CLOSED! Brockton, Massachusetts Short Sale with Ocwen
Ocwen which used to top my list of favorite servicers has plummeted. The craziness of the requests on this sale was mind boggling. We were grateful to get the short sale approved. We are always grateful for an approval, but from the minute the file was approved, we THEN had issues.
This was a bit of a convoluted sale. The seller and his mother bought the property together. They were both on the note and the deed. At some point, the mother deeded full ownership of the property to the son, which we do see a lot, but people forget when you sign a note, you are responsible for the debt, and the BANK of all people should know that. So, when we got the approval, it was only in the son’s name, so there was the first escalation of the file, which the escalation rep didn’t understand. His canned answer is he would have to check with UNDERWRITING. They came back and said the approval didn’t need to be in her name as she wasn’t on deed, to which we protested. This took 3 weeks to finally correct and get a new approval letter to close. Mind you the son was down South and signed power of attorney over to his mother.
Thankfully due to Wade Roach at Jack Conway, we had a patient buyer.
Then came the HUD approval. First we were told the municipal utility fees weren’t covered, but then came the doozy. Ocwen told us they wanted the buyer’s deposit
money removed from the HUD. This is where I blew my stack. I explained Ocwen should CARE LESS what the buyer’s deposit was, nor should they care at all about the buyer’s side of the HUD, to which they protested. So, I called Freddie Mac directly and got a supervisor their involved. The supervisor immediately called Ocwen and reiterated what I said and 24 hours later we had HUD approval.
Thankfully we got this one to closing, as there were other small hiccups along the way, but I have to thank Kelly Couture in our office, Meghan Grugnale from Grugnale law, and of course Wade Roach for getting this thing don!!