Has anyone lost a property to foreclosure while participating in Nationstar’s “Price Validation Program” or after being told that there are no loss mitigation options during the 37 days prior to a foreclosure???
This is clearly a scam and i'm trying to figure out if we can put a stop to Nationstar's practice.
I've seen homes go to foreclosure when they don't meet investor guidelines or are too close to the sale date. Auction.com, Homesearch, and Xome; Nationstar has been utilization these online auction sites for quite some time if the investor allows for it.
The validation program is bogus. To validate the market value, you would order a bpo or appraisal. Our MLS prohibits any agent from advertising XOME short sales and also prohibits you from taking an under contract listing OFF MLS so it can be advertised on XOME. Check your local MLS rules.
Following up on this old posting --- I would love to talk to anyone who has lost a home in California while in Nationstar/Mr. Cooper's "Price Validation Program." I think if we work together, we can actually shut down their auction platform in California. They are acting as licensed agents without having a valid listing agreement and then taking an ILLEGAL 5% fee in the process. Please reach out or respond to this post so we can talk about options.
Hi Vantis, we've never had to go through the XOME program as our MLS does NOT allow us to give up control of the listing to any other platform. Basically we cannot advertise XOME properties on mls. Once we were able to send this information into Mr. Cooper, they were understandable as it threatened our standing (livelihood) with MLS. I would imagine most MLS's from every region have a similar provision and many agents DON'T know about it.
You can get fined in my state if you do it.