Does anyone have any short sale experience with Ocwen Bank?

I must say, my experience has been horrible.  My buyer had to wait for over one year to get an approval. There were a lot of ups and downs during the process. I don't understand why that is though.

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I don't list Ocwen short sales because they don't CLOSE short sales and they don't answer their phones except in India. I think they pretend to do short sales but in general they foreclose on just about everything.

I've closed several Ocwen.  Ocwen does outsource their SS processing.  One of the HARDEST issues is the inability for some of their reps to do more than work off script.  However, there are folks in Ocwen that do have significant knowledge and able to move the file forward.  

I would suggest you demand to be transferred over to the US statebound office (I think they are in Florida).  One thing to know is that with Ocwen, you may have an extra layer of approvals that don't exist in other places because they are outsourced.  

Hope this helps.  

I have also done several short sales with Ocwen and most of them were like clock work, after 45 days I got the approvals and closed on time, without any problems.

I do agree with the previous post, Talk to some one in the US office for sure.

Good luck.

So true.  Lately they claim to put u back in the que because they have no way to directly send you to America.  Pretty much they play keep away.  Its sad Americans are in need of help and cant get it half the time. 

I just closed 2 Ocwen sales last week.  They kept giving me "phone appointments" with "specialists" 2 weeks out.  I kept all appointments, no real forward movement.  Just always make sure to ask if they have everything they need and re-send it to them immediately through fax and e-mail.  Call the customer care center and use the short sale line to speak to a real person who may or may not have a clue what you are talking about.  After we closed, they sent a packet to my client asking if they would like to initiate a short sale!  One HAFA  was approved, one wasn't because it had already received a Trustee's Sale date and had it postponed. 

As a general business rule I will no longer accept listings where Ocwen is the servicer.  I will not spend my wheels and waste time.  Just complete BS and having to deal with India is a complete mess.  Foreclosed on one of my sellers right in the middle of a sale.  Have been Ocwen free for over a year and love it. 

It's easy OCWEN outsources all of their short sale processing to India. I don't know if it is true but, I heard you can call the toll free number that goes to India and ask for someone who speaks Spanish and they will forward you back to the states.

www.edsellsre.com

I tried this and went to South America for an operator.  Seems like they can not think off a script. 

Closed today on a ss with Ocwen as the 2nd and Chase 1st.  No real issues could be they were the 2nd?  I did have to request

an extension on the approval letter, no issues on receiving the extension from Ocwen.

Ocwen is another one of those servicers that need to be reported more frequently to their investors.

Their (mis)management of REO and short sales are among the industry's worst. They do all of their REO as online sales and the properties are neglected and difficult to show as their non-approved "keypads" on the door rarely have the correct combination. All listings nationwide are under an agent "David Judd" simply as a way to manipulate the MLS in every region. I estimate their REO's sell anywhere from 10-15% below FMV as a result of their incompetance. It gets funnier: they report "cost savings" to their shareholders from their "creative and technologically advanced" methods of liquidation.

On the short sale end, I've experienced many of the loans being changed to Ocwen from a prior servicer. Many investors are moving their pools to the "largest subprime loan servicer" probably thinking they handle them better. Perhaps they give more attractive pricing to the investor just to eventually destroy the asset/portfolio value in the long run?

Brilliant...!

I have closed 4 in the past month and a fifth next week.  Its hard dealing with people in India reading from a script and not knowing what they are saying.  Most dont know what a b.p.o is.  Some not even experience enough to understand things on the hud or what an approval is.  luckily I have found a few good ones and have them help on all my shorts.  Since than I have had a huge turn around.  If anyone would like to send me short sales for Ocwen id gladly work on them. 

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