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

Views: 4626

Replies to This Discussion

That will be interesting - may hurt him if Nationstar says the heck with it and forecloses rather than deal with this buyer and a short sale.

I had talked with my attorney a while ago about filing a Lis Pendens for commissions / negotiator fees due after an approval was issued but we can't - dang!

Again, good luck sounds like you have your hands full !

It was quit obvious that AltiSource/Hubzu and Ocwen 'were in bed together'.  I think same goes for many of the other lenders who use these auction 'services'.  Same goes for Auction.com.  These auction sites survive by having connections 'at the top' securing them big corporate contracts.  It's a big insider trading deal and after this big recession I believe the big banks will have damaged their reputations so badly that a new phrase will be coined: 'too corrupt to survive'.

Everyone, please sign this petition to stop the anarchy.

http://wh.gov/lp9Pa 

I don't like their practices but remember Altisource is a RE Brokerage in some states.  Also, doesn't the Buyer have to pay a 5% Buyer premium to HubZu on top of the already agreed-upon price?

OCWEN, Altisource, and HubZu are all one company.  You're not missing anything, they just get more $$$ by getting the referral too.... :-)

Aside from having an issue with the whole OCWEN/HUBZU/Altisource co-mingling, needing to tie up a property for  likely over a month is good enough reason for me.  This listing was marketed for 50 days, with 26 showings before we got this cash offer.  And, if their reasoning is that the property needs the added exposure to ensure they are getting the best deal, why is it not offered on the site until after we have a ready, willing, and able buyer?  And why is it only some files that are transferred?  If this is in the best interest of the seller, and if it is a policy --not just randomly applied-- I believe it should be listed on the website initially and I'll happily take my 3% if you find someone who wants to pay your premium. Then if it doesn't sell I will go about securing a buyer and getting an approval.   But after I've put the time into marketing and showings, and securing a buyer, I don't appreciate being thrown yet another curve that puts that deal at risk.

I found at least 3 serious violations of NYS Real Estate Licensing Law concerning this practice. I will post a link to the document later. Most importantly is the law concerning interfering with a contract of sale.

Dimitri, please post asap. We all need to see this

I will later, have it book marked at home.

I just realized your in new York as well, I am in queens.

Most of my business I do is in the Burroughs. Hubzu and Ocwen are killing me. They Don't understand what goes on here.

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