Ocwen Deed In Lieu Of Foreclosure

Ocwen Deed In Lieu of Foreclosure Process

If your mortgage is being serviced by Ocwen, we at ACG, see that our clients go through a process is pretty standard that’s similar to most other banks:

1. Our team calls in to speak to your Ocwen Counseler over the phone (sometimes we have to up an appointment to get a call back) but once we are in touch with them it triggers the beginning of the deed in lieu of foreclosure application process.
2. Ocwen‘s Request for Mortgage Assistance (RMA) Loan Paperwork are needed to complete the application.
3. In some cases, they will require you to go through a loan modification review prior to reviewing you for a DIL.
4. Also, in some cases, they will require you to attempt to sell the property prior to allowing you to deed it back to them as they prefer you try to sell it before they take on the liability of owning the property.
5. Next steps to complete a deed in lieu of foreclosure is having your property title checked.
6. Ocwen Loan Servicing will complete a property valuation on behalf of the investor/beneficiary (Certain Investors Require Two Interior Inspections)
7. Next, we have to negotiate the terms with Ocwen about relocation terms and time frames.
8. Lastly, your lender (Ocwen Loan Servicing LLC) provides a response to the deed in lieu of foreclosure made to them.

If you’ve dealt with trying to find assistance with Ocwen it’s never as easy as going through the checklist above. There are always hoops you have to jump through or if feels like something always pops up. Not to worry that’s why Absolute Consultant Group, with more than a decade in the business, are here to help you streamline the process. Having to repeat certain parts of process over and over again is typical with the India based team of deed in lieu of foreclosure negotiators. After more than a decade of experience, we know that we will have to run around from department to department at Ocwen Mortgage to get the job done for you. Maybe you’ve been going the process of trying to get a Loan Modification with Ocwen for years and it’s possible that department may need to close out your application or review. Maybe the short sale department has your file because their trying to push you to sell the home first. We are here to do all the running around for you. Above all you need to know better when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their deed in lieu application, getting denied, and not being able to figure out what happened. We can help you through the process of doing a deed in lieu of foreclosure even if that means reviewing a decline made by Ocwen Loan Servicing.

Ocwen Deed In Lieu Timeline

Like any bank, Ocwen Deed In Lieu of Foreclosure timelines can vary greatly. Sometimes it’s obvious but other times it may not be so clear on what’s going behind the scenes. These are just a few of the hoops we jump through when dealing with a deed in lieu with Ocwen.

• To begin with, Ocwen is not the bank as many like to put it they are just a servicer of mortgages. “Ocwen Loan Servicing, LLC”  found on many of their documents, like the Ocwen Deed In Lieu Forms, is a clear indication of this. As such, Ocwen Financial Corporation’s mortgage division abides by what is called the “PSA” or Pooling and Servicing Agreement that governs the pools of mortgages they service. The PSA is like a  contract between servicer and beneficiary of the mortgage note. Therefore, making a decision for an Ocwen Customer is not always possible. Ocwen, in many cases is not delegated (non-delegated) which means Ocwen has to request permission from the mortgage investor that calls the shots. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers and take care of many of the decisions themselves. As always the greater the number of hands in the put the more layers of bureaucracy you’re going to deal with.
• Additionally, the timeline of the deed in lieu is affected by whether or not your Ocwen Loan has a foreclosure sale date. Ocwen Mortgage is tough when it comes to homes in foreclosure and stopping the sale date for an Ocwen Deed In Lieu to be completed.. Ocwen Loan Servicing has homes being sold at auction every business day. Sale dates even for the coming week are not working with urgency. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Finally, not all negotiators were created equally. This goes for both sides which is what makes the process so tricky. Miscommunication for such a large endeavor can lead to certain failure. Understanding this niche of representing homeowners in front of Ocwen Financial Corporation for the deed in lieu application is a specialized skill. Often you will be put though the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are for the banking institution who owns the interest in the loan.

Ocwen Deed In Lieu Timeline Conclusion: Your Ocwen Deed In Lieu of Foreclosure Timeline changes based on many different factors including but not limited to the ones mentioned above. If a decision can be made by Ocwen themselves it will often be quicker  process than having to send out for approval. Other factors such as what they perceive the value of the property may also impact the negotiations. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast Ocwen’s Loss Mitigation department receives the Ocwen Deed In Lieu Forms to apply for mortgage assistance are received (readble) and other factors will come together to effect how long it will take for your Ocwen Deed In Lieu application will take to be Approved.

How To Fix An Ocwen Deed In Lieu Decline?

It really all comes down to why your Ocwen Mortgage was declined which may be often be confusing. We have seen, which goes back to what we mentioned above about communication being important. Often they will not be clear not only as to why but if there is anything that can be done to fix it.  Here at ACG we review dozens of points in order to understand why your Ocwen deed in lieu offer was rejected. Have us review your declined deed in lieu for free by calling us at 888-934-3444.

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