Ocwen wants 50k more than BPO? Claims maximum loss investor will accept

  • Original loan balance: 230k
  • Current Unpaid Balance: 320k (Due to sellers filing bankruptcy and being in foreclosure a couple of years)
  • Drive-by Value: 210k
  • Internal BPO Value: 160k

Ocwen did a driveby value and wanted to NET 210k.  For months we've been trying to argue it's not worth that so they finally did an internal BPO which came in at 160k according to Ocwen. 

Ocwen claims the investor will still only accept 210k as its NET for the short sale because Investor has set a maximum loss on the loan.  This is coming from both the cell center representative AND their "supervisor" and it makes no sense to me.  

If the house is sold at auction, all they will get is 160k OR LESS due to a flooded basement with mold everywhere.  And if Ocwen buys it at auction, they'll have to remediate the mold and sell the house for even LESS.  

There's one more oddity about this.  We submitted a value dispute a while ago when they originally told us the value was 210k, but they never processed so they're doing so now. Buyers would pay close to 160k if ocwen would take it.  The odd thing is that the representative said that if the dispute value came in LOWER than 160k after the dispute, they'd lower the acceptable amount by the decrease in value.  Doesn't this statement go contrary to what they said about the maximum acceptable loss by investor?

Seems to me that this India call center is really just confused.  Maybe they're plugging in the drive-by BPO value into their system and ignoring the Internal one?

Has anyone experienced something like this? Did you get Ocwen to see it your way? if so, how'd you do it?

PS. "Investor" is "Christiana Trust" I believe. A division of Wilmington Savings Bank  https://www.wsfsbank.com/christiana-trust.aspx

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Replies to This Discussion

Is there MI on the loan? Have you reached out to any of the escalation individuals in West Palm Beach?

[email protected]

310-564-6389

www.ishortsalenow.com

No MI as far as we know.  Lender has never mentioned it and we've asked multiple times.  haven't escalated but we're doing that tomorrow.

Was hoping that this was heard of by someone before.  Nobody so far?

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