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?
I have been successful on six different attempts. In Illinois, it is against state regulation for any licensed person and/or entity to entice someone already under a Listing Agreement to break that agreement.
I know it is a violation of the Realtor Code of Ethics, but it is probably a case of contractural interference to induce a breaking of a contract in every state.
I'm also located in the state of Illinois and Ocwen refused to opt out of the AltiSource joint participation. I believe that it was illegal to FORCE the seller to use their system after the seller already chose their representation in the agreement. Is there someone we can report them to?
We'd like to get some information from you so that we may intervene on your behalf and get you a resolution. Please send your contact information to us at [email protected]. - Hubzu Social Media
Thanks for joining and assisting our members. Feel free to contact me anytime if I can be of any assistance.
Did Hubzu Social Media ACTUALLY help anyone with their intervention and resolution? I am not litigious, however, I think REALTORS should create a class action against Ocwen and Hubzu for this forced reduction in commission. Despit HAFA servicer guidelines requiring that the servicer not reduce commission below 6%, they are forcefully cutting in Hubzu who was not retained by either party in an existing contract to go through their site BEFORE the file will be reviewed for HAFA eligibility. I smell a rat.
I've been successful each time...took a few weeks, but it worked out. I just called Altisource every 2-3 business days and requested that they send the file back to OCWEN because the homeowner didn't want to participate in their program, and I called OCWEN every 2-3 business days and requested they pull the file back from Altisource because the homeowner didn't want to participate in that program. Each time, after 3-4 weeks, the file was pulled back and processed at OCWEN. I've closed all of these files successfully.
Julie, were your Ocwen short sales converted to HAFA like Ocwen wants to do on my short sale, or were they traditional short sales? Ocwen is telling me that HAFA is the only option if the Hubzu online auction is not done.
I've had some go through HAFA, but at my request. The rest were traditional. I haven't heard that HAFA is the only option...sometimes it depends who you speak with. Whenever I hear something that doesn't sound quite right to me, or doesn't sit well with me, I hang up and call right back to see if I get the same answer twice. Usually, I don't. =) Let me know if there's anything else I can help with and Happy New Year!
They are now telling me, as of today, they despite HAFA eligibility, they must be reviewed for an assisted short sale (and listed on Hubzu) before they will review for HAFA.
Julie, this gives me hope! I was told by OCWEN that we were 3-5 business days from getting approval on our short sale when we received an email from Altisource informing us that OCWEN requires all short sales to go through them. The seller's attorney reviewed the paperwork and instructed her NOT to sign anything and NOT to particpate in the Hubzu/Altisource short sale. OCWEN tells me that the file has been completely transferred to Altisource so Altisource has to be the one to transfer the file back to OCWEN, yet Altisource tells me they are simply carrying out instructions from OCWEN therefore, OCWEN has to be the one to request the file be transferred back. I'm about to lose my mind! Have you been able to find out who actually has the authority?