Nationstar / Auction.com
What's your story? Is your client being forced into Auction.com?
Replies to This Discussion
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Permalink Reply by Bill Sloss on
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Great work Thom
It will save you some time if you can send along copies of the original mortgage agreement and anything your client signed about the Short Sale request and perhaps a statement to whom your client has spoken to and what they said.
Good luck.
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This will be good evidence for the AG.
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unless I am mistaken, they will not be able to negotiate the ss until BK is over.
In California, a BK halts all action on debts until BK finished. I know that I have seen others here speak about filing BK to stop a sale but not concluding them. I do not know how this is done to tell you the truth. Maybe someone else can speak to that for you.
Best thing to do is to just collect your updated info every month so you know it is up to date and when the bank needs it, your agent will have it on hand for the bank.
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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In general you work with the seller's BK attorney, get BK attorney permission to talk to lender's BK dept (3rd party authorization), get the BK Attorney/ lender to present a motion to the Court to have the home released from the BK estate to complete the SS. Danger is that the Lender can foreclose so discuss the wording of the motion with the seller's BK attorney.
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Permalink Reply by joe beauchamp on
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You can get the court trustee (usually via the BK atty) to issue a motion for release - meaning he sees that other creditors have nothing to gain from the property because too much is owed to the bank and so you can go ahead. A big problem often is that the BK atty doesn't understand short sales and doesn't care. I lost my last buyer because of that attitude. In fact, he said that the seller was giving back the property (shows what they understand) and the buyer can just buy it from the bank after the BK. -- In other words, screw everyone who has worked on this for months, 'cause I don't care or understand -- unfortunately). And, of course, lawyers do nothing w/o being paid up front, so it will cost the seller money.
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Any news from people dealing with this? I'd like to hear what is happening to any other deals going through NS/Auction
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Permalink Reply by Karen Curtis on
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Here is an update on my case with Auction.com. I turned in a complaint to the Division of Real Estate and they have opened a case file on it. In the meantime, the division told me that since my seller had entered into a signed contract before the auction that every offer would have to be a back up. Also, that Nationstar is NOT the owner yet and my seller has to be involved in the offer (real estate 101). So I wrote to Nationstar and Auction.com and told them about my sellers legal obligations with the contract and they needed to let each bidder know that they would be in back up. Auction.com called me, he had not seen my email but wanted to remind me the sale start tomorrow, he could have cared less about the obligations. I asked what happens to the offers from the bidders and he said Auction.com would write up the offer !!!!! I could have sworn they said they weren't brokers in the state of Utah. Anyway, the plot thickens, everything goes through the State as they are "investigating" the issue. Tune in for more of the story next week.
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Karen do you know what state you were talking to Auction in?
You need to ask your DoRE if they have power over actions in another state? If they do not ask them how they handle it? Do they have reciprocal agreements with that state or will they refer the matter to your AG?
May save you some time and headaches.
Good luck
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Interesting -
Auction.com has Licensed RE Agents and Brokers in almost every State.
Here are the 2 I found in UTAH - both with Irvine CA addresses;
MARY CLAIRE QUELLA IRVINE AUCTION.COM Principal Broker 6935254-PB00 AUCTION.COM IRVINE AUCTION.COM Real Estate Company 7923219-CN00 It would be intersting to know, as Bill said, where the person was you were speaking with and if they actually hold a RE license in Utah. Has your Seller / Owner actually authorized you in writing to speak with Auction.com as they did with Nationstar? If not, you should not be speaking with Auction.com. Nationstar cannot "provide" that authority to you, only the Owner can. I would put a remark in your MLS stating "the Legal Owner of the property has accepted and signed an offer from a qualified Buyer." If Auction.com places the property on their website and offers it for sale, who authorized them to do so?
I'll say this again, anytime anyone is speaking with either Nationstar or Auction.com you should be recording the telephone call. You MUST inform them at the beginning of the call and if they say "do not record the call", tell them you cannot / will not speak with them unless you record the call. Good luck!
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Thom make sure when you record you get an acknowledgment of understanding from them when you start Do you understand I am recording the call? Do I have your permission? Do you understand I have recorded the call with your permission? End. You just saying youre recording doesnt give you permission to intercept the call and thats technically what youre doing.
You might also get a clarification on whether the person youre dealing with can work at or under the direction of a broker.
Youre doing a fine job Thom and as a buyer I THANK YOU VERY MUCH
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wow - thats crazy!!! Does going into a short sale give a bank the right to sell the property without the owner's permission? I assume it would depend on the contract language within the mortgage contract - or does the lien holder have the right to just sell it?!
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Permalink Reply by Sheyenne Schultz on
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You CAN be in a short sale with a seller in a BK and get the property released from the seller's BK without a discharge.
I had a short sale with B of A, and the trustees had filed an abandonment letter of the property from the seller's BK for having no value to any creditors. duh...once it's short, why would ANY creditor want to claim anything on the property..it has NO value. So yes, this is done and REMOVES the home from the seller's BK without forcing the seller to discharge their BK in order to short sale the home. Once the trustees abandon the property from the BK, it is NO longer "attached to" or a "part of " the seller's BK...so the lender can just do a simple short sale and issue an approval letter without the BK verbiage in it and u close your short sale.
I went round and round with probably 28 people in B of A's BK dept on this...funny, EVERYONE in the BK dept. understood exactly what I was talking about when I sent them the abandonment letter ..... they all said, it's been removed, go ahead with the short sale... problem is...some idiot at B of A, kept NOT removing the the BK status from the file...they just kept reading from a script stating that the seller needs to discharge their BK BEFORE B of A could issue an approval letter without the BK verbiage on it and close.... I had to get one of the head bankruptcy judge's in LA and the CEO's office at B of A involved, for this judge to personally tell they're as dumb as an ox...how can u attach something to the BK, when it's been REMOVED and is not attached anymore...Once the judge told them to REMOVE it from being in BK status in B of A's equator system... it was done.
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