Anyone successful in getting Ocwen to waive the Altisource / Hubzu Online Auction/Marketing System

Hi All.  I contacted Ocwen on 3 occasions before submitting a short sale contract on a property.  After the contract was submitted I received a counter from the Ocwen rep who gave a bottom line price that will be approved.  The next day I received a short sale decline letter stating that the short sale was rejected due to non-participation in the Altisource / Hubzu Online Auction/Marketing System.  The problem is that this apparent requirement was never disclosed or mentioned in any way by Ocwen prior to the contract being executed.  Now, they want to amend the Listing Agreement to allow for commission to the Altisource / Hubzu Online Auction/Marketing System and place the property in an online auction despite the contract on the property.  Anyone have any luck getting this requirement removed?

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Oh and they MUST give you the MNP!!

I hate to sound like the neophite that I am, but what is mnp????

 

I would guess Minimum Net Proceeds.

Hi DM I tried to message you, but we have to be friends first.

We have been trying to close a short sale for months today we were informed by Altisource that we needed to to auction the shirt sale. We have a signed contract with a buyer and don't want to bid out the house. This practice seems very illegal. Any help with having the short sale transferring back to Ocwen is much appreciated.

Yes,  I had the seller send a letter saying they do not wish to participate in the hubzu auction and they would like to proceed with the current buyer and it worked. This was just a few weeks ago.

Congrats Pat! Did you have them send the letter before they were actually in the program or was this letter to have them removed from the program? 

Please advise.

I just spoke to Ocwen and the rep insists that the Assisted Short Sale Opt Out Letter has been denied and that the only option is Altisource/Hubzu or Deed in Lieu.

Did you ever hear from OCWEN who the investor was on this particular loan?  Let me know when you can and I'll tell you my thoughts on how to proceed...

According to MERS, the owners of the loans are as follows:

1st - The Bank of New York Mellon as Trustee

2nd - Goldman Sachs Mortgage Company

UPDATE

I emailed a contact at the US Treasury Department and received the following response: "I wasn’t aware of OCWEN using Hubzu. I know of some other servicers using auction cite only when they don’t receive any offers meeting minimum net. We have our servicer integration team heading out to Ocwen tomorrow and I’ve asked them to update me on this."

I'm still not having any luck getting the file transferred back to OCWEN. We were told on December 13 that the file had been transferred to Altisource. We've been calling and emailing both OCWEN and Altisource at least twice each week to tell them that the seller will not sign the RHSS Short Sale Agreement, and to please transfer the file back to OCWEN. We get the same response - we must list the property on Hubzu, it's the only way to do a short sale, and Altisource tells us that OCWEN has to request the file back and OCWEN tells us that Altisource has to make the decision to send it back.

The seller's attorney has advised her NOT to sign the RHSS Agreement because he feels it's illegal and violates both the listing agreement and purchase and sale agreement so that it not going to happen. We made the decision to list the home on Hubzu (without signing the RHSS agreement) so that we could say, Look, we fulfilled your requirement to list on Hubzu for additional exposure and to ensure we have submitted the highest and best offer, and we DID NOT receive another offer. Of course, now they are trying to tell us that we listed the property incorrectly and that our point of contact at Altisource should have been the one to list the property on the website. This is so obviously not about additional exposure, it's about Altisource trying to get a kickback.

I'm so frustrated. Today when I called Altisource I was given a suggestion. Since we did not receive any offers when we listed the property on Hubzu, we probably won't receive any offers when Altisource lists it for us so we should sign the RHSS agreement, have Altisource list the property on Hubzu, have our current buyer submit their offer, and when no additional offers are received, the file will be kicked back to OCWEN and we will receive our full 6% commission and no fees will be charged. At this point it's so tempting! We have a buyer, seller, and real estate agents that just want this short sale to be approved but at the same time, by giving in to their ridiculous demands, we are allowing them to get away with this type of BS.

Any other ideas? We were thinking maybe this is a new requirement as of 2014 and that's why other people have had success and we haven't. We were told by OCWEN that this is an investor requirement so we asked about the investor and this is what we received, in the form of a letter: "There is no single investor of the loan. The loan is one of many in a securitized investment trust: Indymac Indx Mortgage Loan Trust 2007-Ar7, Mortgage Pass-Through Certificates Series 2007-Ar7. Ocwen is the servicer of the loan, and not necessarily the owner of the loan. Although the ownership of the loan may change, the ownership has no bearing on the servicing of the loan. As the servicer of the loan; all issues regarding the loan should be forwarded to Ocwen for an appropriate response."

Help! I'm out of ideas. We have escalated, to no avail.

Please email me that information at [email protected] and I will send to the contact at the US Treasury Department.  Also, please email to [email protected].

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