OneWest Mortgage Short Sale Process

Sometimes the investor will require you to first apply for OneWest Loan Modification but once you have been declined the process is pretty standard:

1. To start the OneWest short sale process we place a call to the OneWest Bank and talk to their councellor.
2. You fill be required to completely fill the OneWest Request for Mortgage Assistance form and submit it.
3. Property valuation will have to be scheduled and completed by Broker’s price opinion (Certain Investors Require Two Interior Inspections)
4. Negotiation of terms with OneWest Bank About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender Provides A Response To Short Sale Offer Made.

If you have been through the short sale process with Onewest Bank you would know that it is never easy with them. Often many problems have to be faced. Its typical to repeat the same steps over and over. You should know that we will have to run around from department to department during the OneWest Bank short sale process. The Loan Modification Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to OneWest Bank Customers Service Department; Above all you need to know better when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. We can help you review any declines.

OneWest Mortgage Short Sale Timeline

If you know what factors effect the OneWest Bank short sale timeline it can really help the short sale process. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, OneWest Bank is just a provider of mortgage notes service. OneWest Short Sale Application is generally only a piece of what governs OneWest’s mortgage servicing as they have to bide by the PSA or Pooling and Servicing Agreement that sets the rules for each and every loan; This contract is directly between servicer and investor. Making decisions themselves is not alays an option for OneWest Bank. The investor has usually allow them to take decision is some of the cases only, for cases thry donot have permission, they have to get approval from the investor. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. The more layers of burueacracy you’re going to deal with the longer it’s going to take.
• Additionally, The fact that if your OneWest Bank loan has a sale date also effects the timeline of the short sale process. OneWest can be a lot difficult to deal with when it comes to stopping of foreclosure process so OneWest short sale can be completed. Your chances of getting bumped up in the process can improve if you can get a value completed. As a loan servicer they have homes being sold at auction every day. Sale dates even for the coming week are not worked with ugency you would expect. As a first come first serve business model it can also be influenced by foreclosure status and proximity to the upcoming sale date (if applicable).
• Finally, not all negotiators were created equal; This goes for both sides. Often miscomunication is the number one reason while a short sale fails. People become very specialized in this niche of representing homeowners (borrowers) infront of OneWest Bank in these financial application processes to find mortgage assistance. Often you will be put though the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are.

OneWest Short Sale Timeline Conclusion: Your OneWest Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by OneWest’s Short Sale Department compared to what the offer is that is being made to them, how fast OneWest’s Loss Mitigation department received the OneWest’s Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your OneWest Short Sale to be Approved.

How To Fix A OneWest Short Sale Decline?

Often dealing with OneWest Mortgage and how they deal with short sale buyers offers being declined may be confusing. Often they will not be clear not only as to why but if there is anything that can be done to fix it.  Here at ACG we review dozens of points in order to understand why your ocwen short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

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