I am heated up and ticked off at the recent merger and bullying of Ocwen. I want contact information for every Florida litigating attorney.
I am the listing agent on a short sale that I have worked for over a year. The first contract would not meet Ocwen's non-provided counter. All that was stated is that the buyer must come up significantly but would not state to what price. Let's just say the buyer walked, who wouldn't with those kind of pricing games.
So I instantly receive an offer at market value from an investor willing to pay cash.
I submit the offer and about a week later I receive an email from AltiSource stating I and the seller must sign authorization paperwork allowing Altisource to act as the processor on behalf of the seller and that we must submit the property to auction on HubZu for additional bidding. The seller already signed off on an offer! Furthermore, I am told unless we sign this paperwork the buyers offer will not even be considered and the application to short sale will be denied. So this puts the seller in a legal bind. Oh by the way buyer, seller is not breaching contract with you, Ocwen refuses to look at your offer and even though it has been signed off on you must go through an open bidding process. Please understand the seller's hands are tied and we request you do not find the seller at fault or cause seller additional financial distress by going after any legal outlets.
In the paperwork form Altisource it states that I must provide the processor RSHH a portion of the monies received, buyer's agent a less than average of monies received and I myself will get what I do not bargain for. Next it states that if I represent both sides of the transaction I must provide the buyer agent's portion to the net indebtedness instead of receiving it myself.
Are you kidding me.....The short sale lender is supposed to be subject to the contract and the owner of the property is still the owner who signed a listing contract with me, not Ocwen. The seller has the right to choose who to go into an offer with. Neither I nor the seller are willing to sign the paperwork and are inquiring on the legalities of this bullying.
Where does Ocwen get off acting as the seller and dictating who the seller can go into contract with. These banks need to have additional regulation. They cannot just arbitrarily insert themselves into the contract acting on behalf of the owner and deciding who the seller gets to go into contract with. This is strong arming. They also cannot dictate to the seller who they choose to use to process the short sale and dictate I must pay this group. This is not in the best interest of the seller and in my opinion violates Respa.
Does anyone else have input on this? If you have some hotlines I can call and file formal complaints please pass them on. We have submitted to 3 trial attorneys and have placed a call with FAR.