Any tips are appreciated
I start the ss process sending my files to [email protected] and haven't had to deal with that yet. You may want to send the file to Adrian Torres or Joanne; both are Managers.
If the seller communicates to Altisource rep either directly or through her agent that she does not wish to participate in the ASSP, Altisource will have to return the file back to Ocwen. Ocwen will need to make a decision based on the offer on hand. In case Altisource are refusing to return file or Ocwen are not cooperating after the file has been returned to them, please let me know.
However, I would like to add that I recommended participating in the ASSP as it gives the seller a better chance to avoid foreclosure.
Altisource refuses to send my file back to Ocwen, what do you advise?They submitted an opt out letter almost 2 months ago and Altisource is refusing to send file back. Ocwen is no help so far.
It will be helpful if you have evidence to prove that the sellers or you on their behalf submitted any communication to Altisource advising that they do not wish to participate in the ASSP. It is important that you communicate with Altisource. If necessary email the Altisource Short Sale Coordinator right away advising them to return the file to Ocwen and wait for their response. We can determine the future course of action once they respond. If they have already indicated that they will not return the file to Ocwen via email to you, I would like to help. However, please keep in mind that the ASSP is designed to prevent foreclosure and by opting out of it, you will likely increase the chances of foreclosure. I can be reached at [email protected]
I have the same problem the borrower is requesting a HAFA short sale and under HAFA guidelines participation in HUBZU is not required. Altisource has refused to send the file back to Ocwen even though they have received a cease and desist order as well as orders to return the file. What do I now?? I am ready to file a law suit for violations of RESPA and Real Estate licensing laws.
I escalated through the Ocwen escalation manager who was already working the file before the Altisource intervention thru a curve ball. The interesting thing is Ocwen was still working the file sending me requests for updates while the Altisource contact was getting aggressive demanding participation and threatening denial of the short sale. It got quite argumentative, received a denial of short sale approval due to some rule and then shortly after got short sale approval. It was a confusing process to say the least so think I can count my lucky stars after reading some of the posts here.
I submitted the borrower's letter and her attorneys letter to opt out of Altisource and return the files to Ocwen. The property has been under contract since January. Here is the reply I get from Altisource:
"If your client are going to submit an opt out letter, it should be opting out of the entire short sale itself and not just the Assisted Short Sale Program. Otherwise, Ocwen will not consider the opt out letter you submitted. As I have sent you before, Ocwen has relayed their decision to the borrower. The approval will only happen after hubzu.com. The contract that the seller have with the buyer is still upon Ocwens approval so we can’t consider it valid yet. You may call Ocwen and verify at 800-746-2936."
No help at all!
Have you had any luck opting out of ASSP. I also experienced the same and have sent a cease and desist order. Also I informed Ocwen that the borrower did not give them authorization to release there file or any document to any third party company and in doing so to Hubzu Altisource the have violated the borrowers rights. If Ocwen does not retrieve the file suit will follow. You can sue for unfair practices and be very effective.
Your experiences highlight how Ocwen are abusing the role of a loan servicer to generate revenues for Altisource and its subsidiaries who share common shareholders with Ocwen. I would like to help.
NYS Department of Financial Services is really opening this wide open, going to be interesting how this turns out at least in NY and hopefully other states follow suit.
I am trying to opt out of the ASSP. I have sent a cease and desist order to Ocwen as well as Hubzu. Is there any thing else I can do to get this done?? Ocwen was not authorized by the borrower to give any information file to Hubzu and in so they violated the borrowers rights. They technically cant force you to list a property with a third party company. Ocwen is to negotiate in good faith that means getting an assessment of fair market value through a BPO which they order. That has nothing to do with listing of properties.