Comment

Comment by Saurabh Singh on September 27, 2014 at 4:21am

As we awaken to the harsh reality of how financial institutions have contributed to spreading misery among humans, we must simultaneously do all we can to bring about a transformation.

We will not let individuals like Erbey, Faris and Shepro find refuge in hesitant to act regulators. As transformation occurs and regulators begin to increase scrutiny of organizations like Ocwen-Altisource (who are set up to exploit unsuspecting citizens), there is an urgency to erase evidence and show some kind of illusory transformation but this will not change the fate of these individuals who willingly and desperately pushed people out of there homes, making them homeless, maintained a huge gap between their own remuneration and that of hardworking employees, hurt buyers and Realtors, cheated the nation by evading taxes, so on. Not a single foreclosure or deed-in-lieu should occur so long as a short sale or loan mod is a viable option. If your short sale is being rejected, take it very seriously.

BTW, I think the American administration is now ready for an Attorney General who will send bankers to prison.

http://www.propublica.org/article/carmen-segarras-secret-recordings...

Comment by Adela Picar on September 25, 2014 at 10:17am

Thanks to Michael Rapp at the Escalation Team at Ocwen I just received my approval letter!! It was a tough grueling 6 months but I got it!

Comment by Saurabh Singh on September 23, 2014 at 10:15am

Joanne,

They make people wait and then say they cannot approve short sale as foreclosure date is only a few days away! When I was there they told me they do not have title reports on many files. In many cases they said they were waiting for title reports for months. After I investigated I found that all the title reports were available. They keep saying they are waiting for something or the other. If they have a backlog why do they need to obtain more work from Wells Fargo and HSBC? I would say you immediately contact DFS as well as CFPB and let them know that Ocwen are saying they are backlogged and cannot handle any more work so they can put a stop to any new deals.

As far as I am concerned they are overstaffed with people who take three months to do what can be done in ten days. You may not believe this but there was one file where a title issue was already resolved. The Title Coordinator did not realize this. Three years passed and in recognition of his remarkable ability to 'not know what to do' he was promoted at least twice. You must understand that they make money through commissions by selling insurance and property preservation and other services while the properties lie with them at the investor's expense. They CREATE a backlog. I am just hoping regulators begin litigation against Erbey, Faris, Shepro & Co. soon. 

Comment by Saurabh Singh on September 23, 2014 at 9:51am

I am looking for instances where Altisource have applied pressure on agents and buyers through rude emails (particularly from David Judd) asking them to close 'as is' or lose their EMD when they have requested for damages to be fixed. In some cases EMD is very high and buyers, particularly those looking to purchase through a loan cannot afford to lose the EMD. They do not even allow a contingency period on auction properties and lenders won't order inspection until contract is signed.

Such cases should be highlighted to the regulators where buyers have been armtwisted into buying properties citing the clauses in the Altisource PSA along with a threat to retain EMD. 

Comment by Joanne Finochio on September 23, 2014 at 9:39am

I have had a verbal approval from the investor on this file with the help from Michael Rapp after over a year and now OCWEN is telling me they are back logged and can issue the written that I need to wait?  I have been waiting 2 weeks!  Any idea how I can get my written approval? 

Comment by Jeff Payne on September 23, 2014 at 5:13am

You lost me on that one!  How can a buyer be forced to buy a property with environmental threats?

Comment by Saurabh Singh on September 23, 2014 at 12:15am

Altisource hoarding toxic waste at Fort Wayne, Indiana
--------------------------------------------------------

Potential buyers for 3119, Burma Rd, FORT WAYNE, IN, 46808 have reported that Ocwen-Altisource through its vendor have created an environmental threat by spilling hazardous chemical waste. When highlighted that this was a threat to the environment and in violation of civic codes, Altisource at first indicated that they had carried out repairs. However that was not the case. It appears from the attached email that they are refusing to fix the issue and are now forcing the buyers to buy the property with potentially hazardous chemical waste.
The matter has been reported to regulatory authorities and I will be raising this and other similar cases of alleged incompetence and negligence with investors and banks who use Ocwen and Altisource later this week so they can investigate this. Surely unsuspecting buyers and neighbors cannot be forced to face the consequences of hoarding toxic waste when they are not responsible for it.

If your buyer has been forced by Altisource to buy properties with potential code violations or environmental threats, please submit your complaint now to the DFS who are looking into this:

DFS - File A Complaint

Comment by Saurabh Singh on September 18, 2014 at 2:43am

Today in Los Angeles Times

------------------------------

Tyesha Hansborough and her husband, Christley Paton, had paid the property insurance on their Inglewood home along with their mortgage, putting the money in escrow like most homeowners. Trouble is, the couple said, their mortgage servicer — Ocwen Financial Corp. — didn't pass that money on to the insurance company for this year's premiums. They battled unsuccessfully for months to reinstate the lapsed policy without additional costs, the couple said. Ocwen instead imposed so-called force-placed insurance — expensive coverage that protects the lender's interest but doesn't shield the homeowners from loss. "There have been so many home-invasion robberies around here, and if that were to happen to us, we wouldn't be covered," Hansborough said, prompting Patton to say: "I feel like we were robbed — by Ocwen."

Read The Full Story

Thank the author, share your story or ask for more - [email protected]

Comment by Ellen Barbara on August 29, 2014 at 7:01am

Surprised?  Not me ... by all of the negative information I've found on the web and other sources, I'm surprised they havent been shut down ... yet ... 

Comment by Thom Colby CA Brkr 888-391-5245 on August 29, 2014 at 6:52am

Moody's downgrades OCWEN  http://www.housingwire.com/articles/31209-moodys-downgrades-ocwens-...

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