Unbelievable!! Ocwen will NOT talk to Realtors!

"For the protection of our customers, we will no longer be dealing directly with real estate agents"

Try it - call Loan Resolutions - 1-877-596-8580 and listen to the message.

I found this out as Ocwen sent me the following information:

"only considers short sales on loans that are ninety (90) days or greater past due and as the (myclientsname) loan is current; unfortunately Ocwen is not able to process a short sale. "

This after a month of giving me the run around and sending me paperwork to fill out and requesting I do an exhaustive CMA, now they tell me that they won't even think about it until the folks are 3 months late? They didn't make this June payment, so there's one.

I want to help my clients. I really do. They can't keep the house. Their mother was paying it and she has died, losing all her income. They are mortgaged up to their eyeballs and in debt for the rest of their lives. They loaned against their retirement accounts in order to keep things going and pay for their parents funerals. They have nothing. They are not bad people.

But apparently, Ocwen would rather see their credit go to crap, the house fall apart, and pay for a foreclosure than to bother help people who are responsible enough to try to avoid that.

Not only did they tell me that they will not consider a short until it's 90 days past due, but also that at 90 days past due they begin foreclosure proceedings and will not put those on hold while they consider a short, like other loan companies will do.

So they wait till their credit is absolutely shot, while the house continues to absolutely deteriorate (they couldn't afford to keep utilities on or maintain it, it sits vacant and has been broken into once already), then they will consider a short at the same time as they race to foreclose on it. At which point it wil be worth half its current value, which is already worth half of what is owed on it.

My clients have been advised that they will have to call Loan Resolutions themselves and try to work it out on their own.

That makes the 2nd short sale I've lost this week, but the first on my listing side of it. These are good people and I have to let them out on their own and watch them get foreclosed on because of this policy.

Why?

To end this on a good note, versus the other short sale rants, my short sale listing with Citimortgage is absolutely stunning! They respond, have some common sense, and I've spoken to a live person several times.