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OCWEN Shortsale- Need Insight Into Best Practices For Successful Transaction

Just took a listing from a client who purchased a property from me back at the height of the market in late 2005. Needless to say, they are at 35% VTL (Value to loan!) and have finally grown tired of making $2400 payments on a home now worth $125000 in a neighborhood where their neighbors are making $1000 payments.

The lender is OCWEN and until now, I've not had the pleasure of working with them on anything but REO listings.

If anyone on REOPRO has some guidelines, website links and insight to their shortsale process, the information would be most welcomed.

The sellers are a young married couple and I kinda feel obligated to provide the best possible service to them since they trusted me enough to help them buy a home and now when they are struggling to stay afloat, they asked for my assistance in listing their home as a shortsale.

Oh yes, one more thing; Since meeting with them and taking the listing, they have provided THREE referrals, all of which listed their shortsales with me.

So you can see why I want to do a good job.

Looking forward to hearing from those in REOPRO.

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Comment by Justin Richards on September 2, 2011 at 12:49pm

Haha - nope hadn't heard about the call back dealio Tara. At least they are sticking with a consistent theme though: dumb processes, dumb people, and dumb businesses.! lol

 

Rick - here's the info you needed: 

Phone number for Ocwen is:877-596-8580

Fax# to send in your 3rd Party Auth - 407-737-6300

Comment by Rick Fine on September 1, 2011 at 10:40pm

Can either of you provide the shortsale direct number so I can try my luck.

Thanks for the insight.

Comment by Tara Nagelhout on September 1, 2011 at 9:46pm

Rick,

From your post I have gathered that your sellers have "finally grown tired" of making their payments.  Sucks that they don't want to pay for their house, but welcome to the party!  This is exactly the attitude that causes continuing declines in values and makes me really mad.

Comment by Tara Nagelhout on September 1, 2011 at 9:44pm

Hey Justin,

Did you get in on OCWEN's new call back theory a couple months back? When you called in they would "schedule" a call back time.  It was hilarious because this ridiculous call back time would be a 15 minute window four days later.  Really?  Who knows what they are doing during that 15 minutes in four days?  Better hope that you don't get a really good listing call during that time.  I found they never called back and when I called in to complain they would lie and say they tried to call me.

Comment by Justin Richards on September 1, 2011 at 12:20pm

Ocwen may not be the worst SS lender out there to deal with....but they are definitely in my top 3 of lender I hate to deal with. As you probably already know from your REO experience they outsource a ton of their stuff to India. They generally do NOT use email, so you have to fax and then call. Calling into their short sale dept is usually an hour long ordeal because even when you call their short sale direct #, ....you still end up back at the same slow talking main auto-attendant. 

 

Having said all of that, I've closed 3 SS with Ocwen, so it's doable, but expect to waste a good amount of time chasing them before you get the approval letter.  

 

Also.....they like to try to cut your commission total down to 4%. I've fought them everytime and came out with 6%. 

 

Good luck!

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