I have been a BAD AGENT. I am getting a call from Nationstar and Auction.com tomorrow for not wanting to cooperate with there short sale COLLUSION. This call is to take place around 11:00am PST. Anyone want to give me some darts to throw their way. I will be taping the call with their permission. If they do not allow me to tape it I will have my TC taking copious notes. I believe they will be giving me lots to blog about. Game on!

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I had the seller write an opt out letter, CC's to the IL AG, and basically said that due to the severe hardship (seller has cancer) that the auction.com delay is unconscionable, and that it also violates Illinois law as we already have a n executed contract in force, opening up the seller and auction.com to liability. Moreover, there is a huge second that needs a large cash settlement in addition to the amount nationstar will allow to the lien, plus the 5% auction premium.  They responded that they will not allow the opt out, but that due to the second, they know that no one will make an offer and they only require a three week auction run.  We'll see.

how the process going? Did the lender get stop from Auction.com? Pls help with update. Thanks

Same here, I argue with Action.com, nothing is been done about it. I had an offer with BOFA, they drag their feet, did not give me the approval, transfer the loan to Nationstar and now Action.com is using my offer to set the reserved price. I cant not believe this, they might find someone to pay $1 more than our offer and all that time and work I put in will go down the drain. We need to do something about that. 

Remind them that it is tortious interference with business relationships.  Seller entered into exclusive right of sale listing agreement and you have an executed sales agreement - forcing onto Auction.com would be interfering with existing contractual obligations, interfering in the exclusive right to list agreement, etc.  I work for a law firm, we handle short sales, we sent a cease and desist letter and have never once again been approached about Auction.com or had any of the short sale clients we represent go through this.  Discuss with an attorney, Nationstar's requirement for Auction.com is not legal!

Hi Jennifer, Thanks for the insight on how to deal with Auction.com. How do you submit your cease and desist letter? Do you send it to the negotiator via Equator or do you mail it to corp HQ? Also, do you do a separate cease and desist for each client?

I agreed with you...

And for Action.com to have access to our equator is a violation I think. Equator is been sold recently, Is that right? so much sensitive data, clients socials, and anyone could have access to it? Imagine how many people Action.com had to hire to handle the entire country? that should make a huge profit for them. And for BOFA to transfer all the none performing loans to Nationstar in such a short time? Something is up and we are going to pay the price.  

Thanks for pushing back this AUCTION .com crap and sharing what happens with us all.

Somethings to think about.....  In some states you do not have to have permission to record the call - Example: California requires you have to have both parties verbal consent, but Texas only requires one party to agree (you).

If the seller / borrower has not provided a written 3rd party authorization for you to speak with Auction.com then you can't speak with them.  Nationstar cannot delegate the permission for you to speak with them.  The borrower can always notify the mortgage holder / servicer they will not allow anyone (Realtor) to speak with Auction.com.  If a rep from Auction.com calls you, just tell them you have no authorization to speak with them - do not verify your client's information, nor acknowledge you are working on the file (just like any bank would do to you)

If you do some research & follow the money-trail of Executives at both Nationstar and Auction.com, their relationship will become crystal clear - all the way to a certain member of the US Supreme Court's family as an large investor in the parent company of Nationstar.

 

At the end of the day, Nationstar and Auction.com are bigger than any of us - or ALL of us combined.  If you are "noisy" and they don't want to deal with you any longer, they will simply decline your short sale and foreclose.

 

I no longer work on Nationstar files - and guess what - I feel 100% better.

 

Good luck! 

 

p.s.  Auction.com used to be called "REDC", they also own Red Crown Realty and various other Real Estate related businesses such as Escrow and Title.  They have licensed RE Agents  /  Brokers in most states.

I don't blame you, I feel the same way, but I had over 30 files I was working with BOFA and overnight all of them they got transferred to Nationstar and since I had invested all that time in getting offers submitted I have to put up with Nationstar for a wile. 

All of the "big" banks; BofA, Wells, Citi, Chase are transferring their loan servicing on bad loans to Nationstar because Nationstar is not a bank and doesn't have to follow banking law nor any of the rules in place today. 

Of teh 30 files transferred, are ANY moving forward ?

I know, I have few new ones with Chase and several with City. Well, Almost 1/2 are approved, just waiting for the closing but the bummer is negotiating with the second. Since Nationstar is not a bank the main rules as FHA loan $ 2500 payout for second will apply? Such a nightmare. 

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