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 …
