When we initially signed the contract we were told that even though this is a short sale it will NOT take a long time and the process was going to be very smooth.
It has been over three months and we have yet to get a closing date.
We had to sign an extension to the contract stating by July 01, we will get a closing date.
Now July 3, 2013 I was notified by my agent that the seller’s bank is going to put the house that we have been patiently waiting for in hubbiz.com and upload the current offer!!!!!!
At this point not only my patient ran out but I’m also extremely furious about this deal and the lack of professionalism. I have never been in a situation like this and done business with people who are out of touch and not aware of the process we are going through.
We have a binding contract, not only we should have closed the deal right now but this house should NOT be on hubbiz. com , this is illegal because it’s already under contact since March.
I can't contact OCWEN because I'm not authorized and my agent can't do much, or can he?? Help
**********************************
like buttons
Replies
I have an Ocwen shortsale. They contacted my Seller directly through the mail and let him know they were planning to foreclose and had a Portland, Oregon Attorney to start the process. We faxed in the shortsale package, I think it got lost, two weeks later I kept asking for some kind of recognition, none came. I left a voice mail message on the VP's voicemail (Ron Ferris) on Memorial Day weekend and he got back to me on the next business day. I've had great response and help from Amisha Anderson 214-874-2564. Be sure to have the account number and the social security number of the client. And of course, if the Buyers still want THAT house and since the market has improved and they're willing to negotiate at fair market value subject to appraisal; let her know that. Good luck.
Hopefully we can find a legitimate way to convince the banks not to go this route. I think it's "the good fight", but a different approach would be better.
Douglas, I completely agree with trying the keep the auction.com gangsters out of our short sales. I don't believe it helps the banks in any way, and we know the issues it causes on our side of the fence. But, don't get caught up in the "interfering with agency/interfering with a contract syndrome. It's an impotent grasp by some to stop this, and simply creates a distraction that will go nowhere. It makes a good sound bite, but nothing more. A lender doesn't have to approve a short sale, and can dictate ANY legal process, procedures, etc. required in order to give approval. And whatever incentives the lenders/servicers are getting from the gov't, is a very. very small percentage of losses, which is real money lost by the pension/retirement funds etc. (my state lost Billions in their investment funds) not just numbers on a spreadsheet. The incentives cover only a portion of the admin costs of getting these done, and not much else.
I believe that when we mix in falsehoods in with our legitimate arguments, it diminishes the credibility of our legitimate arguments. Just my opinion.
HI Wayne,
Thanks for the insight but your are incorrect. The banks can turn down the short sale no question, they however, do not have the right to void existing contracts between parties. If they are given that right then ALL of our contracts are not worth the paper that we go to court over. If they do not want to approve the short sale because the "net" or some other reason then tell us up front and let's move on but to have buyers in contract for months ( was over 8 months for my buyer when auction.com entered the pic) and then be told to bad so sad you are now nothing is going to end up in the courts and then the question is, "who is the wrong doer?" As for the monies lost, you are also correct to a degree, real money has been lost but not nearly as much as the public has been lead to believe. Banks are STILL submitting losses to the TARP fund for reimbursements today and they also get to write off the "loss" dollar for dollar when in fact they may have received monies from the TARP fund. I am not a bank basher and know the scope of the problem we have faced however, our contracts are supposed to be sacrosanct and legally BINDING on the parties that sign them and for entities to void them at will is a giant legal problem. Did you wonder why the banks are not doing this auction thing? They are bound by the NMLS and that prohibited them from doing this kind of thing, so they "Sold" the non-performing loans to entities that are not bound by the mortgage settlement. If we allow our contracts to voided now by banks we MUST allow for ALL entities to have that ability. Will our contracts now have to state that BANKS have the right to cancel every aspect of our agreement and then include language that says it ONLY applies to banks. If we allow one, we must allow all. How about banks dictating to buyer that they MUST use one of their "certified" buyer agents, even though the buyers are working with an agent of their choice........ If we allow one, we must allow all. Probably the best local real estate lawyer in our area has said point blank, what these banks are doing is 100% ILLEGAL in terms of contract interference and "torturious interference" and few other things he spilled out. He was surprised that NAR?CAR did not take a bigger issue with this happeneing because it is about to make all of our contracts worth nothing.
