Consumer Beware of Ocwen!!!! Short Sale? NOT!!!

by on August 26, 2010

in real estate,Short Sale

Consumer Beware of Ocwen!!!!

Ocwen President, Ron Faris, has not only been featured in Time magazine and the front page of The New York TIme, he’s also been on the CBS Nightly News. With all this exposure you would think Mr. Faris is a frontrunner for economic reform, or at least knowledgable in home lending, right? Think again!

If you’ve been following my Blogs, you will know that I have been in the business for 20 years, and I truly specialize in Short Sales. I have a full time staff including a Short Sale Negotiation department. Our negotiating department works Monday – Saturday, and they are in constant communication with lenders and service companies via Phone, Fax, Email, Equator, and any other form of communication available. This being said, we are not part time, or fly by night.

We have been working with a homeowner that had to move across the country due to work. The homeowner rented the home in an attempt to save the property and avoid foreclosure. This same homeowner is currently renting, because they are not qualified to purchase another home. Simply said, this homeowner has been doing everything they can to avoid foreclosure including applying for a loan modification (which they were denied due to lack of income), moving out of state to take a job, uprooting their children to provide whatever they can, and following every request Ocwen has ask of them.

We submitted the short sale package, including purchase agreement, to Ocwen over two weeks ago. We have been contacting Ocwen every day since the package was submitted to get a Loss Mitigator on the phone and request a postponement of Foreclosure. Since Ocwen will not answer the phone, nor will they return calls, we contacted the Presidents Office. Amazing things happen when you call the President.

Now before I tell you what happened, please remember the president has been quoted to say the following (source Palm Beach Post)

“People also think that we make money by foreclosing on a home. Foreclosure is not only bad for the homeowner, but it is also bad for the investor in the loan because foreclosure almost always results in a loss. Foreclosure is also bad for Ocwen because we lose our ongoing serving fee revenue. ”

If that’s true Ron, then why did we receive the following email from your office?

The Office of the Consumer Ombudsman for Ocwen Loan Servicing, LLC (Ocwen) has received your email regarding the above referenced loan. The Consumer Ombudsman was created to provide Ocwen’s customers with a resource to assist with unresolved concerns and issues.

We are sorry to hear of any unsatisfactory experience you may have had with Ocwen. Ocwen strives to provide each customer with the utmost in customer care and professionalism.

A review of the loan comments do not indicate that you were advised by anyone at Ocwen to call back today in order to have the foreclosure sale postponed. However, if you can provide us with the name of the Consultant you spoke with and advised you of this, please provide it to us and we will further review the matter.

Please note that any short sale or other arrangement, if offered, is based on many items, including the status of the loan and the guidelines by which Ocwen is required to service the loan. Accordingly, there is no guarantee that Ocwen will be able to offer you a short sale. Ocwen is not obligated to offer you a short sale, or a short sale with terms that you request.

We have reviewed the loan and Ocwen’s records indicate that the request for a short sale along with the documentation was received on August 24, 2010. It is Ocwen’s policy not to cancel a pending foreclosure sale for a potential short sale. The foreclosure sale of the property is scheduled for September 1, 2010, and Ocwen has declined the request to postpone the foreclosure sale. In the event you have a potential buyer, you may contact Ocwen after the foreclosure sale to determine the sale results. If the property reverts to Ocwen’s Real Estate Owned (REO) Department, you may contact them directly to discuss any proposed offer.

The Office of the Consumer Ombudsman is your advocate in ensuring that Ocwen’s servicing of the loan remains fair, reasonable and proper. If you still have unresolved issues, please feel free to contact this office at (800) 390-4656.


The Office of the Consumer Ombudsman

What a joke!!! We have been calling Ocwen for over two weeks, and now they state the package wasn’t received till August 24th. Oh yea, and if we have a buyer, we can contact the REO department with a proposal? Why not sell the home Short and HELP the HOMEOWNER in TROUBLE!!!!! Makes you think, who’s honestly helping those in trouble?

What are the banks doing with all the Tax Dollars they are being given? Do you realize that this is our money that is bailing out the banks??????

Here’s another quote from the president Ron Faris:

Can you help me understand how a short sale will help the homeowner? My goal is to find a solution that keeps the borrower in their home. If that is not possible, then there is no meaningful difference between a short sale and a foreclosure sale. If you have a buyer for the property, we can always sell them the property post foreclosure sale. As it looks like you are a real estate agent I can understand that you are concerned about losing your sales commission.

I suggest you have the borrower contact Mr. Coykendal to see if there is any way for us to do a loan modification.


Ronald M. Faris

Now I can go on and on about this company and what a joke they are. Instead I’m going to ask you the reader to help put a stop to this mess. Remember the banks are getting the bail out, not the general public. So, I’m going to ask you and everyone you know to contact your Local and Federal Representatives and let them know where they are allowing our tax dollars to go. Tell them to stop this mess now!!!

I’m not a political person, and don’t have a preference for either party, but I am an advocate for homeowners in trouble that honestly need help. PLEASE HELP!!

Feel free to contact me with any questions or comments.

Thanks again for reading my blog and hope you have a wonderful day.

Troy Sage

Temecula Home Search Temecula Home Values

Post by

has written 65 articles.

Previous post:

Next post: