My Short Sale package was sent to Ocwen 5 weeks ago.  Was told at the end of the month in May that the file was going to be quick reviewed and approval should be within 8 business days.  Starting on the 9th day called Ocwen for update with nothing other than an escalation filed to obtain update.  4 escalations later and THANKS TO SHORT SALE SUPERSTARS referral system to the Obudsman, received a response.

Ocwen said they need 5 weeks to clear their Consumer Financial Protection Bureau's processes.  I have no idea what that means.  They also said their "drive by" valuation system rendered the property value higher than our offer.  They are moving the file to Altisource NOW after 5 weeks to then move to Hubzu.  They also said we do not have any other choice.  Maybe in 12 days we'll get a response.  That's 2.5 weeks in biz time.  BUT I won't have any letter from Altisource for about 3 days.  

I am completely livid over this situation. Not only did Ocwen's CS not have the right information or was provided the right information to us on the status -- NO mention of CFPB on any of our discussions.  Now we have to wait additional time to see if we can get a higher offer when this buyer has been with us for 5 weeks now after 3 months of market time.  

Any feedback about your experience with Ocwen's conversion to Hubzu would be appreciated. Also, is there anyway around this?  Why doesn't Ocwen counter?  And, how do we know that any offer that may meet their requirements is NOT a bogus offer?  We've done a few with Nationstar's auction.com and can tell you that we never had showings before they indicated an offer came in.  I'm totally confused what the purpose is of these sites and what kind of due diligence will take place to ensure that any Hubzu offer is legite so we don't lose 2 buyers on a file that may go to foreclosure.  Thanks!

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Replies to This Discussion

Helena, 

This is Keith, I'm a client specialist at Hubzu. Please send me your contact information so that I may explain the program to you and answer any questions you may have.

Yes, Keith can you send me your contact info.  Thanks!

Keith:

Would you please also reply to me regarding this.  I am just about to start an Ocwen Short Sale that I understand will need to run through HUBZU and I also have questions.  You can email me at [email protected] or call me at 941-224-5950.

Hi Keith,

Would you please also reply to me with the Ocwen Short Sale protocol?  I am just about to start an Ocwen Short Sale.  How do I know if it will need to be run thru HUBZU?  Are ALL short sales required to be run thru HUBZU?  What kind of time lines can I expect?  You can email me at [email protected] or call me at 561-305-1108.  Thank you very much.

Eloise P. Wexler, II

RE/MAX Prestige Realty

Here's my one warning about hubzu:  they will tell you that, if no one bids on the property your buyer's offer is accepted...rubber stamp approval.  Not true.  Instead, after they finally get around to putting the auction together, and letting it run a week, and no other bids are received, then they will say that they will let you know within 24 hours if they are going to accept it or if they will put it on again!  If they decide to accept it they will eventually send it back to Altisource who will eventually send it back to Ocwen.  And then they will consider approving it.  And then the house sells at Sheriff Sale.  

And make sure that IF another bid comes in your buyer knows that if he alters his initial offer in any way he is subject to a 4% buyer premium and $299 technology fee. 

Oh, and here's another thing:  they will want you to enter a bogus value into the MLS.  For instance, the starting bid was set at the offer amount of $80,000 but they wanted me to change the listing price to $120,000! They said that was the new BPO that was performed. (House was occupied, no BPO had been performed.)  I feel that putting a false value on the property would have been unethical, as it's only intent was to make possible bidders feel they were getting a great deal.  They wouldn't listen and demanded I send an updated MLS showing that amount or we could not proceed.  So I raised the price for one day then lowered it and put it back to the Temp Off Mkt status, all with the seller's authorization, of course. 

Our MLS rules now stipulate that once a home enters auction terms, it can no longer be listed.

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