Comment

Comment by Thom Colby CA Brkr 888-391-5245 on August 15, 2014 at 5:18am

Ellen; CONSUMER FINANCE PROTECTION BUREAU

Comment by Thom Colby CA Brkr 888-391-5245 on August 15, 2014 at 5:15am

Linda, I had a similar one in the CA Desert.  They "secured" the property (no winter here) and turned off the electricity, covered the pool, etc. but did not turn off the water.  There was a leak and the basement flooded also.  Buyer reduced their offer by $150,000 (appropriate for this property) and they declined the offer and foreclosed.  The property sold about 6 months later for $500,000 less than our revised offer and after the City levied about $50,000 in fines against them for allowing the grass to go brown.  They contend the maintenance responsibility continues to be with the borrower / owner no matter whether they abandoned it or not. 

Another reason I do not work Ocwen or Nationstar listings any more.  Best of luck!

Comment by Linda C. Babbitt on August 15, 2014 at 4:57am

Altisource, Ocwen and Hubzu

• Posted by Linda C. Babbitt on August 15, 2014 at 11:55am in OCWEN
• Back to OCWEN Discussions

Long history of similar woes as the rest of the contributors with these three entities.  Lastest being once wading through all the obstacles that they could throw at us, Ocwen refuses to lower price on the listing that they supposedly "winterized" only to have the kitchen hot water faucet blow off in January and flood the house. With the flood, the finished basement was destroyed. They have refused to address the water issue and now after seven months we have a mold issue. The BPO was done before the damage and the buyer viewed the property before the mold took over and has reduced his offer.  Ocwen rebuts by saying property being sold "as is".  It was "as is" before their assest manager caused the property to be compromised. My belief is that with the new damage there should be a new BPO.  Who do I talk to about this and who can be held responsible for the damage to the house and the fact that my client can't sell it the way it is? Oh, the best part is that this is not a foreclosure, they changed the locks and didn't notify me or the seller. When I arrived after being notified by the oil man that water was forming a huge ice sculpture on the exterior of the kitchen window, there was no lock box.  I had to call the water company to come and shut the water off to stop the deluge.  Altisource vendor who was in charge of winterization claims lockbox was on the door. IT WAS NOT! Also, claims property was properly winterized and "SOMEONE" must have entered the property  (without the key, mind you) and turned the water back on!!!!!!.  What recourse does my client have?

Comment by Ellen Barbara on August 15, 2014 at 4:47am

I'm sorry - please clarify "CFPB" and to what end I should contact them?

Comment by Saurabh Singh on August 15, 2014 at 4:09am

Please call CFPB at 855-411-2372.

Comment by Ellen Barbara on August 15, 2014 at 4:06am

I had no choice - Ocwen was "given" my loan when I refinanced to get my ex's name off of the mortgage ... as it is - I have now contacted the ombudsman as well as freddie mac because I was informed yesterday that my buyer is ready to walk away if there is no progress with the short sale from Ocwen.  I'm over it ... and Ocwen hasnt heard the last of me ... 

Comment by Jeff Payne on August 13, 2014 at 5:18am

I agree with Thom Colby! Not sure why anyone would waste their time and resources on anything to do with OCWEN.   

Comment by Saurabh Singh on August 13, 2014 at 5:15am

Jeffrey, You need to bring that to the attention of the CFPB. You can call them at 855-411-2372. I can also forward your email to them if you are unable to reach them directly. My email address is [email protected]

Comment by Thom Colby CA Brkr 888-391-5245 on August 13, 2014 at 5:12am

Why is anyone taking any listings or selling any properties where Ocwen is involved?

From American Banker this morning-

Ocwen Woes Continue: Moving on to mortgage servicing, one of the nation's largest servicers, Ocwen, on Tuesday said it will restate results for 2013 and the first quarter of 2014, which may not have complied with accounting principles. The report of a "material weakness" is the latest in a string of bad news for Ocwen, which has been under regulatory scrutiny for alleged conflicts of interest with an affiliate. The myriad regulatory problems have Ocwen's investors worried. "They can't grow until they resolve the regulatory questions, and the regulatory problems are nowhere near resolved," KBW analyst Bose George told the Journal. Wall Street Journal, Financial Times, American Banker

Comment by Ellen Barbara on August 13, 2014 at 5:04am

Determined that my loan is a Freddie Mac and made a few phone calls last week - the short sale is (supposedly) being escalated via Freddie Mac and the Ocwen Short Sale team.  Awaiting confirmation and/or information this week - my buyer is getting impatient and I dont blame her.  

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