Buyer: Getting the Ocwen Run-Around? - Short Sale Superstars2024-03-29T13:39:45Zhttps://shortsalesuperstars.com/forum/topics/buyer-getting-the-ocwen-run-around?groupUrl=ocwen&feed=yes&xn_auth=noThe banks get reimbursed whet…tag:shortsalesuperstars.com,2016-05-26:3468065:Comment:3746222016-05-26T21:46:16.516ZLarry Sarlohttps://shortsalesuperstars.com/profile/LarrySarlo
<p>The banks get reimbursed whether it is foreclosed, short sale, or Deed in lieu.. However in order to be reimbursed they must adhere to guidelines as set forth by HUD Fannie or Freddie Typically they are the same...</p>
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<p>So there is no incentive for them to deny. However answering your next question?</p>
<p><span>if the BPO comes back higher than the appraisal and the earlier two BPOs, can Ocwen simply retract the whole deal, and/or charge us more money?</span></p>
<p>Yes…</p>
<p>The banks get reimbursed whether it is foreclosed, short sale, or Deed in lieu.. However in order to be reimbursed they must adhere to guidelines as set forth by HUD Fannie or Freddie Typically they are the same...</p>
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<p>So there is no incentive for them to deny. However answering your next question?</p>
<p><span>if the BPO comes back higher than the appraisal and the earlier two BPOs, can Ocwen simply retract the whole deal, and/or charge us more money?</span></p>
<p>Yes because values are going up it is likely the BPO could increase. Which also means they will most likely want more money for the home. The investor (bank)... will have a net figure and all the numbers could change. Why are you asking for an extension?</p>
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<p>Fight it?! you could try a Variance if it is an FHA loan with the sellers.... You may try to escalate the situation with Fannie which will stall it even longer They will have to order another BPO to verify values you are disputing... </p>
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<p>You should close on the day scheduled if that is possible... Very important to stay on top of the process from both sides buyer and seller. Experience on these is important and knowing how to get these done. </p>
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<p>Ocwen is not the fastest to deal with either. Only other bank that is slower US BANK</p>
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<p>Close on or before the approval deadline. otherwise docs expire and the it starts all over again. I will also add this... It is likely if the BPO is expiring... so will the sellers docs. All should be resubmitted and if your agent doesnt see this or the negotiating team for the seller... many times they are so caught up in the processes of many files. You should alert them.. If you can close now do it! </p>
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<p>Might not be the news you want to hear but its the reality... Everyone goes thru it... Not good to ask for extensions after an approval is given. Generally approvals are good for 60days. However if docs are expiring... so will the approval and it will be stated on the approval the time to close.</p>
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<p>Good luck</p>
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