Recent Ocwen experiences

3 Replies

Putting an offer on a house with Ocwen as the bank. Place has been winterized since 2013 and vacant since 2012. Not in the foreclosure circuit yet as far as we can tell. 

Anyway I've heard some horror stories before with them but also that they've moved along a lot of short sales since the spring. Anyone going through the buying process with them now or just get closed with one?

TIA,

Mike

Mike,

    I facilitate a lot of Ocwen Short Sales. I am working a few of them now and i just closed 2 Ocwen short Sales this month.

Ocwen can be a huge pain in the butt, a majority of the employees there if not all of them are from another part of the world. Almost all departments at Ocwen have been outsourced with the exception to their FNMA dept and team who handles GMAC accounts.

Ocwen is now working all of their accounts in Equator which can make things a little easier as you no longer work directly with an employee from India who is not very sure of their actions as they are most likely new and lack training.

Are you already in active review with Ocwen? Has Ocwen completed a BPO or appraisal on the property yet?

would love to help.

Thanks Jorge,

We've made an offer on a property to the seller and are waiting to hear back. We offered 300k on it and it needs quite a bit of work so we're going with a 203k mortgage. The 2 houses right next door were built at the same time and are the same house with reverse layouts that sold for 345 and 350 in May and June of this year. Both of those properties were in excellent condition not in need of any repair.

I'm a little concerned that Ocwen will not come off their list price of 349. The agent representing the property says she's been trying to get them to allow the listing to be reduced with no success. We aren't willing to come up much more if any from our offer. All the copper has been stolen from the property as well as front and back doors and condenser from HVAC unit. There's a crack in the foundation that has a small leak that doesn't appear structural and there are a few broken windows and no appliances as well.

My agent has made the issues with the house obvious as a part of our offer paperwork but with a short sale I'm sure the bank doesn't consider all the problems with the house like a regular homeowner sale would. We'll see what happens  

@Mike Mombo

Is the list price you are referring to the Value Ocwen obtained? if so do you know when this value expires? I would suggest investing in obtaining bids for all needed repairs that can be used to negotiate down their value amount.

Ocwen is usually very good at considering documentation to support a lower value. In a Short Sale the Mortgage servicer wont pay to fix any repairs or damage but you can get them to lower there value and in result get them to accept a lower offer and net.

It sounds like there is a lot of needed repairs and damage that could lower the servicers value if you obtain the right supporting documents. You may even be able to lower your offer.

Do you have an idea of how much all the repairs would cost you ?


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