Got short sales with Litton Loan Servicing? Not anymore! Litton has announced that they have been sold off to OCWEN, and OCWEN has decided to close both the Dallas and Atlanta servicing arms of Litton. This day unfortunately marks the demise of what may have been the best short sale processor and servicer in existence.
This news means that unfortunately the massive amount of short sale files previously being processed by Litton Loan Servicing are being transferred over to OCWEN effective immediately. For tens of thousands of home owners hoping to avoid foreclosure with a short sale, this means the short sale process will be likely starting again from scratch. In addition OCWEN is known to not have nearly as good short sale process as Litton. The influx of new files will also likely mean a season of confusion and Chaos as OCWEN short sale department scrambles to adjust to the new workload. We have already seen several incidents of both shock and turmoil from several agents on www.TheShortSaleGuide.com who were expecting approval letters from Litton or have files closing in the near future.