It appears we are all in the same boat with this mess. I have been reading the information posted about contact you have made with the New York Department of Finance. I am in the state of Virginia. I have gone to the Virginia Bureau of Financial Institution to see if I could find anything mentioned there. They mentioned this....
Ocwen Loan Servicing Settlement
December 19, 2013 – The Consumer Financial Protection Bureau (CFPB), authorities in 49 states (including Virginia), and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The consent order addresses Ocwen’s systemic misconduct of the mortgage servicing process. Ocwen must also refund $125 million to the nearly 185,000 borrowers who have already been foreclosed upon and it must adhere to significant new homeowner protections.
A factsheet about the proposed order can be found at: http://files.consumerfinance.gov/f/201312_cfpb_factsheet_ocwen.pdf
Common consumer questions and answers about the order can be found at: http://files.consumerfinance.gov/f/201312_cfpb_common-questions_ocw...
Questions about this matter can also be directed to Ocwen at 1-800-337-6695 or [email protected]
It shows me that OCWEN has been on the watch list for some time now but nothing posted yet about ALTISOURCE/HUBZU. I want to file a complaint/inquiry to them. What I would like to know is, what did you say in your letters to your States to get them to look into it? I have been battling this issue for months now and have done all other recommendations everyone has posted but still nowhere.
Any suggestions would be greatly appreciated.
Thank you all for your assistance.
NYS State Licensing Law
This is the one that stands out the most:
§175.9 Inducing breach of contract of sale or lease
No real estate broker shall induce any party to a contract of sale or lease to break such contract for the purpose of substituting in lieu thereof a new contract with another principal.
I had it out with one of the reps at altisource the other day in an email. She started telling me what the seller can or can not do according to the contract citing legal clauses in the contract. I asked her if she is an attorney because new York law specifically prohibits legal advise from non attorneys. She backed down immediately. What they don't seem to grasp is each state has their own laws regulating these matters, and while all essentially have similar protections for clients, New York has very specific laws that they are clearly violating. I am really going to start looking for parties that are falling victim to these people who think they are above the law and start some complaints to the proper authorities. Its just not right to put sellers in such a bad position. If you want the home to be auctioned, well just say that from day one when you contact them, not string you along for an offer that never gets reviewed but auto declined. I know others on here were surprised when I told them that a buyer obtained a specific performance lien on one of my deals without short sale approval but it is very true. You do not need much more than a written complaint to file an action in the NY courts and this buyer did just that. The seller lost his job, the house was broken into several times, I personally sent my contractors to secure the house after the last trespasser was arrested in the house, he doesn't have a dime to his name and cant afford to hire an attorney to fight this buyers action in court, especially when the bank told him to find a buyer and submit the offer, after a bpo was done they said your offer looks great as it is exactly the bpo amount and the file was going for approval, then 3 days later the altisource email comes. This is not helping homeowners in distress. Of course they are not obligated to accept a short sale but then don't play with peoples lives, its just not right.
Kate Berry, a reporter with American Banker, is interested in speaking with Realtors about Ocwen / Altisource / Hubzu and the process of listing short sales and REO properties through the auction site with a specific interest in the fees being charged and how it affects Realtors.
Please contact her at [email protected].
I am from the State of New Jersey. I have a signed contract since January. Attorney review was finalized in February. Short sale package submitted early March. Home inspection done. Now, Ocwen wants me to put this file in Hubzu. Seller's lawyer will not allow this. The contract has been signed and accepted by the seller. The only way out of this contract is a disapproval for a short sale from Ocwen. Buyer can sue us for putting it back on the market, and a higher offer will be accepted online. The current buyers will lose out on this deal, and they have the highest offer from 12 offers I received. I have no problem putting it on hubzu if there was no contract signed and accepted. Does anyone have any experience in being able to get out of the hubzu requirement?
Have the Attorney contact OCWEN.
I have sent them the letter from the seller's lawyer.
I agree, I have been fighting with Ocwen and Altisource on a file since March 2 and got nowhere. Now the sellers attorney wrote a strongly worded letter and only then has the file been escalated to management. Don't know if it will go in our favor but it seems that they take attorneys more serious than us.
Looks like we are getting nowhere with our file. We waited enough, filed formal complaints with NYS Dept of Financial Services and CFPB today. The more I read what's going on and conversations with the Ocwen and Altisource staffs, they really believe they are above the law. Funny how when you look at the legal arm of these organizations you have well educated people, Harvard and Ivy league institutions, you would think they would know better.
I stopped taking all short sales with OCWEN, Altisource, & Hubzu as well as Nationstar and Auction.com a while ago. At the end of the day, they are not worth it.
Your so right, they are not worth it. I have encouraged my sales people not to pursue these anymore, but this one file is going too far and needs resolution. Its a shame what they are doing for the sole purpose of self enrichment. I get such a kick out of their slogan "helping homeowners is what we do". Yeah right, should be more like helping ourselves is what we do. The same investors that supposedly "require" this auction bs don't require it when wells or any other servicer is servicing their loans? interesting. The investors only require it when Ocwen is servicing their loans who happen to have a tight knit relationship with Altisource, how convenient.