What's your story?  Is your client being forced into Auction.com?

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Re-posting this comment from Auction dot com to prevent it from being deleted:

Reply by Auction DotCom on May 6, 2013 at 1:45pm

Dear Short Sale Superstars community,

 

Thank you all for reaching out with your concerns regarding Nationstar and Auction.com.  In all cases, the seller is not Auction.com, but the actual financial institution that holds the loan. We simply provide the online platform for all sellers, institutional and private, to list their assets for auction. You can view the FAQ page for our Market Validation program here: http://www.auction.com/marketvalidation.php. With that said, please contact Nationstar to address your concerns at 877-343-6386. If there is anything further I may do to be of assistance, please free to reach out to me or my Customer Service Supervisors Yamir Gonzalez or Vicky Hernandez at 800-793-6107.

 

Sincerely,

Peter Chevalier

Director of Customer Service

Peter,

The problem is that Nationstar is bullying people into believing that using Auction.com is mandatory when it is not.  The paper Nationstar tries to push sellers into signing, states that it is an optional program for which they might qualify. 

Nationstar even has an Auction.com department. 

My advice to any buyer or seller, push back on Nationstar and do not cave.  I write this from my new house because I did just that.

right on SGJ!! Let's keep score! If there are any joint lawsuits I would love to join in and tell them the hell they put a bunch of us through..for now..with any Bank of America short sale, I am going to proceed cautiously and warn everyone about what I have experienced..

The part that I find very interesting and WRONG is that Peter claims that Auction.com is not the seller, that the seller is the financial institution.  WRONG AGAIN, this is NOT an REO, it is a short sale and the financial institution is NOT the seller.  

 

http://reaction.orrick.com/rs/emsdocuments/FinancialIndustryWeekInR...

Even investors are suing Nationstar for this practice

This is a fascinating read in how NS is violating their Master Servicing Agreement.

 

Smitty - VERY interesting read - Thanks for posting !

I found that letter nauseating from auction.com especially when they stated to call Nationstar customer service, what an oxy moron you don't get anywhere you have to contact the investor and get them to push Nationstar! Please copy and paste that to the "agent" at Auction.com!

short sale in process with current buyer for five months and I'm the listing agent. just got a letter about auction.com and how we MUST list it or the short sale can't continue. I'm truly disgusted and I honestly feel like they are violating my listing agreement and our current contract but I'm sure their loophole is "third party approval."

has anyone successfully "opted out" of this process with nationstar?

I just successfully got auction.com off my back and it feels WONDERFUL! Here's how I did it: AUCTION.COM is voluntary. You need to find out who the investor is on the loan and if auction.com for them is voluntary or mandatory. For my short sale, the poor buyers' agent and buyers hung in on this short sale since February. I really worked hard keeping this short sale with those cash buyers who were paying $5k over the purchase price. I had to go through HUD, the investor is Ginnie Mae, but HUD oversees Ginnie Mae and overrides anything they say. So long story short, HUD told me Nationstar can't do it and shouldn't try and just today they were holding a conference call with senior management of HUD and Nationstar telling them to quit sending their short sales through auction.com if there is no problem with value! I expect to close this by the end of the month! SCORE!

KELLY MAGREEVY      1                 GINNIE MAE   0

SELLER                         1                AUCTION.COM 0

BUYERS' AGENT          1                NATIONSTAR   0

BUYERS                        1

SO HAPPY FOR MY SELLER, THE BUYERS' AGENT, AND THE BUYERS! DON'T GIVE UP!!!

Congratulations to you and the new homeowners. Very nice work.

Kelly, Auction.com is NOT voluntary when the investor is Nationstar themselves  Many  B of A loans were sold to Nationstar including ones that were previously owned by Freddie Mac.  .On my most recent one, the negotiator had placed a message in Equator that the file was being submitted for approval and then 2 days later she said it must now go through auction as NS owns the loan.  I uploaded a letter from the sellers that they were opting out, but NS said they could not and only option would be modification or deed-n-lieu.  They can't do either as this is a divorce hardship and there is a 2nd lien. I deal directly with VP's at NS. After I emailed one of them and stated certain facts I received a call the next day stating they are waiving the auction process and continuing with short sale.

Also all these blogs about writing to Attorney General (California)  will do nothing. Per C.A.R. legal department what NS is doing is not illegal and they have  the right to exercise additional venues to reduce their loss. There may be some ethics issues but not illegal

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