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Ocwen Short Sale??

Posted by Scott Gold on February 18, 2011 at 10:36am

I just took a listing and the borrowers loan is with Ocwen. I called to get there fax number to send over the 3RD party authorization form and to initate the Short Sale. The customer service rep at Ocwen told me I couldn't initate a Short Sale and the borrower would have to call first. They mentioned about having the buyer exhaust every possible loan mod program before doing a SS. I told them that the buyer has lost his job over 6 months ago and has NO income to support a loan mod. Plus he has been getting the run around from them for the last 4 months about a loan mod and would rather SS then let it go to foreclosure. Has anybody had similar problems with Ocwen and how are they to work with on SS?

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Comments

  • Leander DeGuise September 3, 2014 at 5:27am

    Ocwen is by far the hardest bank to work with for Short Sales.  They review, re review, and so on.......

    I have done quite a few and they take the cake.

  • Angelica Molina March 17, 2011 at 8:49pm
    Ocwen was difficult to work with, had a FHA loan they rather let it go into foreclosure, had everything in place (including offer) about 45 days prior to sale date still they weren't not willing to extend sale date rather foreclosed on the property. Haven't had another opportunity to get another Ocwen SS listing yet.
  • Tiffany Jones March 16, 2011 at 7:58pm
    Ocwen is difficult because they have a policy that they won't push back a foreclosure for a short sale. My secret is to say you speak spanish and you will get someone in Texas. They are easier to communicate with and are more able to make decisions otherwise you call a call center and it can be frustrating. I was able to get a one month extension through this process. You need to have someone help you call if you don't speak spanish. Once you are there they are all bilingual. I hope this helps.
  • Dale Kuzniar February 28, 2011 at 6:41am
    Having several listings with OCWEN everything has to be uploaded thru their site.Phone calls and faxes are not preferred means of communication.
  • Chet Dilka February 22, 2011 at 10:45am
    My experience with Ocwen was about a year ago.  My advise is that you work in conjunction with the Seller and have them call and say that they definitely wants/needs to do a short sale and that you are their agent.  If the they leave the door open to possible modification Ocwen will ignore you.  Each call will be a trip around the world.  Generally you start talking to someone in India and if you are persistent enough you might be transferred to some where in the Caribbean and then to stateside somewhere.  6 months later we got approval but it did not close because of the buyer.   Good Luck
  • Scott Gold February 18, 2011 at 11:17am
    Thanks Jerry. Will email you later.
  • Jerry Filoteo February 18, 2011 at 11:11am
    Aaahhh Ocwen Ocwen. Hate it or love it! Where do I stand with Ocwen? I think I'm in the middle. Ocwen is actually great to work with when it comes to short sale, and their required documents are minimal. You do not have to submit borrowers tax returns, paystubs, and etc. However, you do need to send Ocwen exhibit A-D, signed purchase, and HUD. Third party is included on one of the exhibits. I have closed over 20 SS with Ocwen. Email me at jrfiloteo@bridgeport-re.com if you need the number.
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