Replies to This Discussion

Permalink Reply by Michael Hayley on November 11, 2010 at 5:05am

I think asking Ocwen to delay sale is useless.

I believe your only hope is to get a contract, ask an attorney to get a judge to postpose the sale to allow time for the short sale to be presented to Ocwen. The attorney will have to show evidence that the offer is at market. Ocwen will not consent to that unless compelled by the court.

Yes, it is probable a waste of time.

Permalink Reply by Tom Olsewski on November 11, 2010 at 5:45am

I think trying to work with OCWEN is a waste of time even if there isn't a sale pending. Submitted an offer for short sale review December 2009 did not get an approval until late August 2010. Then they give me 10 days to close when the buyer needed to process an FHA loan. They dispite what thier message says when you call are not looking to help homeowners! I will be first in line to help the attorney's when the class action lawsuits start against them!

Permalink Reply by Mary Lou Burton on November 11, 2010 at 6:13am

I don't believe many lenders will postpone a sale without a contract in hand. But, if the house is in a redemption state, as here in Michigan, most lenders will allow a short sale that will close prior to the last date of redemption. Good Luck!

Permalink Reply by Steve Early on November 12, 2010 at 5:42am

Mellanda:

I have to agree with the other comments here - in addition you have to consider who the actual investor is. I know Fannie and Freddie are both getting tough on postponing auctions if the short sale cannot be completed prior to the auction date. They will do it sometimes, but it is a closing window in my view. Without an offer I don't think you stand much of a chance of having them postpone multiple times until it closes (which is what it will take with Ocwen).

Steve

Permalink Reply by Mellanda Reese on November 12, 2010 at 5:55am

Thank you everyone for your replies. Quick question ... Is it possible to maybe have the file processed for HAFA? Will they postpone it while the file is in HAFA review? At that point we dont need a contract. Or am I shooting for the stars and should just count my losses and move on?

Permalink Reply by Danute Mazeika on November 12, 2010 at 10:00am

We received a LISTING on 9/28 with a 10/14 Trustee Sale Date. Listed it way below market, but the 8 offers brought the amount up to market price. Ocwen postponed the sale date on 10/12 to 11/15, with a close of escrow date 11/12. There were legal title issues that needed addressing. They have now postponed the close of escrow date to 11/30 pending the resolution of the title issues. We have cleared 2 of 3 and are in the final stretch. Once you have an offer that is close enough for the investor to consider, that will be more $ than a foreclosure will net them, they will consider the offer. They have been nothing but cooperative, however, the challenge is getting through the phone system. Once you have the extension # of the negotiator, call through the corporate main number and go for the extension. It will save you not hours but days of waiting! Good luck. So far, so good on our deal and will keep you posted. THE MAIN THING IS TO NOT GIVE UP. Those who have told you different have unfortunately failed. They will tell you they do not postpone, but they are beholden to their investors who hold the note. So far, I have had 2 postponements with no Trustee Sale on any calendar at this point.

Permalink Reply by jeni lamberto on November 16, 2010 at 6:13am

Recently I closed an Ocwen short sale with a pending foreclosure sale date. We were struggweling with the Fannie Mae negotiator in South Florida. Most of the Ocwen short sales I have negotiated have been handled through India and they have been very efficient.

Long story short, I had to excelate the deal to Fannie Maer and they were going to postpone the sale. I was told that the product they have with Ocwen can be postponed. The problem is the Fannie Mae /Freddie Mac negotiators in Florida are super difficult to get ahold of. I never had to obtain a postponement since we closed on time. I received an approval letter by calling the vp's assistant listed on the front of the short sale supertar's - Ocwen site. Stay right with them. Call the vp's office if you are not getting any action from the negotiator.

Take Care!

Permalink Reply by Smitty on November 24, 2010 at 12:40pm

The last Ocwen short sale I did the homeowner called up and requested a HAMP modification. That stopped the auction. They called in the next week after the auction, and said they decided on a short sale. Keep in mind they'll have to get modification paperwork together, but it's similar to short sale paperwork.

We tried to write to higher ups in Ocwen and they wouldn't postpone. A rep for Ocwen told my howeowner the only way they would postpone was to do the HAMP loan mod. It worked and then they pursued their intention of the short sale.