Ocwen Short Sale

Ocwen Short Sale Process

At Ocwen the Short Sale Process is pretty standard:

1. We Have A Call With An Ocwen Counseler Over The Phone Which Triggers The Short Sale Application Process.
2. Ocwen’s Request for Mortgage Assistance Loan Paperwork Will Be Required.
3. Complete Property Valuation (Certain Investors Require Two Interior Inspections)
4. Negotiate Terms With Ocwen About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (Ocwen Loan Servicer) Provides A Response To Short Sale Offer Made.

As you know if you’ve been through the process it’s never easy with Ocwen. Often there is some turmole or another. Repeating the same steps over and over again is typical with the India based team of short sale negotiators. It’s part of the process to know that we will have to run around from department to department at Ocwen Mortgage. The Loan Modifiation Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to Ocwen Customers Service Department; 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 application, getting denied, and not being able to figure out what happened. We can hekp you review any declines.

Ocwen Short Sale Timeline

When dealing with Ocwen Loan’s Short Sale timelines vary on some very basic and other not so basic elements. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, Ocwen Mortgage is a servicer of mortgage notes. “Ocwen Loan Servicing, LLC”  can be found on any Ocwen Short Sale Applications when working with an Ocwen Mortgage Loan. Therefore, Ocwen Financial Corporation’s mortgage division has to abide by the PSA or Pooling and Servicing Agreement that governs the loans. This contract is directly between servicer and investor. Making decisions for Ocwen is not always an option. The investor they are servicing the loan for, in cases they are not delegated (non-delegated) which means Ocwen has to request permission, calls the shots. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. As always the greater the number of hands in the put the more layers of burueacracy you’re going to deal with.
• Additionally, what affects the timeline of the short sale is  whether or not your Ocwen Loan has a sale date. Ocwen Mortgage is tough when it comes to homes in foreclosure and stopping the sale date for an Ocwen Short Sale to be completed. If you can get a value completed often your chances improve your getting bumped up in the process. Ocwen Loan Servicing has homes being sold at auction every day. Sale dates even for the coming week are not working with ugency. 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 are good negotiators. This goes for both sides. Often miscomunication In the banking world can lead to certain failure. People become very specialized in this niche of representing homeowners infront of Ocwen Financial Corporation in these financial application processes to find mortgage assistance. 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.

Ocwen Short Sale Timeline Conclusion: Your Ocwen Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by Ocwen’s Short Sale Department compared to what the offer is that is being made to them, how fast Ocwen’s Loss Mitigation department received the Ocwen Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your Ocwen Short Sale to be Approved.

How To Fix An Ocwen Short Sale Decline?

Often dealing with Ocwen Mortgage and how they deal with short sale buyers offers being declined may be confusing. 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 short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

Ocwen Loan Servicing Contact Information

Ocwen Mortgage Customers

Ocwen Loan Servicing Complaints