Ocwen stopped negotiating short sales. Period. ??

found this link @ another forum; true / false ?



Personally I would think that would be an even bigger mistake. Isn’t the purpose of a servicing company to minimize losses for the banks by managing their portfolios. Then by refusing to conduct short sale they are in turn refusing to properly manage the banks real estate portfolio. Would it not then make sense that the bank would fire Ocwen and find another servicing company to manager their portfolio?

I know I would. But then again, funny things are going on in this day and age. Perhaps the banks want all the properties… if they (the banks) own the majority of the real estate in the country vs. the people of the country… what would that mean?

GooD LucK! :beer

This is just NOT ok…

It appears that OCWEN is in trouble…and they are and have been the most difficult to deal with. I have a deal that has been in this process for almost six months! First a loan mod attempt which they would not do…and when I finally got them to agree on most terms they decided they are NOT going to help any farther, so then we went to short sales. I asked them to refinance when this guy was only 3-4 months late…anyway this is unacceptable for the homeowner! I am NOT concerned about losing this deal, I am concerned for my homeowner. what are some other options? is it possible to set on this deal for a few weeks and see if someone attempts to bail them out? according to the press they are being investigated for abusing servicing practices and HUD is inolved in the investigation as well. Isnt it possible that this could get recolved another way? and if not, what would be your advice to my homeowner? that is what do I advise him to do…I just cannot allow him to just feel abandoned. Any great advice here…Thanks.

McHome Solutions LLC
…where helping people …IS…our business…

I can see why a servicing company would just throw in the towel…they are making fee income and don’t own the paper. ASC is not negotiating short sales any longer either, they will do loan mods, but if it’s a short sale, they send it back to Wells Fargo! Just found this out the other day when I called loss mitigation, and they told me they aren’t doing short sales and I have to call the note holder and gave me an 800 number…I called it and it was wells fargo mortgage. So I think this is a trend, if you are negotiating a short sale with a servicer you better find out who the note holder is ASAP. They are all going to close up short sale departments.

I’ve been told that as of Friday, Ocwen pretty much shut their phones off and they have quit negotiating short sales. I also heard that they are honoring approvals that are already in the pipeline, but as far as negotiating new short sales, they’re not doing it. I agree, find out who the note holder is and try to go thru them. Good luck!