Consumer complaint received 2016-06-15
Company: Ocwen Financial Corporation
State: WA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I have been working feverishly on a short sale for my client. His servicer is Ocwen. They cancelled us out back in XXXX / XXXX XXXX when we needed an extension. When reviewing for the extension they said he no longer qualified for HAFA because it was too close to the foreclosure sale date. And in order to qualify the sale date would have to be 90 days out. In XXXX XXXX, XXXX, Ocwen postponed the foreclosure sale date to XXXX/XXXX/XXXX which allowed us enough time to process for HAFA. I submitted the same package but with updated financials on XXXX/XXXX/XXXX. They began processing. I supplied all the required items. Then in XXXX XXXX they ordered a new appraisal. Appraisal came in at the same value as it was previously. In XXXX, Ocwen also made a change to the address within their system changng it from legal description of XXXX. This required us to resubmit paperwork with a new address. They ended up allowing it to remain on my paperwork as XXXX. But still required me to resubmit the entire packag again. They mademe do this multiple times. With different reason given as to why. In XXXX Ocwen requested an update Unpaid Principal Balance statement from the second mortgage company. I finally was able to obtain the UPB and sent to Ocwen as soon as I received it. This is when they finally reviewed the file in its entirety, even though prior to this point they had everything they needed to review and approve. Also, in XXXX XXXX Ocwen told me that it was against the HAFA guidelines that a buyer/real estate broker to contribute funds towards the 2nd lien. We were able to get past that and moved forward with that issue. Then on XXXX XXXX, I called to get an update on the file. The guy ( XXXX ) I spoke to said it looked like the quality team is going to deny the current offer price because the current offer price was n't going to net them as much as a foreclosure sale would net them ( Ocwen ). But that, that note was not official yet. On XXXX XXXX, I received an email with a letter attached stating that our price was in fact not acceptable but that we could submit a higher offer. On XX/XX/XXXX, I spoke to XXXX @ Ocwen and rquested what amont I needed to counter the buyer at. Hetold me thata purchase closer to {$98000.00} or a minimum acceptable net proceeds of {$63000.00}. I worked with the buyer 's agent and the buyer 's agreed to pay a higher price so that Ocwen would approve. I sent the paperwork over to Ocwen on XXXX/XXXX/XXXX. Knowing it takes them 24-48 hours to process paperwork I called on XXXX/XXXX/XXXX to follow up with if they received the paperwork and if there were any updated notes. I was told the documents were still in review. I called again on XXXX/XXXX/XXXX - 10 days from our sale date because I am trying to get an approval to close this file - This is when I was told by XXXX @ Ocwen that management is requesting the removal of the {$10000.00} relocation incentive to the seller because we were to close to the foreclosure sale date for the seller to get a relocation incentive. I sent over a revised settlement statement minutes after getting off the phone with XXXX. I called this morning XXXX/XXXX/XXXX to verify if the revised settlement statement was received. I spoke with XXXX @ Ocwen whom told it was received and that she expedited the file to the team and hopes that it will be reviewed within 24 - 48 hours. Mind you we have 9 days, including weekends until the sale date and only 5 business days to close this file. I feel Ocwen intentional dragged their feet in this matter so that they could instead foreclose on this homeowner, whom is XXXX.

Company response to consumer: Closed with explanation