877-521-3698

FX for LOA: 866-501-1610 EM SS Pack to: [email protected]

 

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.
https://www.ocwencustomers.com/home.cfm

Ocwen Loan Servicing LLC - Servicing Transfer Information

Servicing Transfers to Ocwen
o Ocwen will honor all non-expired short sale approval letters issued by the prior servicer. An
approval letter reflecting the originally approved terms will be re-issued on Ocwen letterhead
when the loan is transferred .
o Short sales in process but not approved by the prior servicer will require an Ocwen short sale
package to initiate a new request .
o All Authorized Third Party information provided by the prior servicer will be uploaded as part
of the loan transfer process, so as to minimize disruption to the communication process.

Discussion Forum

Games that Ocwen plays

Started by Larry Sarlo. Last reply by HarryJohnson Mar 18, 2022. 18 Replies

first it was GMAC then serviced by Ocwen had to update the entire file, then ocwen took over the entire file and had to again update the entire file...  then borrower was not qualified for HAFA  then…Continue

Ocwen transferring all loans to PHH MOrtgage

Started by Jeffrey W Wolff. Last reply by Dean E Eshelman, CPA, CDPE, IRES Feb 7, 2019. 1 Reply

Just so everyone knows, Ocwen is in the process of transferring all their loans to PHH Mortgage, which I believe is a subsidiary to Ocwen.Major issues with this.JeffContinue

Will OCWEN approve shortsale on vacant home?

Started by Katie S.. Last reply by Katie S. Mar 22, 2018. 6 Replies

My basic question is, would OCWEN approve a short sale on a house that has been vacant for 9 years? It was a single family primary residence before the owners defaulted in 2007 and moved out in 2009.…Continue

OCWEN GIVING INVENTIVE PAYMENT TO TENANT

Started by Kathleen Sheridan. Last reply by Brett Goldsmith Sep 12, 2016. 2 Replies

We are doing a short sale on a tenant occupied duplex. One unit is vacant, the other is still occupied. Ocwen says to put $10,000 on the HUD as an incentive for the tenant.Does anyone have experience…Continue

Comment Wall

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Comment by David Dee on January 20, 2010 at 2:22pm
Just got an approval on Ocwen 1st. It states borrower has "agreed to sign promissory note in amount of $____________, the full amount of which shall be applied to reduce any deficiency balance owe Ocwen on your home loan account".

What do you think of this approval? It's interesting that they left the BLANK line in front of the verbage shown in quote above. IF that is the case, would it be best to write NONE or ZERO in front of that line?

What are your thoughts? Appreciate any feedback.
Comment by Rob McGarry on January 14, 2010 at 8:02am
Ryan,
It really depends on the deal. Mine was approved at 6% and I was representing both sides. They had said it would be 4% though. Ultimately, we rejected their approval since they wouldn't release the debt obligation along with the lien.
Comment by Ryan Diedrich on January 14, 2010 at 6:02am
i had a short sale rejected b/c they said they will only pay 4%. Is this true or do they just shoot for the stars first but we can still negotiate?
Comment by Rob McGarry on January 4, 2010 at 6:03am
Judy, the key is to get the bank to report the loan as "settled in full" or "zero balance" at the closing of the short sale. As of now, they haven't offered that and I am trying to figure out how to get to that point. If the bank doesn't report it as such, then it has the right to pursue the balance from the borrower.
So far, I haven't spoken to anyone on US soil, and it is clear that I haven't made it past the call center. Three messages for manager/supervisor types have not been returned. If anyone has ideas about how to get a decision makeron the phone, I would appreciate it!
Comment by Rob McGarry on January 3, 2010 at 5:13pm
David, the laws vary from state to state, but the loan also needs to be purchase money in most cases. My client refi'd into this loan which makes it recourse regardless of occupancy status.
Comment by David A. Roebuck on January 3, 2010 at 12:42pm
isn't there a law out there now that "prohibits" lenders coming after primary owner occupied homeowners??
Comment by Rob McGarry on January 3, 2010 at 5:16am
Thanks for the words of wisdom. We did consult an attorney (a very good one) and he said the approval letter was a joke. It's all very suspect. They didn't even order a BPO. It just seems they are trying to pull something over. At this point, my client would be better off letting the bank foreclose than to agree to pay a balance later. We already got rid of the 2nd TD, so it's just a matter of what we can do with the OCWEN 1st. Has anyone had luck contacting the exec offices? I'd be happy just speaking with someone in North America!
Judy-Your comment about "probably not going after the balance" is appreciated, but it's the same sort of "maybe" that we got from the bank. The problem arises "if/when they do." Better to just get it charged off from the beginning.
Comment by Wendy Rulnick on January 3, 2010 at 4:45am
Rob - I totally agree with Judy. If the borrower is worried, have him consult an attorney.
Comment by Rob McGarry on January 3, 2010 at 4:18am
This is re-posted from another discussion thread in the hopes someone will have some sage advice: I feel like I am arguing with a wall right now. I submitted a full package to OCWEN on December 14th. I received a nice confirmation of receipt on December 15th. I called on the 16th and answered a series of follow up questions. I was told to follow up on Friday the 18th, but before I could call, I had a short payoff approval in my inbox. Don't be envious. As I read the letter, I realized that the everything from the price to my 6% commission was approved. Everything sounded great until I reached the end of the letter when it says that OCWEN doesn't give up its right to go after the borrower for the balance (my client refinanced into this loan so it's recourse). Waseem, Geeta, Savio, and others all told me that "in most cases the balance is not collected," but none would put it in writing. Jim even called to "congratulate" me on my short sale approval! Harilal told me that a satisfaction letter would be sent out to the borrower 90-120 days after the short sale closed relieving her of any unpaid balance. The problem is that none of them will put it in writing, nor will they make any changes to the letter. I have explained that it must be reported with a zero balance at closing, or there is no incentive for the borrower to do it. I've asked for a manager three times, reached voice mail each time, and never received a call back. I even tried demanding to speak to a person in the US whose first language is English, but he wouldn't transfer me! What is next? Any thoughts or suggestions would be appreciated, but I don't think I can call the Home Retention department again!!!
Comment by Bob Hanley PSC/EC/CDPE/e-Pro on January 2, 2010 at 4:38pm
Thanks, I'll let them know that there are 2 agents and 2 firms.
 

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