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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Replies to This Discussion

Permalink Reply by Cheri Smith on February 4, 2014 at 7:04pm

Thank you so much Jim. I emailed both you and mhahelp. After I posted my update above on 2/4/2014, I got an email from Hubzu informing me that our listing on Hubzu had been cancelled by the seller. That is not the case at all. Hubzu/Altisource took the liberty to cancel our listing without consulting the seller at all. By listing the property the way I did, the seller retained complete control and would have been in a position to either accept, reject, or counter any offers that came in and Altisource did not like that. They want to be in control of the listing so that they can decide which offers (if we even received any) to work with. This whole thing is really unbelievable.

Permalink Reply by Jim McCormack on February 4, 2014 at 7:09pm

I sent the information you sent me via email to the contact at the US Treasury Department.  Let's see what happens.

Permalink Reply by Bob Kolodzinski on February 10, 2014 at 6:34am

Enclosed is the documents that Ocwen/RHSS/AltiSource.  All of the entities listed are divisions or subsidiaries of Ocwen.  If AltiSource receives an action bid on Hubzu for a buyer, it is my belief that dual agency violations have occurred.  Both the buyer and seller would need disclosure and agreement thereof.  One of many contractual issues with their system in Illinois. It appears, Ocwen is not operating and negotiating in "good faith,  by dictating terms.  Ocwen is attempting to circumvent the process in place for obvious monetary gain.  Please review the documents they sent out, (see attachment, note page 3, the payment schedule.  RHSS dictates who gets what.), these are accompanied with a a bunch of releases, authorizations and consent forms, all verbiage taken from "their" documents. Keep the spotlight on, thanks.

Attachments:
Permalink Reply by Jim McCormack on February 10, 2014 at 7:11am

Looks like the same document Ocwen sent me.

Permalink Reply by Tyra General on February 27, 2014 at 1:05pm

Any updates Jim?

Permalink Reply by Jim McCormack on February 27, 2014 at 1:06pm

The file is being evaluated for HAFA right now.  I will let you know if that resolves the issue or not?

Permalink Reply by Tyra General on February 27, 2014 at 1:10pm

Ok. I hope you get an approval soon! 

Permalink Reply by DIMITRI PETROVSKY on March 5, 2014 at 6:32am

Any updates? I am going through the same thing with one file now, I just sent a request to review for HAFA, sent opt out letter to Altisource on Monday.

Permalink Reply by Tyra General on February 27, 2014 at 1:06pm

Any updates Cheri? 

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on February 10, 2014 at 6:38am

I would refer you to this article on DS News this morning. Perhaps our complaint to the CFPB should also include the NY Dept of Finanace. I t is abvious that Ocwen continues to abuse consumers and Realtors thinking they hold the power and can do what ever they want despite existing contractual relationships.

Ocwen Financial Corporation announced Thursday that plans to purchase the mortgage servicing rights of a portfolio worth $39 billion from Wells Fargo Bank have been halted by the  New York Department of Financial Services (NY DFS). http://www.dfs.ny.gov/

The Wall Street Journal reports the deal was halted under allegations of abusive behavior towards homeowners, and the office of Benjamin Lawsky, superintendent of the New York regulator, has been investigating Ocwen since December 2012 over the alleged abuse, said a person familiar with the matter. The Atlanta-based business serves as a financial services holding company.

In the press release, Ocwen said it "will continue to work closely with the NY DFS to resolve its concerns about Ocwen's servicing portfolio growth."

The transaction has been halted indefinitely, and any timeline for the completion of the deal remains undecided.

The NY DFS declined to comment.

 

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Tagged with: Federal Department mortgage servicing rights Ocwen Wells Fargo

About Colin Robins

Colin Robins is a writer for DSNews.com. He holds a BA from Texas A&M University, and a MA from the University of Texas, Dallas.

Permalink Reply by Jim McCormack on March 10, 2014 at 6:51am

As of 3/10/2014 Ocwen confirmed that my file was removed from the Assisted Short Sale/Altisource/Hubzu process so I guess we won for now.

Permalink Reply by DIMITRI PETROVSKY on March 10, 2014 at 8:57am

that gives me hope on one file at least.

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