Hello Everyone,
I just faced this but with Auction.com and am still working on the actual legalities of it all. In California we have agency and when this happens there is a complete intrusion of the existing agency relationship between the seller/broker. It clearly states in the listing contract that there are NO other listing contracts or obligations and when the bank does this it now creates a conflicting agency relationship and I believe legally would create some huge issue if trouble arose and eventually it will. That being said this is the STUPIDEST thing banks are doing. They are so stupid because they are virtually ( in California anyways) eliminating almost 90% of the perspective buyers pool. I know auction.com charges a 5% "buyers" premium and says point blank in their propaganda that they will not pay ANY buyers closing cost ( ie.. credit to buyers closing cost). Now since in our area roughly 80-90% of buyers are using government financing (FHA,USDA,VA or Cal Vet) they are forbidden from paying ANY 3rd party fees ( I have quadruple checked with many local lenders and the 5% buyer premium qualifies as a 3rd party fee) which means that not one of these buyers can even bid on the place. On top of that, most buyers are asking for some sort of seller credit to cover closing cost which under auction.com is not allowed. So now the banks have truly eliminated the pool of eligible buyers and all they have left are "conventional" buyers and investors and as ANY person with knowledge knows, INVESTORS NEVER PAY RETAIL!!!! Conventional buyers are going to be reluctant to pay an additional 5% ON TOP of their offer price. This thing stinks from every angle and as long as we continue to say "the banks can do whatever they want...." they are going to do it. Yes they are taking a loss, news flash everybody, they are getting our TAX dollars to cover their losses in many cases so in fact, they are not taking the loss. I have brought this up to the Cal Bureau of Real Estate and CAR/NAR and so far their heads are up their collective dark spots. It is eroding our position is the business and we are allowing it.
Unfortunately a lot of the banks are picking up on this trend. Most short sales with Nation Start are now being placed on auction.com immediately after initiation to ensure they aren't getting low balled. Banks can do this because you don't technically have a binding contract until the bank accepts a short sale. We have to remember that once a homeowner defaults the bank becomes a principle in the sale per the original note language. I'd try to find a way to show that you're offer is stronger despite the bottom line. Just because an offer comes in higher doesn't make it stronger.
Welcome to short sales. It is never fast and ABSOLUTELY NEVER SMOOTH. First, I hope that you do NOT have a binding contract and that it states in it that it is "subject to bank approval." Without this clause, the seller could be at risk of default. Secondly, if you are the homeowner, you can call OCWEN. Contact the LOSS MITIGATION DEPT.
Keep in mind that you are asking the bank to forgive debt. This is never simple and the process is neither logical nor helpful. They don't invest a lot of money in losing money.
Also, The homeowner should be able to put the property on HUBBIZ.com. Just don't mention the listing agency.
I hope that helps.
I just closed a recent Ocwen short sale.
This lender has a unique process. Ocwen did not assign the file to a single human reviewer and no Ocwen person’s name was ever published or verbalized during the submission review process.
This file processed electronically from India.
1. Once they confirmed complete doc inventory and registration, their process moved rather quickly. We acquired written approval 7 days later. We acquired a reduction revision to the dollar amount disbursement to that approval in less than 7 days and then we acquired a necessary closing date extension within 7 days of that additional request.
2. Their e-mail “missing doc” letter communication is very confusing. They write those using inadequate single sentences and require a telephone call for clarification.
3. When calling them they are very difficult to understand and are very sensitive to accusations of not being able to speak English. Be prepared to make these statements, “PLEASE SPEAK ENGLISH”, “PLEASE put someone on the phone that can speak English”, “HOW do I file a complaint because you cannot speak English?” They responded immediately to those phrases and we got the deal done.
It was a difficult communication however, I felt they were doing everything they could to accommodate, and their turn times for typical issues were lightning fast compared to most lenders.
RaHul 'the closer" and I are now buddies.
At least RaHul was a "name". All of my communications with Ocwen are to HRD176 or HRD195 or HRD167....they appear to give them a name that begins with HRD and a number. Don't know why they do this :) but yes, they are negotiating the deal from India.
Diane
Good morning Diane;
YES lots of HRDXXX email addresses.
Rahul actually called me direct about 1 week before closing and shepherded this file through Final HUD1 approval process then he even called me 24 hours after closing making sure all was done and that the seller was satisfied.
I believe the important issue when dealing with this lender is calling them for clarification after receiving any HRDXXX emails or letters.
Not only is their spoken English bad their written English is even more confusing.
My overall opinion of this lender was a POSITIVE EXPERIENCE. Things were confusing but they clarified and corrected quickly.
-
1
-
2
of 2 Next