Anyone successful in getting Ocwen to waive the Altisource / Hubzu Online Auction/Marketing System

Hi All.  I contacted Ocwen on 3 occasions before submitting a short sale contract on a property.  After the contract was submitted I received a counter from the Ocwen rep who gave a bottom line price that will be approved.  The next day I received a short sale decline letter stating that the short sale was rejected due to non-participation in the Altisource / Hubzu Online Auction/Marketing System.  The problem is that this apparent requirement was never disclosed or mentioned in any way by Ocwen prior to the contract being executed.  Now, they want to amend the Listing Agreement to allow for commission to the Altisource / Hubzu Online Auction/Marketing System and place the property in an online auction despite the contract on the property.  Anyone have any luck getting this requirement removed?

Views: 10456

Replies to This Discussion

Permalink Reply by SMS-Short Sale Expert on January 13, 2014 at 8:43am

I have been successful every time. They may claim it is mandatory, but I am always able to remove my files almost immediately. Message me for assistance. 

Permalink Reply by Jim McCormack on January 13, 2014 at 9:13am

Hi DM.  Thank you for the reply.  In order to message you I have to add you as a Friend on this site.  I sent you the request.  Please approve and then send me whatever info you think will help.

Permalink Reply by Tyra General on January 22, 2014 at 8:16am

Hi Julie, DM, & Jim,

Have you been able to start a brand new traditional short sale, only with Ocwen without having to take them to Hubzu first and then have them removed? 

Please advise. Also, with all of these did you ever put the property in the MLS first or at all?

Thanks for your help!

Permalink Reply by Jim McCormack on January 22, 2014 at 8:20am

I sent the Opt Out Letter about 10 days ago.  I have not heard anything since so I am not sure what the result will be yet.

Permalink Reply by Tyra General on January 22, 2014 at 8:29am

Ok. Thanks Jim! I wish you the best! 

Permalink Reply by Pat M on January 22, 2014 at 9:49am

HI Tyra- had already started with a Hafa Short sale and actually disputed the value and the dispute worked.  Then all of the sudden they wanted it to be put in Hubzu.   So we sent in a letter signed by the borrower stating they didnt want to do the auction and wanted to proceed with the current buyer.    They cancelled that and just proceeded with the Hafa Short sale.   Of course they need all new docs now but its much better than having to go through auction.   So the sellers never signed anything to do with hubzu. 

Pat

Permalink Reply by Tyra General on January 22, 2014 at 11:26am

Ok. Thank you! 

Permalink Reply by Julie Hanna on January 24, 2014 at 11:48am

Hi Tyra, from what I can tell, the Hubzu/Altisource requirement is only for specific investors.  Unfortunately, I'm not 100% sure which one(s) participate...still trying to figure that out.  That being said, yes, I've had short sales start and finish with OCWEN without being pushed over into the Assisted Short Sale Program.  However, the ones that have been pushed over there I just continued to request they be sent back to OCWEN.  After 30 days, Hubzu/Altisource closes their request, saying the homeowner declined to participate in the program, and they send the file back to OCWEN.  It most certainly takes some extra time, but it's worth it.  

I always list the property in MLS and obtain an offer before submitting to OCWEN.  However, I also always have a heart to heart talk with the buyer's agent about the potential situation with OCWEN so that I properly set expectations that are realistic from the very beginning.  I've honestly never had a problem with buyers getting antsy or walking away as a result of the OCWEN fiasco.

Permalink Reply by Joe Vance on February 10, 2014 at 5:38am

How do you do it?? I have many clients trying to move forward with their current offers??

Permalink Reply by wendy butler on February 25, 2014 at 6:25am

I am meeting with a brick wall.  I have called, emailed, yelled and threatened with no success.  I want to have Ocwen finish up with the Hafa short sale, but they insist we have to go through Hudzu.  My seller is not going to sign the paperwork.   have escalated to 2nd level.  I have spoken with the ombudsman and was told a manager would call me back...so far no call!  What do I do now?  I

Permalink Reply by Jim McCormack on February 25, 2014 at 6:34am

Submit your complete write up to escalations@mhahelp.org (be sure to include loan #, Borrower Names and Property Address).  Also, you will need to use this Third Party Authorization (https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/thirdpa...) as they will not accept any other version.  Sending this up front will save you time.

I was told that Ocwen cannot force Hubzu on a Borrower without trying HAFA first if the Borrower requests HAFA in writing and that Hubzu cannot be forced on a Borrower if the short sale contract meets their bottom line price based on their BPO value.

Permalink Reply by wendy butler on February 25, 2014 at 6:37am

thanks...i will give it a try!

\

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************