OCWEN BANK CAN NOT BE TRUSTED

By
Real Estate Broker/Owner with Regal Realty of the Treasure Coast LLC

OCWEN BANK CAN NOT BE TRUSTED

 

I have worked on a short sale file since November 2013.  The lender was Ocwen bank.  I constantly kept in communication with the bank calling them at least once a week to keep the file moving in the right direction. 

Often they would tell me they needed another document ( they were making things up as they went along).  I had already send a full short sale package with was confirmed by themselves.  Time and again one excuse after another with no real reasoning as to why we did not have our approval.  They told me to watch my email for the approval letter, but instead of my approval letter,     they emailed me a new Making Home Affordable form  to be completed AGAIN  by the seller May 18th giving us until June 18th to complete the form and return with the requested documents ( which they already had in their file, so I sent updated documents.)

I found out today for sure they sold the property on the court house steps on Wednesday June 11, 2014.  I spoke to the bank on Tuesday and Wednesday of last week nothing was mentioned of the pending sale.  

 

To make matters worse I was informed May 6th that the Foreclosure process was placed on hold by their representatives.   I made contact with Ocwen bank 6-7 times since May 6th and each time they confirmed that there was no pending sale date. 

This morning I called for my update,  and the file is in the REO department.  THAT MEANS THEY FORECLOSED. 

Ocwen uses a call center based out of the country,  and I do not believe they at the call center know what they are doing and what is going on with a file.   This is a bad service to the seller and the buyer of this property.  And it leave a very, very bad taste  in my mouth.  Seven months of work in the toilet with no pay.  

I have been doing short sales for the past 15 years before it even became common language and this is the first time this mess has ever happened to me. 

Ocwen I will never trust a word from their representatives again.   

 

Posted by

 

 

I am  certified from the National Association of Realtors for being a Short Sale and Foreclosure Expert. 

If your are looking to sell or purchase a home in South Florida CLICK HERE to contact me to assist you with your real estate needs.

 

                              

  

Merline Pennant

Realtor/Broker

Direct Line: (772) 985-7653

email: Merline@RegalRealtyTC.com

Website: RegalRealtyTC.com

 

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Anonymous
Andre Harris

That is very unprofessional work by Ocwen bank. That is a waste of your time Ms. Pennant, and is a waste of your buyer's time as well. I'm sincerely sorry about all your work going down the toilet, and you not getting paid as well. But it pray God puts you in a better position next time.

Jun 16, 2014 02:15 AM #1
Rainmaker
670,482
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

I'm sorry to hear about what happened and I would surely feel terrible it happened to me. You should report it to their manager or someone higher than those call center agents.

Jun 16, 2014 02:33 AM #2
Ambassador
1,599,375
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Division Specialist

According to the court rulings I heard last week, most short sales are going to be denied for extensions in court as the courts are being pressured now to complete all pending foreclosures in this quarter and getting the backlog off the books once and for all.  

Jun 16, 2014 01:26 PM #3
Rainer
121,969
Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

Kevin I am aware of that,  The fact is they told me on May 6 the foreclosure was placed on hold and to add to it I called them on the 10th and the 11th and the week before that and no mention was made of it to me. 

 

Jun 18, 2014 10:23 PM #4
Rainer
121,969
Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

Patty I called to speak to a manager and was told that one would called me back.  This was after being on hold for 45 mins.  Bad service by this company is all I can.  

Jun 18, 2014 10:24 PM #5
Rainer
121,969
Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

Mr Harris was also a waste of the seller's time who was my customer and the buyer's agent's time.   Four people were affected by the acts of the seller's bank Ocwen.   All four of us worked hard to comply with all they wanted and they just run us through the mill just to kill time so that they property could be foreclosed.  They bank forced a seller trying to resolve the matter into foreclosure.  I was waiting weeks for the approval letter and instead of that they sent us another form to complete - which we had completed in the very beginning.   My seller was suspect of them playing games all along.  He never trusted them from the get to. 

Jun 18, 2014 10:30 PM #6
Rainmaker
920,367
Bob Ratliff
Robert Ratliff Realty - San Antonio, TX
"Sold with Bob"

Merline, what a horrible experience for you and your client. 

Sep 10, 2014 06:01 AM #7
Rainmaker
985,918
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Merline D Pennant at (772) 618-1228 with Regal Realty to Port St Lucie, Florida has explained in her opinion why Ocwen bank can not be trusted in this Active Rain blog to the detriment of her horrible experience for her and her client.

Sep 26, 2014 04:00 AM #8
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Rainer
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Merline D Pennant - New homes, Short Sales and Pre-foreclosures

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