Prepare for Ocwen to Take Over More Loans!



Ocwen just won a bid to take over servicing several billion dollars in loans from ResCap.

If you are working working with ResCap, your loan will likely be transferred to Ocwen and assigned a new loan number.

In my experience with these servicer changes, whatever application you have pending will likely not be transferred. That means you get to start over on your short sale or loan modification.

You can download their short sale paperwork here: https://www.ocwencustomers.com/oc/documents/pdf/ShortSalePackage.pdf

Read more here.

http://www.businessweek.com/news/2012-10-25/berkshire-said-to-win-rescap-loan-auction

Here’s the highlight:

“ResCap auctioned its mortgage-servicing business to Ocwen Financial Corp. (OCN) yesterday for $3 billion. Ocwen beat Nationstar Mortgage Holdings Inc. (NSM) in an auction that would create at least the fifth-largest U.S. mortgage servicer.”

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