Doing another SS this time through Litton. I am fat dumb and happy until close day.

 

We received approval/release from Litton for close anytime up to 10-13-2011. Had it schelduled for sept 2. On sept 1 Litton who had been purchased by Ocwen transfered all or most servicing rights to Ocwen. So not big deal right we have a signed approval and release and a letter sent to my client saying Ocwen will honor any "Litton" short sale approvals.

Well sort of anyway. Try to close as funding instructions are for Litton Loans who will tell you they no longer have the rights and cannot take the Buyers money. Instead fax you approval letter to Ocwen and wait. As  I write the its 09-10-2011 and not a word. Did have one guy from Ocwen call and I gave him everything about the file except I did not have my clients Social. Called back with social so far so good. Another guy looked to see if I, the guy whom they called, was authorized on the file. Nope he says so I can not tell you any information, but you guys called me I said?

Finally He said to fax a new authorization form with the Ocwen Loan number on it. What's the new number I asked? He says I can not tell you!!!!!! Later my client who has received a letter has the new number. The letter states Ocwen will honor the previous approval, that is if you can get to someone who can give you wiring instructions for Ocwen.

If I ever do get someone to give me a contact or wiring instructions I am afraid over time the buyer will get tired of waint and walk.

I can not help but wonder how many people will be affected by the poor handling of all this. Can anyone provide any feedback, contacts etc.

 

Thanks

 

Larry Hollingsworth

Realtor

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  • Thanks Justin for your feed back. Actually at this point Ocwen has been great. I picked up a name Joanne Perez in Loss Mit at Ocwen who got right on it and has really gone out of her way to get this to work. Now it seems Litton is the problem as only the first lien was sent to Ocwen not the second. Litton had originally instructed us to move approved second lien money under the first lien and they would send a release letter for 0.00 for the second.Now that they no longer have the first they are saying they need 4500.00 in order to release the second even though the 1st and 2nd are the same and prior release was granted. Joanne is working

    on it. Personally I think all Ocwen has to do is clear it with the actual noteholder and have them send a release for the second which they have already approved. But then again I am only a Realtor and we are the only ones who are required to keep and honor the promises we make. i suppose there is a law suit in there some where but my client would not really win. So we are taking the path of lease resistence.

    Live and learn. If you have approval for the 1st and 2nd always get a two seperate release letters just in case.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • I haven't run into that issue specifically, but generally speaking, everything that Ocwen touches turns to SH(#*&.

     

    I had a handful of LPS REO assets where the client was Saxon. Those assets got sent to moved to Ocwen to be managed (in reality mismanaged). Homes were unsecured, unmaintained, and ended up selling for 10-15k less than they would have gotten had they maintained. Sad....

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