I received my short sale approval letter from Citi today and one of the terms of the approval letter is that the borrower "make all payments until the sale of the property." Has anybody closed a…Continue
"Update. I finally received short sale approval letter on August 11th and closed escrow today. Things started to move slowly but surely after the Finance Helpline of California Association of Realtors got involved and brought file to…"
"Dear Ms. Ferdig,
Software that Ocwen use are developed and maintained by Altisource. Altisource are built to increase foreclosures. They have vested interests. They earn more money if they can foreclose a home and sell it on HUBZU. While there are…"
"Ocwen has proven themselves to be very capable in acquiring new loan packages over the last 18 months or so by offering some of the lowest servicing rates in the industry. Their ability to do so rests largely on their willingness to outsource…"
I have short sale with Ocwen that has turned into a nightmare since the file was transferred out of Equator to the Ocwen short sale department last year in December. We lost a buyer after waiting for over 5 months. I submitted a new offer (all cash $1,000 over most recent BPO value) on May 20th. Yesterday, a rep in the SS department told me that their records show that as of May 9th there has been a computer glitch in their system that prevented them from doing the necessary calculations. I…See More
I have been working this short sale file since July last year. The short sale is based on a PCS order (California to Florida). The borrowers were current on their loan. Property listed for $300,000 and short sale approved for $300,000. The file had to go to investor (Freddie Mac) because borrowers were current and Ocwen did not have delegated approval authority. Service members who need to sell due to PCS do not need to show financial hardship and being delinquent is not a short sale…See More
"My file was being worked in equator as well, with a second lien with OCWEN that was worked outside of equator but same OCWEN entity that had bought GMAC. My offer was denied due to the service release to the new OCWEN entity, where both files would…"
"Hubzu is not the issue here. The file has already been sent to the investor for review (Ocwen does not have delegated approval authority for the file) and it was Freddie Mac that asked for the updated value. That's all they need to…"
"Yes. Ocwen may release the servicing to another Ocwen department which will have to process the file via email/fax. You will have to re-submit all the documents. I'm not positive, but it might be a sign that the property will be…"
"Were you able to get anybody at Freddie Mac to help you with this? It seems to me that Freddie Mac does not have an escalation route outside the servicer. I wish they had a help desk similar to what Fannie Mae offers. There seems to be no…"
"Their standard answer is that I had to be patient. Really. I submitted the short sale request to Equator at the end of November. The negotiator was ready to send the file to the investor early December and then the file was…"
"I was told by Ocwen yesterday that they were going thru a "file conversion" and it may take a couple of weeks. They also changed their phone number. The rep I spoke to couldn't verify my authorization because of this conversion…"
Ocwen servicing a Freddie Mac loan. Short sale request was originally processed through Equator. Received notice in December that file was transferred and would no longer be processed through Equator. Ocwen acknowledged that they received the docs from Equator effective 12/27/13 (it took them 2 weeks to receive the file from Equator). They mailed the sellers a new short sale package. New package was submitted 1/17/2014. Then I am told that the forms changed again and that they had to…See More
"You're getting bad intel.
Borrowers who are current or less than 31 days delinquent must: » Occupy the mortgage premises as a primary residence. » Have a monthly debt-to-income ratio greater than 55 percent (service members with…"
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