Ocwen asking me the buyer for all kinds of docs?
Ive only been dealing with them for a month and they are about to wear both me and the realtor out. Every time she calls they want something new. After two weeks they send the contract back for I don't know what. The third week they want me the buyer of the property to sign a arms length then produce 2 months pay stubs, 2 years w2s? Then they said they need my current address phone number and place of work. Is this normal I mean why all these questions about me? Are these stall tactics?
Replies to This Discussion
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Permalink Reply by Karyl Moore on
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Mike, that doesn't sound right except for the arms-length. That is always signed by both Buyer and Seller. But the financial info and employer info are most likely meant to come from the Seller. Sounds like the listing agent made a mistake or else your agent misunderstood her.
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Permalink Reply by Donna McClelland on
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Hi MIke, The arms length is a required document and yes, the buyer, seller and both agents all have to sign because Ocwen wants to be sure there are no hidden agreements in this transaction (like the seller is your brother and you're going to let him live there and pay you rent when the sale closes). As the buyer, all they should be requesting from you is the arms length and your current contact information. Ocwen used to require that all buyers qualify for financing through them before they would approve a short sale, but they no longer do that. That would be the only reason they would ask the buyer for any pay stubs, bank statements, etc.
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Permalink Reply by mike romone on
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Thats what I thought. What a nightmare.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Mike -
The Lender / Servicer never speaks with the BUYER. Somehow, it seems they think you are the BORROWER (SELLER). They are requesting items normally asked of the SELLER.
If you speak with them again, I strongly suggest you tell them at the very beginning of the conversation that you are the BUYER and NOT the Borrower / Seller.
How did you become authorized to speak with the lender / servicer???
Good luck,
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Ive not spoke with them. My realtor has. She asked me for all that info. This is amazing. Ocwen doesnt even know who they are foreclosing on.
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Mike - Is YOUR Realtor also representing the Seller?
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Yes
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I think your Realtor is confused and is asking you for items she/he should be asking the Seller to provide. The only item on the list above that you should be signing is the Arm's Length Affidavit.
If I were you, I would have a chat with the Realtor and make sure they know what they are doing.
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Mike, it sounds like your realtor is not experienced with short sales at all. If she were, she'd have known those items were needed from the Seller not the Buyer. Also, she'd know that in short sales most lenders will not pay a full commission to a realtor handling both sides of a short sale (Buyer and Seller). On top of that, you're dealing with Ocwen who is about the worst of short sale lenders to deal with. If I were you, I'd continue looking at other houses because chances are very slim this sale will ever close. Looks like you're the most aware person in the whole transaction - you found this site, for one thing. :-)
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Your probably right. So Ocwen is the business of foreclosing not short selling? Thats what I take away from what I read here.
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I would not be suprised if this house was well on its way to being foreclosed on and the realtor has no idea.
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Hi Mike,
Ocwen actually approves lots of short sales. I have never had one denied. The wildcard here is the listing agent. Where is the property located? I may be able to do the negotiations for the listing agent for part of her listing commission. It sounds like without help she will never get this approved. Donna
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