Nationstar / Auction.com
What's your story? Is your client being forced into Auction.com?
Replies to This Discussion
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Permalink Reply by Bill Sloss on
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Thom I applaud you for your efforts. Just for your information am assuming it is a typo the DA investigates criminal activity.
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"First does the precedent still exist all the debt is being forgiven? I am under the impression it is."
Not necessarily. Part of the debt is paid by the selling of the property and it could be that part of the loan is to be paid by the seller. That is a part of the negotiation between the seller and their lien holder. Together they will determine the amount of an acceptable loss on the lien.
The question when presenting a short sale pkg to a lien holder is simple, will the lien holder allow the seller to close the transaction for less than what is owed on the note.
"The listing agent simply sets up the transaction on the site and gives permission for which parties will have access." This is the limited authorization you said you never heard of"
If this is the "limited access" that you have been asking for, then there you have it. It is not interfering with anyone's rights in that way and you get the information that you NEED.
You have proclaimed this whole time though that you as a buyer and/or your agent should have the authority to negotiate with the lien holder. That is not true. That is between the seller, their agent and the lien holder.
If you are looking for general information on the transaction and the "limited access" to how it is moving forward, than I gave you the answer to that and you agreed that this is what you were looking for.
If I am a listing agent on a property, I owe you nothing except the necessary information provided for in the contract. My responsibility is to the seller.
"I will make the determination what is in MY best interest."
There are 2 parties in a transaction not one and both parties are entitled to rights that are determined by the contract and I would suppose,if you need to go there, also under the constitution. You do not get to dictate to the seller what they will and will not do with their lien holder and the seller does not get to dictate what the buyer will or will not do with their lender.
You, as a buyer, would have an agent who represents your interests. That agent has a duty to inform you of the progress of the contract. That would be the responsibility of YOUR agent.
The listing agent represents the interests of the seller. They have the responsibility of informing the SELLER of the progress of the contract. This is as simple as I can make it for you.
Personal, financial information of either party is not a "right" of either party.
I just noticed that we are very far off of the subject here too. I am hoping that this has helped you but some how I am not convinced that you yet understand.
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Personal, financial information of either party is not a "right" of either party
I did not say it was and in fact said just the opposite that no such request needs to be made to allow limited access which you have proven for me.
"You have proclaimed this whole time though that you as a buyer and/or your agent should have the authority to negotiate with the lien holder. That is not true. That is between the seller, their agent and the lien holder."
And I have been right the entire time and you have done your very best to spin it and lost and you remain wrong.
You are done with this transaction when the lender makes a counter the price has already been established as far as you are concerned by your own admission. The remaining details and decision is the buyers with consultation with the BA and the lender. If I being the buyer want the BA to negotiate with the lender it will be done.
"If I am a listing agent on a property, I owe you nothing except the necessary information" You will cooperate with the BA and facilitate my request as the BA has the ethical duty to represent my best interest. I will determine what that is.
"I would suppose,if you need to go there" I dont need to go anywhere its with me all the time. "You do not get to dictate to the seller. I get to dictate to whomever I want if it is under the contract and relates to my best interest and whether you like it or not really doesnt matter because the law, your Code of Ethics and the Constitution is on my side when Im right and what I want is not inappropriate, unreasonable or violates the law. And me negotiating a price with a lender through my BA is entirely within my rights and the ethical duty of the BA to act in my best interest.
End of discussion. You have my thanks and very best wishes.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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The original topic of this Discussion Group was:
"What's your story? Is your client being forced into Auction.com?"
Somehow it morphed into something different as these passionate discussions always do. I believe this discussion has run its course.
Thank you to everyone who contributed, and for ALL opinions expressed. Isn't it a wonderful country we live in?
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Permalink Reply by Vikki Lucas on
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I have Tweeted Nationstar several times since this story hit asking what the deal is. It's odd that they don't answer. I guess I'll have to start insinuation Tweets.
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Permalink Reply by Bob Bridge on
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I had an approval with NS which the buyer walked 3 days prior to closing. We received another full price offer and posted it on Equator with NationScum. Then I get a message that I have to use Auction.com from the Neg. on Equator as well as a rep from auction.com telling me the same. Well here is how it went down moving forward:
First, I told the Neg. that we are not using auction.com no matter what NS says. Of course I get a response that it is their policy and all that crap.
Next, I tell him to have a Supervisor call me, which of course didn't happen. Then I tell him that I need to talk to their legal department. I also prepared a letter from our Law Firm addressing this issue and contract law and uploaded it to Equator.
Next, I had the seller write a letter (which was very graphic by the way) about the full price offer and why they are not going to use auction.com etc. and posted that on Equator.
Result: NS supervisor messaged me on EQ and said we would not have to use auction.com and may continue with current offer.
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I have another question.
Borrowers loan is 1.88 mil. They had them fill out HAFA paperwork KNOWING they do not qualify. I asked several times why are they doing this. Every question went ignored.
Yesterday I receive a HAFA denial letter! When asked again why they are sending a HAFA denial letter to a borrower that we KNOW doesn't qualify and strongly request an answer instead of ignoring this time neg wires back. Borrower doesn't qualify for HAFA. I uploaded a checklist stating why.
Anyone else Seeing this? They might be turning these in for government happy dollars? If we can collect info on that too it should be sent in as well.
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If youd like to start the ball rolling each agency has an Inspector General which is investigation and oversight.
The HAFA website mentions Treasury and HUD I dont know which IG has oversight but you could find out with a phone call or an email and make your concerns known and get some answers.
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Permalink Reply by Bryant Tutas on
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Good morning Superstars.
This morning we need a favor. We are looking for anything in writing from Nationstar and Auction.com stating that if the borrower does not use Auction.com then Nationstar will foreclose.
If you have any documentation please email it to [email protected]
We are trying to do something about their foolishness. Check it out:
http://shortsalesuperstars.com/forum/topics/nationstar-auction-com?...
Thanks in advance for your help.
Bryant and Wendy
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Permalink Reply by Tony Morales on
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Is anyone aware of what's really going on with this? Nationstar was recently sued by an investor, KIRP LLC in New York Supreme Court and ordered by temporary restraining order, to stop auctioning some home loans. The order blocks Nationstar from selling through auction.com or similar websites “non-performing mortgage notes”. Maybe more of the investors will join this one and jump out of Nationstar's bed
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Permalink Reply by Kevin - Greenville, SC on
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A decision in NY may or may not be known by other states. Id suggest everyone bring it to the attention of their Real Estate Commissioners, Consumer Protection Offices and their states Attorney General.
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