My short sale with Homeward since Nov-2012 was basically approved with HUD-1 numbers agreed upon and just waiting for approval letter. Closing date was set for Mar 29 by Homeward last week. Yesterday I get an email from Asset Mgr. that file will be transferred to new servicer OCWEN today and all decisions to come from them. Talking about a surprise that I didn't see coming! Called OCWEN today and they said they would have to start over once file is transferred from Homeward which would take 7-8 days to receive. Is it true that if Homeward had issued an actual approval letter last week it would have saved me a lot of headache with OCWEN? Has anyone experienced this transition to OCWEN and what should I expect in terms of getting it finalized. Should get 2nd lien by Chase approved in next 5 days! Please help!
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Rick,
If are unable to obtain an approval from Homeward to provide to Ocwen, I can almost guarantee you will have to re work the file. If you had the approval and the file was escalated properly it is possible for Ocwen to up hold the investor. Loans get service released to Ocwen everyday. Is there a sale date on this property? Ocwen doesn't like to postpone sale dates. Be prepared to submit an updated short sale package to Ocwen, so there are no delays due to outdated documents.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389