Ocwen

Help!   I submitted Ocwens short sale package on Dec. 16th and again on Jan 15th.   They keep saying 'we don't have it'.   As I both faxed and emailed I am frustrated.  I got a helpful rep today that offered a more direct fax number and they called to say yes they got it and by the way the sale date is in 7 days!   The seller says he has received no such notice.  To be frank, I could not understand the thick accent of the next two customer service reps!   Is there any hope?!!!!

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Permalink Reply by Wendi Sanches on January 24, 2012 at 12:50pm

I have had the pleasure of closing 3 OCWENS in the last 4 months. They are very slow at the beginning especially when you have no updates between the "scheduled phone appointments" the fax number I always use: 407-737-5071

The contact # I use: 800-746-2936 option 4 then option 9

I always call 2 days after I fax to confirm all documents have been received. Also to ask if there are any updates to report or requests from the assigned specialist. 

Good luck ! 

Permalink Reply by Stewart S Daniels on January 24, 2012 at 2:29pm

@ Wendi Sanches, I just listed a property working with Ocwen I notice in a short sale packet from Ocwen that the Seller maybe required to pay back the deficiency. Were you able to negotiate that with any of the 3 deals you've had. Further, what about the 4% commission, were you able to get 6% or close to it?

Permalink Reply by Wendi Sanches on January 24, 2012 at 2:43pm

I always look for verbiage on the approval letter about waiving deficiency, or account settled in full. If the verbiage is missing I contact the "closer" or "negotiator" and request a new approval with the deficiency waiver.  All my short sales have closed with approval letter stating the lender will waive the deficiency and will not pursue the seller. (months later Chase has attempted pursuing on two of my files. I keep copies of all my approval letters for the sellers to submit and Chase has backed off)

So far I have only worked 2 short sales with other lenders where the commission was cut from the normal 6%. Neither being OCWEN. I find the only time commission is cut is when the deal is being double ended.

I submit the package and hud to OCWEN through fax and call every other day for updates and reports. I work very hard to be sure all requested documentation is returned within 24 hours of the initial request. So far maybe I have just been lucky, or maybe it has something to do with my state. (NV)

Permalink Reply by Stewart S Daniels on January 24, 2012 at 3:01pm

@ Wendi Sanches, Thanks, I will keep you abreast on my experience. So far I have been reading negative reviews. I hope we share the same luck!

Somerville NJ

Permalink Reply by Wendi Sanches on January 24, 2012 at 3:04pm

Good luck to you. Short sales have been such a roller coaster.. and one thing I have learned .. The decision is not always the investor/servicer a lot of the time it depends on your negotiator.

Permalink Reply by Bryant Tutas on January 24, 2012 at 11:43pm

Hi Wendi. I just started my first Ocwen short sale. 1st and 2nd with Ocwen. Very low purchase price of $60,000 with the buyer needing 3% in seller concessions. Do I just ignore the 6% total closing costs Ocwen has on their application? Any thoughts on how to structure this or do I just need a different buyer?

Permalink Reply by Smitty on January 25, 2012 at 3:00am

Bryant, I've gotten 8 and 10% closing costs covered.  Depends on how many liens their are, NET etc.  You have to keep pushing back.  They will immediately reject, but you have to call in and get to a supervisor.

Permalink Reply by Wendi Sanches on January 25, 2012 at 4:41am

Bryant,

I begin all my SS simply. I submit the offer as I receive it, never assuming how the servicer will respond.

Making sure I have a complete package, from HUD to taxes. There are so many factors that will change the ebb and flow of the process.  By doing this I go in with no expectations.

I have only had to escalate 4 files in the last 7 months. (Those were with BofA, and the supervisor never actually responded to my escalation requests. I have also escalated one HAFA file. By the time the supervisor responded the file was moving again).

I have found that patience is the key. The file will move at the lender's speed. Escalations can sometimes cause more delay that it's worth.

If the purchaser of the property has full understanding of a short sale process, there is less a chance they will walk due to frustration.

Permalink Reply by Bryant Tutas on January 25, 2012 at 6:13am

Thanks Wendi. I agree on all accounts.

And thanks Smitty!

I shall prepare for battle.

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