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Ocwen Short Sale Application, Forms And Packages
Are You Still Dealing With Ocwen By Yourself?!
?Are You Still Dealing With Ocwen By Yourself?!?
Limited Time Offer Coupon!
Limited Time Offer Coupon!
Step 1: Ocwen Short Sale Experts
Finding The Right Short Sale Agent
Finding The Right Agent
Short Sales are complicated and as much as they are common place there are few professionals that really specialize in the practice. That is why finding the right expert to work with is crucial; There should be few if any surprises. If you don’t know where to turn to we’ve got access to a set of elite professionals nationwide. Click here to request a call from a short sale pro or call 888-934-3444.
Get The Short Sale Listing On The Market
Get The Property Listed!
Part of the first steps in doing a short sale is getting the property listed. The lender will expect that you work with an agent so that it gets a fair review. They will not allow you to just bring an offer. The may ask for documents such as the MLS Listing and MLS History to show proof that the short sale has been properly marketed.
Nothing can move forward until this step has been completed and the Listing Agreement will be amongst the first of the documents required to get your short sale going.
NOTE: There are situations where Ocwen may prequalify you to do a short sale. In some cases, they may even go as far as telling you what to list the home as. Know that all of this is misleading because when you get an offer they will still need to do a full and standard short sale review.
Step 2: The Short Sale Offer
Real Estate Short Sale Definition
What is a short sale?
A sale is only a short sale if the offer isn’t enough to pay off all the liens against the property. Ocwen cannot review your home for a short sale without an offer. Furthermore, they need to see what the Net of the offer is that you’re making them after all the short sale closing costs have been deducted. This includes past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply.
Best Short Sale Buyer
Find The Right Buyer For Your Short Sale
Strong Short Sale Buyers
Buyers for a short sale need to be prepared to wait; Patience is key. A patient buyer is more important than an all cash buyer or even a buyer that is offering more than everyone else. Your broker needs to interview the potential buyers to make sure they are a good fit. Not just the buyer is important but the broker representing the buyer is important.
Previously Approved Short Sales
Previously Approved Ocwen Short Sale
Brokers will often advertise that their short sale was previously approved to make it seem like the short sale process with Ocwen will be fast. Even if Ocwen previously approved the short sale and all the same terms were met the short sale will take in most cases a full review.
Step 3: Submit Ocwen Short Sale Package
Ocwen Short Sale Submittal
Submitting Your Short Sale Package to Ocwen To Get The Process Going.
What is in the Ocwen Short Sale Package?
All lenders, including Ocwen, generally require the same documents. They require a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a prequalification letter from the buyer’s lender. That’s only the beginning.
As a short sale seller they require you provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.
Step 4: Ocwen Short Sale Broker's Price Opinion (BPO) or Appraisal
Ocwen Short Sale Value
Getting The Right Value Goes A Long Way.
The only way a short sale lender like Ocwen Loan Servicing LLC knows if your offer to them is acceptable is by completing a value. The value in most cases is completed by a real estate agent who reviews the comparables in the area. They review the properties that are currently listed but more importantly they review the properties that are sold generally within the last 3 to 6 months. They consider the homes perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool.
They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.
Ocwen Short Sale Appraisal
Short Sale Appraisal Values
The mortgage investor that Ocwen is representing is already taking a loss so in most cases they will hire a local agent or broker to do a value referred to as a BPO or Broker’s Price Opinion. In certain cases,
Ocwen Value Disputes and Variances
Filing Value Disputes and Variances
What happens when a value returns too high? This happens all too often to rookies and experts alike. As much as you try to meet with the BPO Agent or the Appraiser and provide them information that they may use in their report often they are not from the area and compare properties that don’t have anything in common with the subject property.
Step 5: Finalize Short Sale Terms
How Long Does An Ocwen Short Sale Take
Ocwen’s Short Sale Time Line Coming To An End.
Once the value has returned and they have a complete package this is where Ocwen’s short sale negotiator or underwriter will make a decision if you meet the minimum criteria to be submitted to management or the investor for approval. Usually, there is an auditing process before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.
Ocwen Short Sale Counters
Ocwen Counters Short Sale
This is also the time when Ocwen may issue a counter or a decline to your short sale offer. Combatting either one of these takes a special set of skills that can only be gained through experience. Anyone can get the easy ones done but it’s the difficult transactions that separate that experts from the wannabees.
