Ocwen Bank is Refusing to Work Preforeclosure Short Sales

Ocwen Bank is Refusing to Work
Preforeclosure Short Sales

If your calling banks on a daily or weekly basis, then
maybe you already know this.

Ocwen Bank is no longer working preforeclosure short sales to
save homeowners from foreclosure.

At first glance this seems like a really dumb idea. At second
glance too because I keep trying to find the logic in this
decision and I can't.

Stupid, Stupid, Stupid.

But apparently Ocwen doesn't think so. And try to lodge a
complaint. You get outsourced to India who doesn't
really "get it" in the first place so you might as well
write a note and throw it in the fire place.

Why Not Preforeclosure Short Sales?

They are in full earnest now doing loan modifications.
And if they don't work, homeowner can't make the payments
or the homeowner has already moved out of the house
and doesn't want to move back, the house will only go
to foreclosure. The bank will graciously do a "deed in lieu"
of foreclosure. Isn't that big of them?

I found this out by calling today to negotiate a short sale at Ocwen
Bank. They currently only will talk to the homeowner and review
their income situation. They request that "realtors" not call any
more and they also request that the realtors insist that their clients
(that the realtor can no longer help) call the bank.

Now, as you know, I'm not a realtor. But it was pretty clear that
they meant me and other investors like me to not call and request
a pre foreclosure short sale either. This is remarkable!

Loan Modification instead of a
Preforeclosure Short Sale

Don't misunderstand. A loan modification for the homeowner
is a good thing. I successfully completed some and worked on
others. The banks should have started this long ago.

Working to keep the homeowner in the house saves the
house from vandals, saves the neighborhoods and helps the
banks' keep paying, caring people in the asset they
worked very hard to acquire.

More Frequency

Doing it more often and with less stringent guidelines before the
problem got so out of hand would have been a great thing. Doing
it now and excluding an option for the homeowner is selfish
on the bank's part, too little too late and I don't believe it will
have the desired effect of saving the homeowner and the home.
It's kinda' like the government getting involved. They don't have
a clue about the problem so who can they come up with an effective
solution?

Once a foreclosure notice from the courts and the bank get to the
homeowner, the homeowner often panics. They know they owe
the money. They know they shouldn't be living in something
they are not paying for so they pack up and move out.

Why would these same people want to move back in? The
house is now a horrible memory for them. They spent money
they didn't have to pack up and find a place they could afford.

The banks are ruthless which is what many of my homeowners
say and believe. Ocwen has just proved it and I pray the
other banks do not follow suit in an effort to "help" the homeowner.

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Deb McMillan
The Short Sale Queen®
Believe in Your Own Success!