Bank sells loan during short sale negotiation

Investor · hampton, VA · Member since 2009 · 428 posts · 249 votes

Merry Christmas bp. Does anybody have any experience with negotiating a short sale and the lender sells or transfers the loan to another bank? We had almost finished negotiating the deal with ocwen last week then they told us the loan has been transferred to another company and gave us a new person to talk to. Been crazy!!!!

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Jay HinrichsBusiness Member

Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes

10y

@Rick H. Rick Merry Christmas !! you beat me to the punch about Ocwen.

Back in the day when things turned I was going to set up a short sale division in my Re company... so I thought I would do a few myself so I knew and understood how they worked then turn them over to my team.. well first one I try is with Ocwen it was such a pain I just completely gave up on the idea.. I had zero patients for those idiots, any money they lose or whatever I think they deserve the worse customer service in the entire industry

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Gary Parker
Real Estate Professional · Salt Lake City, UT · Member since 2010 · 608 posts · 163 votes
10y
My experience has been time to start over with the new mortgage holder.
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Wayne Brooks
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
Yep, happens frequently. You are essentially starting over.
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Rick H.
Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
10y
It's OCWEN.
Did you expect any different?
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y
@Rick H. Rick Merry Christmas !! you beat me to the punch about Ocwen.
Back in the day when things turned I was going to set up a short sale division in my Re company... so I thought I would do a few myself so I knew and understood how they worked then turn them over to my team.. well first one I try is with Ocwen it was such a pain I just completely gave up on the idea.. I had zero patients for those idiots, any money they lose or whatever I think they deserve the worse customer service in the entire industry
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Kris Haskins
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Investor · hampton, VA · Member since 2009 · 428 posts · 249 votes
10y
so I have an update for you BP. I have been negotiating a short sale with Ocwen over the past few months and they sold the loan to a company called caliber smack dab in the middle of our negotiation. The seller owed $240,000 and the new lender finally agreed to take my offer of 95,000. They also gave the seller a $10,000 relocating fee and paid $5,000 to ward delinquent HOA fees.
Including the realtor fees the bank will net about $78,000.
The new lender only took two weeks to agree to my offer. I'm excited about doing more short sales, seems like lenders are being more willing to move on numbers nowadays. Anybody else have any experience with current short sale offers?
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