Step 6: Closing A Short Sale
Short Sale Escrow
Short Sale Escrow.
Closing a short sale is not unlike closing a typical real estate transaction. Once all lien holders have approved the terms of the short sale you can move forward with the typical escrow process. By now a title search should have been
Short Sale Extensions
Ocwen Issues Short Sale Extension
What happens if we aren’t able to close the short sale in time and the approval letter expires? This is a question we get all the time and there isn’t a simple answer. It depends on the delinquency of the mortgage, whether the value they have expired and many other details. Consult one of our professionals if you need more time to see what we are able to get approved with Ocwen’s Management. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are cannot paid from the real estate commissions awarded to the agents involved and paid out of Ocwen’s net).
We've Been Dealing With Ocwen For Over A Decade!
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How Does ACG Get Paid?
Absolute Consultant Group (ACG) work with you and a local real estate agent to get your property sold. We get paid directly by Ocwen through the escrow at closing. If the transaction doesn’t close we don’t get paid anything. We generally are compensated from the comissions awarded to the real estate brokers involved. This service generally costs the seller nothing out of pocket. Call for details 888-934-3444.
Understanding The Ocwen Short Sale Status
As you may already be aware from the Ocwen Short Sale Package it is a lengthy document. Ocwen Loan Servicing LLC hasn’t simplified the process to make it easy but that’s why ACG is here to offer you to assist with your application for the short sale process to get mortgage assistance from your servicer. Ocwen Corporation, opperating out of Palm Beach Florida. outsources a very large part of the process and often that leaves you talking to someone overseas.
Assistance For Ocwen In America
Based here in the United States ACG becomes your single point of contact for all of your Ocwen challenges. You will no longer have to deal Ocwen’s loan servicing department in India. With us you get someone here in the states to work with you and your Ocwen Mortgage on your Home. When you work with Absolute Consultant Group for all your Mortgage Assistance needs we become your one stop shop for completing your Ocwen short sale process from start to finish.
Call Us 888-934-3444 Today.
Ocwen Short Sale Package Breakdown
What is the Ocwen Short Sale Package?
Ocwen Mortgage requires an Ocwen Short Sale Package known as the Ocwen Request for Mortgage Assistance (Ocwen RMA). It’s important to always use the most up to date paperwork when applying; Always check with a professional. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their Ocwen Mortgage short sale process.
There are 19 Sections to the standard Ocwen short sale Package and totaling about 20 pages.
Need Assistance With An Ocwen Morgage?
Need Assistance With An Ocwen Morgage?
Short Sale RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Section 1 RMA- Statement Of Intent
- Section 2 Request for Mortgage Assistance- Borrower Information Form
- Section 3 Ocwen Package – Property Information Form
- Section 3A Short sale Package – If you do not occupy the property information.
- Section 4 Mortgage Package – Ocwen Occupancy and Rental Information Form
- Section 5 Ocwen Short sale – Other Properties Owned
- Section 6 Ocwen Application – Household Assets and Expenses Form
- Section 7 Short sale Application – Ocwen Monthly Income form
- Section 8 Ocwen Mortgage Form – Income Documentation Required
- Section 9 RMA Ocwen com – Self Employment Borrower Profit and Loss Form
- Section 10 Mortgage Assistance – IRS Form – 4506t-EZ
- Section 11 Ocwen Loan Servicing, LLC – Hardship Statement Affidavit
- Section 12 Short sale – Non-Borrower Consent Form
- Section 13 Mortgage Assistance – Consent For Release of Information Form
- Ocwen Third-Party Authorization Form
- Section 14 Loan Servicing – Borrower Acknowledgement And Agreement
- Section 15 MHA – Making Homes Affordable – Homeowner’s Hotline
- Section 16 Department of the Treasury – Beware of Foreclosure Rescue Scams. Help is Free
- Section 17 Ocwen Short sale – Frequently Asked Questions FAQ
- Section 18 Ocwen Mortgage Assistance – Information about deed-in-lieu of foreclosure.
- Section 19 Ocwen Foreclosure Alternatives – Information About Ocwen Short Sales
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