Buyer In Ocwen Short Sale

I am a buyer in an Ocwen short sale in Suffolk County, NY.  Next week will be 4 months since the contract of sale was signed. The SS package was sent about a week later. My lawyer or agent can't get any specific answers from the sellers broker or attorney on the progress.  All we get is "we are working on it and it is progressing"

From what I can tell the sellers attorney specializes in residential real estate and has experience in short sales, from both seller and buyer.  How successful they have been I don't know.

About a month ago they asked me to sign an arms length agreement, 3 weeks ago they wanted an recent POF (I am all cash) and 2 weeks ago had me sign an extension to the closing date to July 15 as the original was about May 15th.  I would assume these are positive signs.

I saw a few weeks ago Kathy Robinson, Sr Mgr of SS at Ocwen posted that people call her instead of Ron Ferris.  As a buyer I know she can't give me any specific information but was thinking of calling her anyway. Is that a bad idea?

Any suggestions would be appreciated.

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Replies to This Discussion

Permalink Reply by Gerry Wilden on June 18, 2013 at 8:47am

From contract to approval letter it was a little over 4 months which my attorney thinks was fast. I agree, assuming the selling price was reasonable and the seller qualifies for hardship it shouldn't take more than 2 or 3 months at most.  That is assuming the people working on getting it through the bank know what they are doing as the people on here do.  Trying to close as soon as possible.

Permalink Reply by mike romone on June 18, 2013 at 8:32am

You are lucky! Also considering this is a Ocwen short sale. Ive been playing games with them for 120+ days. The only worse lender you could have had was Green tree. At least you drawling a to close. My realtor is lazy..

Permalink Reply by Gerry Wilden on June 25, 2013 at 5:43am

As I posted a week ago the Sellers Attorney received a SS approval letter dated June 16th.  Since the sale is all cash we set a closing date for next week, Tues July 2nd.  As the title work was done months ago my lawyer had the title company revisit the title. We just found out the bank sent out a Lis pendens notice June 1st. I spoke to the paralegal and she doesn't know if it would be removed or whatever has to be done before the closing.

Can I still close? I would guess the title could be transferred to me, but the Title company wouldn't guarantee it.

Any suggestions?

Permalink Reply by Donna McClelland on June 25, 2013 at 6:07am

Your attorney is getting paid to handle this for you.  Have the paralegal get the answer from him/he if you can't speak with him/her. 

Permalink Reply by Gerry Wilden on June 25, 2013 at 6:11am

Donna, thanks. My lawyer is at a closing so he can't be reached unless it is something critical. Actually I mostly speak to the paralegal as she has been great and is usually accessible.

Permalink Reply by Gerry Wilden on June 27, 2013 at 5:00am

I didn't speak to my lawyer but the paralegal spoke to him and we are a go for closing next Tues the 2nd whether the Liz Pendens is retracted or not by then. The title company won't insure the title until the LP is removed.  It is not a problem for me or my lawyer  because other than the LP everything else is clear.  With the SS approval letter and closing I am not worried about any future claim by Ocwen being successful. I will still pay the title insurance company upon removal as it gives them an incentive to get it removed so they can get paid for their work.

If anyone thinks this is unwise let me know.

Permalink Reply by Gerry Wilden on July 2, 2013 at 9:34am

Well the closing didn't happen today and looks like all of the paperwork won't be ready for tomorrow.  The liz pendens is taken care of. Now they are waiting for an assignment letter. Not sure what that is but it was supposed to have been done a day or two ago by the bank and the sellers attorney is waiting for the fax. The origional loan was Option One, Then Wells Fargo got involved and the short sale is being handled by Ocwen. Can the sellers attorney call someone and get someone to walk over to the fax machine with a document that is probably sitting around somewhere.

Permalink Reply by Donna McClelland on July 2, 2013 at 9:50am

LOL!  I wish for that every day.

Permalink Reply by Gerry Wilden on July 2, 2013 at 9:53am

Very frustrating to have a set closing date and have to wait over the weekend. Only to have it cancelled at 4pm the day before. Anyway could you explain an "assignment letter"

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