Closed an Ocwen Shortsale. It was a roller coaster since 5/13/12. We had 2 offers that fell apart once the BPO was done. Ocwen issues a letter requesting a sales price about 105k. We found a new buyer and went back undercontract. During the process it was hard to get Ocwen to reissue a loan approval letter. We were thankful that the buyer proceeded with all the terms while we waited. Here are the hurdles we had while in contract.
1. Ocwen said to list the home on HUBZU – even though we had an approval
2. Ocwen would not issue a written letter in a timely manner
3. The seller ened up going out to sea so we had to wait for the origianal deed to be mailed
4. There was a judgment that had to be paid and cleared at the courthouse
5. Ocwen only approved 2.5% in cca for the buyer ( guess who dropped there commission by 925 to make it work )
This was one of the toughest shortsales I have had in a long time. I think the biggest lesson in this was HANG in there ! Its always possible to get the end !