Comment

Comment by joe beauchamp on July 12, 2012 at 8:12pm

I have seen elsewhere that agents have had success going to HUD to complain. You might also try a complaint via OCC, but my guess is that FHA being fed under HUD, OCC is probably treated as a joke - don't know.

Comment by Catherine Gheen on July 12, 2012 at 3:36pm

I am enjoying this discussion as I love it when others have the veil lifted as I have.  A few years back when this meltdown started there was a bank out of Los Angeles named First Federal Bank-the CEO was Babette Heimbuch.  I was trying to get them to accept a short sale and no matter how I escalated they would not accept?

Then I began to check all of the homes in my town that had mortgages with them.  Turns out the foreclosure trustee was a separate company that the CEO Babette Heimbuch was the owner of.

So you guessed it she was getting paid to FORECLOSE.  This went beyond any Loss Sharing Agreement, as I felt she was charging her shareholders the foreclosure fees, and making a profit of the act of the foreclosure.

I sent all of this information to the Attorney General Jerry Brown but nothing ever happened.............

I guess I was the only one at the time who felt it was a conflict of interest.  First Federal Bank was later sold to One West Bank I believe and good old Babette Heimbuch was fired.

I am not surprised at all that Bank of America is tied to an auction company.  They seem to have some arrangement with Dignified transition Solutions and the Re/Max offices also.

When they first started the cooperative short sale program I was asked to apply.  Then I later learned that only RE/Max offices would receive the referrals??????

Gee I wonder do they receive a kick back?

Hmmmmm........

Comment by Cathy McAlister on July 12, 2012 at 12:10pm

FYI  Red Crown Realty shows license expired 7-7-12.    In California you can check a license at  www.dre.ca.gov .  All public information.  Managing broker now shows under Auction.com.

All the dots seem to connect and lenders will make every effort to minimize their losses.  So, for BofA to have a relationship with a short sale servicing agent who also serves as an asset liquidation agent seems to fit well with those efforts. 

But... it does beg the question..... how many foreclosures really happened  (in lieu of completed short sales) for the bottom line without full disclosure.   We would much rather a lender tell us up front, we will not short sale and go to foreclosure; then to drag it out for months and dangle the carrot of hope with no intention to short sale.   

 

Comment by Laura Rivera on July 12, 2012 at 8:25am

Kylee, here is the "Homeowner's Bill of Rights" signed by Governor Jerry Brown yesterday:

The Homeowner Bill of Rights prohibits a series of inherently unfair bank practices that have needlessly forced thousands of Californians into foreclosure. The law restricts dual-track foreclosures, where a lender forecloses on a borrower despite being in discussions over a loan modification to save the home. It also guarantees struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers, and imposes civil penalties on fraudulently signed mortgage documents.  In addition, homeowners may require loan servicers to document their right to foreclose.

The laws will go into effect on January 1, 2013, and borrowers can access courts to enforce their rights under this legislation.

For more information:

http://oag.ca.gov/news/press-releases/california-homeowner-bill-rig...

Comment by Kylee Roe on July 12, 2012 at 7:37am

Again, concurring this time that AMS is a joke. But it did close. Also Bayview Loan Servicing. Thom, what about this new law Gov. Jerry just signed. "Homeowner protection act" or something (I'm out of town, not paying full attention), wouldn't that now protect in Cali, the bank can only persue one line of action--FC, or SS or Loan Mod, but none at the same time as FC?

Comment by Thom Colby CA Brkr 888-391-5245 on July 12, 2012 at 7:21am

They also operate as Red Crown Realty, REDC Realty Services, and LenderMustSell.com - all at teh same address in Irvine.

Comment by Pattilynn Guilford on July 12, 2012 at 6:59am

Contact John Gittlesohn with Bloomberg News. He is actively asking for answers to these very questions and maybe could put a spotlight on REDC.

JOHN GITTELSOHN
 REAL ESTATE REPORTER
 6500 Wilshire Blvd. Suite 2360
 Los Angeles, CA 90048-4920
 
 Desk: 323-782-4257
 Cell: 714-932-0177
 Fax: 917-369-7717
 e-mail: [email protected] 
 
 WWW.BLOOMBERG.COM

Comment by Helena Kaucheck on July 12, 2012 at 6:56am

I've dealt with three of these contractors assigned by BofA and none had produced positive results. Two went into foreclosure proceedings and it took a huge ain't if effort and escalation to have FC extended. Redc had the file for 6+ weeks at which time we lost valuable time to obtain and submit offer.

I am shocked that someone has not investigated how many homes end up in REDC world or AMS, etc after foreclosure. Why is this not considered a conflict of interst? Why is this outside the anti trust act? I'm really confused sometimes over how these relationships which have all appearances of being mutually beneficial for the two parties exclusive of homeowners are allowed to exist. At least with trustees, they don't have a say so in the negotiations but redc, etc, does effect potential SS outcomes because of their assignment. I'm truly confused.

Comment by Thom Colby CA Brkr 888-391-5245 on July 12, 2012 at 6:34am

Kylee - I'm in CA as well and actually I've been inside REDC's offices and seen how they actually operate.

Comment by Kylee Roe on July 12, 2012 at 6:28am

Yes, Thom. I absolutely concur. REDC is without a doubt auction.com. Not sure what state you're in, but here in CA, they ran auctions of foreclosed properties (not "foreclosure auctions")--properties that weren't selling on the MLS, pulled off and auctioned in ballrooms of big hotels, with lenders on site, they took their percentage. Sometimes the sellers would not ok the sale at the price the gavel fell, and the home would wind up back on the market.

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