Archive for October, 2012

Research before choosing a Realtor – or a lawyer

Roby: Maria Hass -I recently came across an Oct. 11, 2012, blog post about Realtors by Robert Nagle of the Nagle Law Group in Phoenix. The blog started with a play on this summer’s unavoidable hit song by Carly Rae Jepsen:
“Hey, I just met you – and this is crazy – but here’s my house – Sell it, Maybe?”
I appreciate Mr. Nagle’s efforts to educate consumers by providing links to find out information about a particular Realtor. I agree with most of what he advised.
The exception would be a statement in his blog that reads: “The reality is many real estate agents discourage attorney involvement because their top priority is making commission on your transaction; an attorney’s top priority is protecting you and your family’s best interests.”
I know many Realtors who encourage their clients to speak with an attorney before taking a listing, especially in matters related to short sales, foreclosures, bankruptcy and other alternatives to foreclosure. Real Estate brokers constantly remind their agents to refer clients to an attorney prior to listing a home as a short sale in order to avoid any liability issues.
Of course Realtors want to earn commission and make a living – so do lawyers, plumbers and financial advisers. All work in customer service fields and deserve fair payment for their expertise and service.
However, making money is NOT the only thing. What good is money if you lose your license?
There are many Realtors including myself who place their clients’ interests and rights first, over their own interests. I provide my clients all the pros and cons before making a decision and give them as many options to select from as I can. In many cases, my clients don’t have the funds to pay an attorney.
In any professional field, including the legal profession, there are professionals who conduct their business with integrity and respect – and there are those who don’t . Every Realtor is different. Finding the person who will take care of your interests over their own is the main task to ponder when making a choice on who will represent and assist you.

October 25, 2012 at 12:49 pm Leave a comment

Beware and Be Late with Ocwen Short Sales

It’s not pleasant to have to come to this conclusion, but it would appear that “common sense” may not be so common at Ocwen when it comes to the handling of short sales.

First of all, Ocwen requires that a borrower be 60 days late (or more) on a payment in order to approve a short sale. Regardless of the circumstances of the situation, Ocwen has declared a company policy that denies a short sale when the borrower is current with their mortgage.

So, if a borrower is relocating or if a borrower’s relative has been temporarily paying the mortgage to save the borrower’s credit, it won’t matter to Ocwen. Instead, Ocwen will come back with a denial and a require a TOTAL payment of the balance owed in the loan. This is a “poor” business decision, since it is ridiculous to ask for the total balance due from someone who has no money. It doensn’t make sense for Ocwen to lose more money by waiting for the borrower to be delinquent.

This Ocwen company policy should be communicated to ALL authorized parties in writing at the BEGINNING of the short sale application process to expedite short sale approvals.

When dealing with Ocwen, parties negotiation a short sale need to be prepared to talk to someone in India, since the company outsources its jobs offshore to save money. In addition to making international calls, be prepared to know that many times, Ocwen representatives provide conflicting and misleading information.

At one point, one Ocwen representative said that I did not need to submit additional documents and that the file would be reviewed. Two days later, I receive an email requesting more documents. Then, a representative located in India instructed me to email the short sale packet to ss@ocwen.com, which I did. The email was not returned, and I thought it was successfully delivered. A week of follow-up showed that the email was never received, and I was required to fax the documents instead.

Simply finding out what documents Ocwen required to process a second lien short sale was also a struggle. Again, the representative from India said there are NO documents necessary other than an approval from the first lien, which I found rather absurd. Because of this, I had to contact the office of Ocwen’s president to get corrected answers to a simple question. It seems like every step with Ocwen is a more like a hurdle.

I’m hoping to talk with someone in Ocwen who actually knows the short sale process and has at least some “common sense.”

October 12, 2012 at 9:31 pm Leave a comment


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