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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Permalink Reply by Dirk Hall on
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Ocwen under HAMP Guidelines is regulated to disclose its requirements ASSP/HUBZU/Altisource under there Matrix on a website. On the there Matrix Ocwen does not disclose anything of any third party company including HUBZU/Altisource. There Matrix Guideline actually states property is to be listed and contract of sale as well as proposed HUD is to be sent over. It goes on to say a market analysis will be done by OCWEN (bpo) no one else mentioned to determine fair market value. This in itself is what you should be escalating on coupled with the State Real Estate Licensing Laws being violated as well as Federal RESPA Laws. Now HUBZU nor RHSS are licensed in alot of states barring them from having any dealings in any real estate transaction. Furthermore many states state you cant interfere with contracts. Its called Tortious interference with a contract. Hope this helps!!
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