Being on either side of a short sale is tough enough, but at least one company appears to be outsourcing their work to employees or contractors who are based outside of the United States – creating a whole new layer of complications to the short sale process.

I encountered this when starting a short sale for a client in which I had to reach out to Ocwen Loan Servicing. Ocwen Loan Servicing, based out of Florida, services a huge number of loans in the U.S. Different than lenders, loan servicers don’t actually lend money for loans. In essence, servicers process the mortgage for a fee for the lender, making sure each loan is paid on time, assessing late fees and providing customer service, including processing loan modifications and short sales.

In starting a short sale for a client, I contacted Ocwen customer service to get general information on their document submittal process. To …

As if there wasn’t enough on their plate, Bank of America and other large banks are extending their reach in the loan market by taking on the loans of other lenders. It troubles me that some of these bigger banks are taking on even more responsibilities since they are already under fire for a number of questionable foreclosure practices.

Here’s an example:  I was doing a loan modification for a client whose loan was with Taylor, Bean and Whitaker. Although off to a rough start in initially getting paperwork to them, things were going rather smoothly overall. A few months later, I was on the verge of getting a response for my client. That response never came. In fact, a Taylor, Bean and Whitaker representative informed me that the loan had been purchased by Bank of America and they no longer had information on the loan.

Weeks later, my client’s loan documents …

This is the seventh in a series of 10 blogs I am posting each Wednesday on buying foreclosed property. If you’d like to read any of the previous entries, you can do so by clicking here.

The number of people unable to fulfill their mortgage obligation is at an all-time high, making purchasing a home at a reasonable price easier than ever. Here are this week’s tips on how to go about purchasing a foreclosed property.

This week, we’re taking a look at financing a foreclosed property.

To buy a foreclosure, you need to secure your money in advance regardless of whether you use a lender or resources from other mortgage products and investors, a line of credit (home equity), or cash. Those selling foreclosed properties are generally only interested in working with serious buyers – those who want to buy quickly …