I just short sold my home with Ocwen as the 1st lien holder (we did not have a second) and wanted to share my experience.

My husband lost his job in June of last year and we attempted a loan mod in July. Our then servicer (Cenlar) transferred us to OCWEN at this point. Ocwen rejected our loan mod. At this point we were still making our payments.

In October we decided to sell it. I called my realtor and she immediately put it on the market. We missed our first paymnet in November. In December we had our first offer which fell apart because of Ocwen's high counter. It took them 33 days to review the file and counter. They offered 90k and Ocwen came back with 135k.

My realtor adjusted the price in December to reflect their price and we got no interest whatsoever.

January 1st she knocked the price down to 125k. We had many showing but no offers.

Mid January we knocked the price down to 119k and received an immediate offer of 110k. In two days Ocwen came back with their counter of 119k net of closing costs (129k). The buyers countered with 119 gross and Ocwen accepted in the beginning of February. I received the agreement first week of February with a closing deadline of March 4th. The agreement included full forgiveness and language that Ocwen would release their right to pursue a deficiency judgement.

We closed on February 28th and the loan was paid on March 1st. The amount they forgave was 96k.

When we closed we were just shy of 120 days late (we would have been 120 days late on March 1st, the day they received the payoff).

I think with Ocwen they key is following certain procedures and following up with them constantly. Also, trying to start the process when a home is already very much in arrears makes it a little more tricky.

I just wanted to share my experience.