Buyer Background check - Ocwen

Is this a new process? I have a short sale file with ocwen and was just informed that the short approval is on hold because the new process require they do a background check on the buyer. I asked what kind of background check especially when the buyer is an llc. Is this normal? This is my first time of hearing something like this.


Thanks

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Replies to This Discussion

Permalink Reply by Saurabh Singh on April 22, 2014 at 7:34am

Any action that delays completetion of a short sale, particularly after a foreclosure sale date has been set is against the seller's interest. The seller should have a strong case against Ocwen should the buyer walk away. The buyer/seller should request information in writing from Ocwen about the exact nature of research they intend to carry out and if this is required by law or any directive from any enforcement or regulatory agency, an investor requirement or if it is Ocwen's own internal requirement and forward the response to his attorney or the CFPB for review. 

Permalink Reply by Rosa Gomes on April 22, 2014 at 10:37pm

Since its an LLC they scrutinize more closely the buyer so it means they want to check public records for anything derogatory against the company and its owner/s. Hopefully you submitted all the LLC documents to them otherwise there will be further delays and they may not tell you. You have to keep calling on the phone every couple of days until the all requirements are met.

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