Anither OCWEN Nightmare
We recently had a listing agreement for a home, sold it , got approval for the price. Ocwen refused to approve the transaction and forced us to list it through them, on their auction site with an reserve price equal to the contract sales price $150,000. Any bidder is charged a transaction fee and a percentage 1.5% over the successful bid . The origional contract buyer must also again submit their offer through the system and pay the aforementioned fees! Now for the worst news!
We followed the instructions of Ocwen and the house was listed at their approved price. The origional buyer made a bid for that price and was out bid a few moments before the termination time.
OCWEN Refused to accept that offer saying that the auction listing wasn't according to their approved procedure, even though they listed it. Their reason: the person responsible for approval was absent and now having returned is putting the house up for auction for a longer period. They put it up on the auction site again for 7 days @ a reserve of $130,000 with 4,5% of the sucessfull bid as their fee. I can't wait untill the actual owner of the mortgage finds out Ocwen accepts a lower price and gets 3 times the fee.
We checked with lawyers and were told it's all legal! Looks like everyone gets screwed but the financial institutions. Sound familiar?
We followed the instructions of Ocwen and the house was listed at their approved price. The origional buyer made a bid for that price and was out bid a few moments before the termination time.
OCWEN Refused to accept that offer saying that the auction listing wasn't according to their approved procedure, even though they listed it. Their reason: the person responsible for approval was absent and now having returned is putting the house up for auction for a longer period. They put it up on the auction site again for 7 days @ a reserve of $130,000 with 4,5% of the sucessfull bid as their fee. I can't wait untill the actual owner of the mortgage finds out Ocwen accepts a lower price and gets 3 times the fee.
We checked with lawyers and were told it's all legal! Looks like everyone gets screwed but the financial institutions. Sound familiar?
Comment
-
Comment by Bryant Tutas on June 3, 2014 at 5:32am
-
Yes it does, Here are similar stories form other members;
http://shortsalesuperstars.com/main/search/search?q=ocwen+and+hubzu
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons
You need to be a member of Short Sale Superstars to add comments!
Join Short Sale Superstars