Hello Superstars:

 

Can anyone advise me on who to "talk" to at ocwen?  I have a Litton Loan Approved Short Sale that was to close last Friday.  Litton sold the loan to ocwen without notifying anyone.  When I called Litton Short Sale Dept to confirm payout information I was told thay did not service the loan anymore call ocwen.

 

Calling cwen is beyond frustration. Three different calls to India,no supervisor and I do not think they know what a short sale is. They said they could schedule me an appointment for the short sale dept to call me on Oct. 1.

 

I need an payout extention letter from ocwen and a letter indicating that Litton sold the loan to ocwen for the bank to verify title.

 

Neither should be hard to get,normally.

 

Thanks in advance,

 

Judy Bell

 

 

 

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Judy, I am going through the EXACT same thing.  I had approval and was getting everyone ready to close.  The beauty is my homeowner had no notification of the sale.  I had to get the homeowner on the phone to authorize me to talk to them so we could BOTH find out the new loan number.   Once that was done and I was authorized I was told I had to start the whole process over.  So that's what I'm doing now.

 

Good luck.

Hi Smitty:

 

Thanks for your reply.  My homeowner never got the information either. 

OCWEN knows I am authorized to access the account.  I just can't get anywhere with all the India reps.

Did you have a contact for the short sale dept? All I needed was a payoff extention letter and proof that ocwen was the lender on the title.

 

Judy

 

 

 

Judy, the problem now is, as it was explained to me, Litton is not the servicer anymore, so Ocwen needs to do a full short sale.  I also tried the same thing.  Your Litton approval means nothing anymore.  You need an Ocwen approval.  Now, I could be wrong as I'm talking to the same reps in India, but we had to start over.  I don't like it one bit because if you knew the time it took me to get the Litton approval, then you would know I pretty much threw a fit when I was told I needed Ocwen to now approve the sale. 

 

Any contacts I have are in India, but I understand there is a Florida branch that can handle things and maybe someone will pop on and give us a contact.

Well,Smitty, this Saturday my seller received a lettter from Ocwen introducing him to Mr.Farooq  his relationship manager.  I emailed him ( Farooq) with my questions but am not very hopeful. The letter my client recieved on the 24th was dated the 7th.

I have had a great response from this website and will continue and email the contacts I have gotten at Ocwen,but I think this is a case of they will get to you when they are ready.  I feel sorry for the buyer that has invested money in this closing and my sellers than finally thought they saw the light at the end of the tunnel.I am surprised that lenders are allowed to do this to their already overburned clients. 

 

Judy

 

I am going through the same thing and it has been crazy, I am actually a buyer and the property was with Litton and while in underwriting it was solde to Ocwen, now we were told by Littion that as of September 1, 2011 all loans transferred to Ocwen with an approval letter had to be honored, but like you, they still have not issued the sellers agent an approval letter so we can close our loan, I pray that send it out today, or this week.

The way it was done in my case was:  First I talked to way too many reps at Ocwen.   sent them Littons short sale approval and the preliminary HUD.  You have to have the HUD redone with Ocwen on the pay off line.  I missed that and we had a communication breakdown on the pronunciation of "Line".Then they sent a package of documents that had to be filled out by the seller.  The most important of these turned out to be the Hardship Affidavit Letter. (all of these had been submitted to Litton but you have to start over).  After Ocwen had those I received a call from a rep who told me she was handling the sale.  She gave me her direct line,but then never answered the phone when I called or retuned calls.  She did call after they faxed the short sale approval letter and the two documents to be returned with the HUD after closing.  The wiring instructions were included with these documents.  So we should have been able to wrap this up you think.......not if Bank of America is the lender.  I tried to explain to the loan officer and the underwriter that the short sale letter approved the payout to Ocwen and that they do not approver the buyers side of the HUD.  Well these women never heard of such a thing...but after three days with their money sitting in the attorneys account they did do the pay out.  The day it closed the short sale rep at Ocwen sent an email  saying she approved the amount payed to Ocwen. So there is light at the end of the tunnel.  It is just a long slow trip.

Be prepared for Ocwen to reduce the commission to 4%. Same scenario just happened to my partner and myself. We are starting the process all over with a new buyer and Ocwen has made it clear they will not pay anymore than 4%.

 

 You will have a tough time with ocwen , the other service center is in South America

I am having an issue with a 2nd lien that was sold by Litton to Ocwen, homeowner never notified and Ocwen can't even find the loan in their system.  I am at a complete loss on what to do as I have an approval from my 1st Lien holder that expires at the end of October and at this point can't even figure out who services the 2nd.  What number did you call to get your account number from Ocwen maybe I am calling the wrong department.

Hi Shelly:

 

I got the ocwen account number from Litton when I called them toconfirm the wiring instructions for the sale.  My short sale with them expires today and because ocwen was not the loan servicer on the title the bank would not ship the title.

 

What a mess.

 

Judy

FYI guys believe the problem may lie in Ocwen recently buying Litton in a $264 million dollar deal. There's a lot if internal stuff to workout. Be prepared when taking on new files!
It's a pain, I had this happen too, got approval and had 2 days to close!  The reason was it was sold to Ocwen, and yes, you have to start over.  If you call every day and bug them to death, you will probably get approval in 6 weeks or so.

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