Hello,

It appears we are all in the same boat with this mess. I have been reading the information posted about contact you have made with the New York Department of Finance. I am in the state of Virginia. I have gone to the Virginia Bureau of Financial Institution to see if I could find anything mentioned there.  They mentioned this....

Consumer Alerts / Information

Ocwen Loan Servicing Settlement

December 19, 2013 – The Consumer Financial Protection Bureau (CFPB), authorities in 49 states (including Virginia), and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The consent order addresses Ocwen’s systemic misconduct of the mortgage servicing process. Ocwen must also refund $125 million to the nearly 185,000 borrowers who have already been foreclosed upon and it must adhere to significant new homeowner protections.

A factsheet about the proposed order can be found at: http://files.consumerfinance.gov/f/201312_cfpb_factsheet_ocwen.pdfExternal Link logo

Common consumer questions and answers about the order can be found at: http://files.consumerfinance.gov/f/201312_cfpb_common-questions_ocw...External Link logo

Questions about this matter can also be directed to Ocwen at 1-800-337-6695 or [email protected]

It shows me that OCWEN has been on the watch list for some time now but nothing posted yet about ALTISOURCE/HUBZU. I want to file a complaint/inquiry to them. What I would like to know is, what did you say in your letters to your States to get them to look into it? I have been battling this issue for months now and have done all other recommendations everyone has posted but still nowhere.

Any suggestions would be greatly appreciated.

Thank you all for your assistance.

Casey

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Replies to This Discussion

Exactly - and they have toll free and 407 phone #s......  At the end of the day, they are controlling the market of the properties they service.

With the big news on RESPA violations and a big player being sued for RESPA violations, at what point do they investigate the affiliated business relationships with OCWEN, Altisource, HUBZU and RHSS?

Investigations are in progress. I believe that investors too need to come out against Ocwen-Altisource. It has been my understanding that at least BlackRock and PIMCO were planning a lawsuit against Ocwen but nothing concrete yet.

Concerns have also been raised as to why they are merely fined and how their executives go scot-free. They are habitual offenders and we have clear evidence that their actions are deliberate. 

Obviously the Investors who own the loans don't really care or they would move their servicing portfolios elsewhere.  But then again, what servicer is any better? (sarcasm)

I am wondering if there are RESPA violations occurring. Is there a disclosure anywhere that says OCWEN is in financial relationship with HUBZU, RHSS or Altisource?

I doubt it - just like Nationstar and Auction.com - they are totally integrated but no public disclosure that I'm aware of.

The page title "Notice" in the Altisource PSA discloses the relationship between Ocwen, Altisource and Premium Title.

Its really a shame, short sales were going very smooth with them until this altisource nonsense started. Its truly not helping homeowners at all, just lining their pockets. They must really think they are above the law with their business practices. Its a major conflict for the largest shareholders of Ocwen also being major shareholders in altisource and force feeding services down the customers throat. I have a similar case with nationstar right now, buyer filed specific performance lien on the seller because of the auction.com situation and the seller doesn't have a dime to his name to get a lawyer to defend himself. Now he is stuck with an unmarketable property, don't see nationstar or auction.com offering to help him fight this. It comes down to either you want to help distressed homeowners or not, no 2 situations are the same.

Dimitri - What State are you in? 

The Buyer was able to file for "Specific Performance"?  Was there a short sale approval already issued?  Also, they filed an actual lien on the property?

Wow,

I am in NYC. Here you can file anything you wish without much evidence. It comes up on title as a pending action against the property, nobody will touch a property without that resolved because title will not insure that exception, lis pendens can stay on the house for 3 years. Short sale was not approved, service released from bank of America, bank of America had countered the deal and the buyer accepted and they were supposed to issue an approval. Then they conveniently delayed the file for 3 weeks and it got service released. Bank of America even went as far as stating they would transfer the entire package to nationstar and that nationstar would pick up where we left off which I knew was a line of crap. Nationstar doesn't want to hear any of this story and basically put up a brick wall with the auction.com requirement.

Without a written Short Sale Approval, there is nothing for the Seller to "Perform to".  Isn't the Sale contingent on the written approval of the Lender(s)?  I really think the Buyer is smokin' something or was given bad information.  Here in CA (also a very litigious State) no one would be allowed to sue for Specific Performance on a short sale unless it had been fully approved in writing and the Seller didn't perform to the then NON-contingent Purchase Agreement.

Of course you are now dealing with Nationstar which is a different animal and why I no longer accept short sales with Nationstar or Ocwen.

Good luck !

your right but I think the buyer really doesn't care, he is a cash investor buys a lot of houses for resale, to him I guess he figures why not tie up the house just to make a point.

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