For The Pros About Ocwen
Has anyone had the privilage to deal with this organization? They are the company that won the VA contract. I am curious because I looked at one of their foreclosures today and they want 51k for a home that has literally been trashed. It has a brand new central air unit in it which happens to be the best part of the house. Do you think I would be off if I only offered 22k. In the area that it is in I would be suprised if it would sell for 50k fully remodeled. All views are appreciated. 
Ticker symbol OCN. They're out of West Palm Beach, and I've heard they're pretty sharp. You can look up details on Yahoo Finance.
"Ocwen" is "Newco" spelled backward. That's a term every tax law student knows. In sophisticated corporate tax courses, "Newco" is a generic term for the business entity that is left after some sort of reorganization, merger, etc. Like I say, sharp guys.
That is quite interesting but not exactly what I was looking for. Good info though I think I am speechless.
They are one of the most unscrupulous lenders out there to deal with. They purchse mortgages just for the sake of foreclosing. They don't apply people's payments and steal the property from people. I am working with the MD State Banking Commission and the Federal Office of Thrift Supervision to stop them from operating in MD.
I was able to get them to reduce a mortgage by $52K for someone here. I can send you a website to see what they are like if you send me a PM.
Barbara
Some properties that the VA sells are way overpriced. Others have been okay... You will see all kinds of properties, and even some of the overpriced sell because novice investors, or a first time homeowner thinks taht they are going to make a mint. As you know, you make your money when you buy, not when you sell. So, getting back to your originial post, I have viewed a lot of properties from Ocwen, though have yet to find any that I thought were worth buying
Good luck
Derek
I just entered into a purchase agreement with OCWEN this past week on a property. 9 page corporate addendum - nothing unexpected from it. They would only take a cash deal on this one. The property went to foreclosure on the courthouse steps - no one wanted it and it went back to the beneficiary (OCWEN) for $51,000. They put it on the market for $39,500. It too has a new ac/heat unit on it. With minor repairs and cosmetic fixup, market value will be $85-90,000. Closing to be by end of month - we'll see how they are to deal with - so far so good.
I haven't been too lucky with Ocwen.
A while back I was trying to buy a house where Ocwen held a 30k second. There really wasn't any equity so I attempted to discount the second. They would not budge from the 30k. The result - the first foreclosed and Ocwen's second was wiped out. Yeah, really clever guys there.
I would try anyway and see how far you get, bearing in mind they may be difficult to deal with.
Quote:Yeah, really clever guys there.I said sharp. The clever guys got D's in school, but are running rings around them, and don't even have to spend $$$ on suits and ties they hate wearing!
Hi flacorps,
I wasn't referring to your quote about the sharp guys when I said clever guys. I just couldn't believe they would let their second go rather than discount it a bit.
Interesting fact about Ocwen and Newco though.
Personal dealing with Ocwen left me pretty much unimpressed.
Like any other giant organization, they were difficult to deal with.
The folks in FL I was talking to about their interest in another state, had little or no authority to negotiate, were willing to walk away from significant profits, wanted all done exactly as per their in house formula, etc.
They very definitely want everything done their way.
So my advice to anybody having to deal with would be to expect no flexibility or creativity and very little help of any kind.
You or I might know a way to make Ocwen a million $, but unless it exactly fits their formula, their people won't even consider the plan.