Replies to This Discussion

Permalink Reply by Beverley Hourlier on April 19, 2011 at 11:22am

I actually have done Ocwen short sales.  I have not had a problem.  Get up early and call every morning.  The squeeky wheel get the grease!

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Permalink Reply by Gilbert Washington on April 19, 2011 at 2:24pm

I did a short sale that turned into a REO. They actually paid me a bigger commission on the REO than they were willing to on the short sale. They offered only 4% listing commission for a short sale. I heard that if the listing agent sent in the HUD for afull 6% commission that they sometimes approved it, but I never had the chance to prove that. The advice I would offer to you would be to use phone,fax, and email until you gain contact. Remember to be persistent and consistent. Their email address for short sales is ss@ocwen.com . One thing to keep in mind is that Ocwen and their reo company, Altisource are both mainly based in India.

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Permalink Reply by Lou Farris on April 19, 2011 at 2:49pm

Beverly hit it on the hea - content contact. forcefully, but amiably delivered. 

Ocwen is a bear at times, depending on the negotiator.

NEGOTIATION  is the key and very operative word wit them. I have found that by getting them back to the table, my clients' needs got resolved.

 

Ocwen is not a direct lender, which is an important thing to understand. As a loan servicer, they really are only involved in payment taking and collections efforts. Sometimes, I have had to go to Fannie/Freddie, or the Investor directly to get their people to listen to me. Other times it even took an FTC complaint to get them to understand that I could be ruthless and wrathful, too. 

 

to work with these guys, you have to think like their customers, the lenders and not like a Borrower. 

 

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Permalink Reply by Ernie Dill on April 19, 2011 at 3:06pm

I've closed several with them recently.

 

Their SS Package to be sent to sellers allows a 4% commission.  I line it through and write 6% and have the seller initial it.

 

When sold, I submit a complete package including a thorough valuation.

 

Their customer service is in Bangalore and in Mumbai, India.  When you call and go through the phone tree, you'll be routed to a specifically assigned negotiator.  Usually, you will leave a VM, and they call you back.  They're very nice, and are trained to routinely say that "You know, in looking at the offer, we're going to need maybe another 10% net to our investor."  I respond:  "Well, wouldn't 15% be better?"  Pause.  Laughter.

 

(That's why you do the thorough valuation.)

 

Bug 'em.  They will get it done.  If there is foreclosure activity, they'll send you an approval letter with a foreclosure date a week later.  So be ready to close.

 

They recently bought $28 billion of Barclays paper for $1.2 billion.  They're making money doing short sales and foreclosing.  They're what I call a "Predator" or a "Scavenger."  And I say that respectfully.  (;->>

 

 

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Permalink Reply by Joy Terrell on April 19, 2011 at 5:32pm

Run don't walk---they make you do cma's ---a lot of work/ frustration----a year later after speaking to idiots all over the world including Brazil and India---They will slam it into forcloure even though you have an at asking offer with 100,00.00 down, because they don't want to extend approval letter --because the buyer needs to season their funds------not fun---run don't walk   --I'm saving you gray hairs-----unless they have gotten better, but I doubt it---they are horrible!!!!!!!!!!!!!!!!!!!! They are the devil---lol---seriously--510-502-7811 if you want more info--my cell

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Permalink Reply by Ernie Dill on April 19, 2011 at 7:02pm

Seriously -

 

There aren't any "devils" out there - agents put so much unnecessary emotion into short sales.  (I could say there are some "Sloths" out there, like Suntrust!)

 

They're a business with a particular strategy.  Just figure out the strategy and operate with it.

 

What is "OCWEN" spelled backwards?

 

But there is a FTC probe ongoing regarding their practices!

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Permalink Reply by Joy Terrell on April 19, 2011 at 7:08pm

see I told ya--lol :0)

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Permalink Reply by Mark Smith CDPE SFR on April 19, 2011 at 7:01pm

My past experiences with Ocwen have been horrible.  BUT, I just closed one earlier this month with them, did both sides and received 6%.  They closed the transaction in less than 90 days.  Their short sale application sheet dictated 4%, but I submitted 6%.  Not sure what exactly happened, but one afternoon checking status resulted in an approval over the phone with a faxed approval the next day.  Maybe the stars aligned......point being; who knows anymore, persistence, patience, and professionalism is my motto for 2011.  Good luck!

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Permalink Reply by Wendy Martin on April 19, 2011 at 7:07pm

WOW, thanks for all the input, you are all amazing.   Who needs the hassle, short sales are hard enough.

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Permalink Reply by Joy Terrell on April 19, 2011 at 7:11pm

:0)  You're fighting the good fight!!!!!  Hang in there---maybe they are not the devil, but they are on my list of---I will not work with. :0)

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Permalink Reply by Mark Smith CDPE SFR on April 19, 2011 at 7:13pm

Ernie your sloths and devils got me thinking.  When Charlie Sheen runs out of work maybe he would be a good negotiator.  He is always "winning" and being a warlock and all, Ocwen would be a good test for him.  :-) 

 

Seriously, to add to the post use Ocwen bankruptcy line  888-554-6599.   I bypass allot of customer service that way.

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Permalink Reply by Gloria Oquendo on April 19, 2011 at 7:23pm

I don't really like them. When you call them the system say your request is under review and when you wait and talk to a rep, he say that your request was denial and they take to long to give you an answer.

For me it have been so difficult to work with them.

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