My client approved a loan modification for the amount of 156k at 6% interest rate, after two years attempt,  He decided to do a short sale due to the reason he still be high underwater.  the IBO value came back as $120k. We bought two cash offers at least the house value and appraised.  They denied both time and demand the net value of $156k,   After GMAC sold to ocwen, my client had a hard time dealing with them and now he has to suffer the negative impact on his credit.   We have made best attempts and make effort to avoid foreclosure.  Advice please how to get this short sale approves or file a legal action with Ocwen.   thanks!

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After being very frustrated by Ocwen and its' processes (or lack thereof) ... at the advice of someone here  - I contacted the Consumer Financial Protection Bureau - filed a complaint - within a couple of DAYS (no exaggeration) - the short sale that had been "pending approval" for over three months - was suddenly approved.  All I wanted was to light a fire under Ocwen before my buyer walked away ... it worked.  Good luck.

Thanks for posting this.   I am having almost the exact same problems.   My seller and I are going to try that Consumer Financial Protection Bureau also.   Offer submitted on 05-22-2014 and its been "pending approval" for 4 months today.  I have tried the short sale escalation and my assigned case manager is reading me my emails.   Just really has felt like running into a brick wall.   Agents complain and some even refuse to work with Bank of America.   Not me, I run to them with open arms-no more Ocwen for me!   

Good Afternoon, please contact [email protected] and we can help to resolve your request.  

Sincerely,

Michael

Please call CFPB

That's what I did and the approval came through within 24 hours ... remarkable ... 

You should also submit your concern to the DFS :

DFS - File a complaint

It is necessary to do thus so we can quickly get the Government agencies to take punitive action against William Erbey, William Shepro and Ronald Faris. 

Thank you - I will do so ... enough of the games and nonsense ... we families who have been hurt by the economy and the lack of assistance from our government - do nothing but pay ... one way or another ... will be filing my complaint with DFS immediately.  Thank you all for your guidance and advice!

Ms. Ellen,

I appreciate your efforts. I would like to inform you that I am lobbying with high government officials to get William Erbey punished as soon as possible. In turn there is a lot of pressure on these government agencies to act. We cannot let these individuals get away by just negotiating a settlement. I thank you for your help.

Ellen I too am having a hard time with Ocwen. The value came in at $580K and our offer is $576K. They are now saying that the offer is not good enough per MI? I have been doign short sales for 8 years and never had a problem with MI nor did I have to deal with them. We have a "pending approval" for 2 months and they needed an MI approval as well. I am going to file a compliant with the DFS annd hopefully they will listen. This is ridiculous! Glad you got your respolved! My turn! If you have a chance to call me I would love to heard from you or anyone on this panel with your concerns about Ocwen. <y number is 415-368-3643 PST. Adela

Good morning Adela,

I'm back online today and more Ocwen drama ... will try to call you later today ... hoping this is the end of it ... 

Thanks for reaching out yesterday ... was nice speaking with you again!!

Ellen

Thank you everyone for responding. I tried everyone recommendation. I received a call from case manager and said ocwen decision is final. The net did not satisfy the investor requirement. She was going by the guideline. They want $156k net even trough value in their book is $120k. They are moving forward with the foreclosure date. I hope the DFS can do something soon!

That is exactly what they are doing to me! I took Ellens advice and sent in the complaint!

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