Ocwen

In never thought I'd say these words...but  Ocwen to the rescue.

After struggling through months of unemployment and several failed attempts to modify their loan with Chase, these CT homeowners had given up and decided to just cut loose and sell their home in a short sale.

The home was an immediate hit and was under deposit within 2 weeks. A short sale package headed to Chase - the kings of incompetence. Fortunately  - less than two weeks later my homeowners received notice their loan had been sold to Ocwen.

We started all over with Ocwen. It took a few weeks for them to have the loan set up in their system, but once we were able to initiate the short sale, just a few short weeks later  our HAFA approval letter arrived. It took the buyers…

I’m usually not a big fan of Ocwen but it seems lately they are in a hurry to rid themselves of problem property. When I originally took this CT short sale listing, I was not looking forward to dealing with Ocwen. However, once a buyer was secured - OCWEN’s turn around time was phenomenal. I was never contacted for a BPO, but yet the approval letter for this short sale arrived less than two weeks after submitting a short sale package.

Unfortunately, the story does not end there. Another day brings another lender delay, as the buyer, his agent, and lender poked around for several months and at the end of the day - were unable to close at all.

Back on market, a new CASH buyer was quickly secured. This time Ocwen was not quite as quick as the…

A CT Short Sale Succes with Aurora and Ocwen

This Andover, Connecticut short sale came with its turns and twists. This particular property took much longer than anticipated to go under contract as we chased a downward market for way too long. Once we finally secured a buyer the real problems began. When our first buyer showed up, Aurora moved rather quickly to get the short sale processed. However, the appraisal for the property came back incredibly high and the lender argued that the offer was too low. How this happens when all market data shows otherwise is beyond me, but it does happen, and way too often at that.

It took three more weeks to dispute and correct the appraisal which happened to be just enough time for the buyer to tire of…

A Connecticut Short Sale with OCWEN and Citibank - Approved and CLOSED

OCWEN 1st: 310,000

Citibank 2nd : 70,000

Settled in FULL: $320,000

This was a rather interesting short sale. OCWEN proved to be quite challenging to deal with. The problem with OCWEN is that the entire company is in India. This would be just fine except for a few problems:

• The short sale negotiator will never actually answer the phone
• The negotiators will NOT communicate via email
• When they do call back they only call at random strange hours (8:30pm)...will not leave a message, and if you do answer the phone and are not traveling everywhere with your customers loan number, social security number, and other identifying information, they won't talk to…

A Connecticut Litton Loan short sale success

Balance owed to Litton Loan Servicing: $200,000

Time on market to secure buyer: 2 weeks

Time to get short sale approved by Litton: 3 weeks

Time for buyer to wrap up their loan and close: 8 weeks

Approved and closed with FULL DEBT SATISFACTION: $170,000

This particular short sale was relatively painless and Litton Loan Servicing was very responsive and easy to work with. The hardest part of the entire transaction was dealing with the buyers lender and their numerous delays.

The latest trend seems to be that getting short sale approval from lenders is becoming faster and easier, all while getting a lender to fund a loan for a buyer becomes more and more difficult and time consuming.