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Beware of Ocwen

I wanted to know if any of you are dealing with Ocwen on a short sale?
It came to my attention last week that Ocwen had gotten out of the
short sale business. Their supposed reasoning was they got paid more
in fees when a home goes through foreclosure vs doing a short sale,
among other reasons. I learned today from an Ocwen mitigator that 1st
position liens will no longer be negotiated for a short sale. All
current approval letters will be honored, but no more will be issued.
Second position liens will continue to be short sold. As I stated
earlier, this is what I was told, I have no official conformation at
this point. If anyone has heard something other than this, please
respond so we can stay one step ahead.

To your explosive success,

Wayne

Posted by Wayne Garab on 03/19/2008 07:53 PM

Comments (7)

foreclosure, jacksonville, short sale, lenders, investors, loss mitigation, realtor, real estate, first lien, second lien

7 Comments on Beware of Ocwen

MAR

2008

Heard the same. I called two days ago was told we don't do short sales when I asked if I could fax a package any how they gave me a fax number. 30 mins later they sent me a short sale pkg to be completed,title short sale package. We are the second so maybe thats why. I will keep you up to dated.

MAR

2008

I have sold properties for Ocwen for over 6 years. I have never had to do anything with the LM dept. Thanks for the heads up. Also just to give you a tip, if you put in offers on a REO property they have real tight margins right now. They just aren't moving on the sales prices much at all.

MAR

2008

I ran into the same situation. I had two short sale listings with 1st's being held by Ocwen. We were waiting on finall approval and then...WHAM...no short sales! Are they insane!!!??? I've had an attorney checking with an attorney used by Ocwen, and she hadn't been able to get any type of confirmation either. All I know is they keep shutting me down.

MAR

2008

Wow that is really crazy. You would think they would loose less money doing short sales then letting them go to foreclosure.

Wow, thanks for the heads up!!! This is IMPORTANT stuff for us to know!!! I'll be sure to share it with my broker.

I had one close friday, no problems. I do a lot of short sales. I'll post what I find from future deals

FEB

I fell behind after my wife got ill. I contacted Ocwen about a loan modification. It cost me 5,000.

They changed my interest rate from 9.25 to 9.13.....I know no change at all....and they took 10 ,000 off the principal and my payment stayed the same. Now I have fallen behind again and they won't return my calls and they just plain suck it's amazing how america the beautiful can have a mortgage company run by Indians with the biggest investment in my damn life and the person on the other end has no idea nor really cares about anyhting i go through or if i loose my home.

somebody must do something quick.

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