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Comment by Daniel Sandoval on August 29, 2019 at 10:18am

Just started working a short sale with phh. they sound ok...lets see how it goes.

Comment by Brett Goldsmith on April 8, 2019 at 6:06am

@Al if they are getting one dollar less than what is owed you need to go through the short sale review.

Comment by Al on April 7, 2019 at 8:14am

Got a property where the first mortgage is with ocwen. I only need to short the loan 12,000 less than what is owed. The 12000 is less than 2% that is owed. Do you think Ocwen will short the loan without going through all the short sale formalities such as an bpo/appraisale ect. 

Comment by Amy Merrill on September 5, 2017 at 9:47am

Jennifer - No estimates because the licenses professionals in our area charge for quotes/estimates. The appraisal was post damage. I don't think that it's a coincidence that they stated they wanted to net $40,000 in the beginning and that's what it appraised at. This house is in an area where the average sales price is $50,000 and with the extensive damage we were shocked to get the price we did. There are literally mushrooms growing on the ceiling from the water damage. 

Comment by Jennifer Beltrame on September 5, 2017 at 9:42am

1% of purchase price is standard for Ocwen, but you may be able to fight it by providing a detailed invoice.  Have you had licensed professionals give you estimates to provide Ocwen?  Also, how old is the appraisal?  If it was from before the damage you can ask that a new one be conducted.

Comment by Amy Merrill on September 5, 2017 at 9:32am

I currently have a short sale with OCWEN. They want the attorney to accept no more than 1%, which is $325 and no more than 8% of purchase price for closing costs. Our typical closing costs are more than 8% in our region. Has anyone successfully fought the closing cost amounts? Any tips? The appraisal also conveniently came in at what OCWEN told us they wanted for the house before we listed it, $7500 more than the purchase price. The house will not sell for what they want due to major water damage, structural damage and mold. We documented these issues with OCWEN up front. I will fight with more accurate comparables. 

Comment by Jim Phillips on June 5, 2016 at 11:48am

Does OCWEN pre-approve short sales?

Comment by Kylee Roe on February 18, 2016 at 12:07pm

Julie, you will likely have to get written estimates to fix the damage, then WF/Ocwen will be more likely to take your "discounted value". I had to do this on a fixer last year, and after that, it went smoothly. It may not be WF disapproving, it may be Ocwen just passing the buck. Either way, get written estimates and then discount your price.

Comment by Julie Lyons on February 18, 2016 at 11:49am

I have been in a ss with Ocwen who is servicing for Wells Fargo now for 9 months, on a Triplex that is run down and suffers damage from Napa 2014 Earthquake. Offer is $289K, WF wants $349K property does not comp at that, only comps out at $265K.  Buyer will not go up, not worth it.  After 9 months we just found out that WF wants more $$.  Has been a terrible process.  I submitted a BPO to Ocwen, they submitted to WF and it has been 8 days and no response from WF.  Anyone have this problem?  I can try contacting Wells Fargo, not sure it will help and Ocwen cannot get anywhere with Wells Fargo, so frustrating!!!

Comment by Julie Lyons on August 18, 2015 at 10:30am

No fees at all to the buyer.  I had to ask for an extension, I asked for it a full week in advance, so had no problem getting it.  Maybe if you try to wait until the day before you need to close for an extension it is a problem.  I usually try to keep right on the buyers doc draw which gives a pretty good indication of when you need to close.  Better to ask for an extension at least a week ahead than to wait until a few days before you need to close...

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