first it was GMAC then serviced by Ocwen had to update the entire file, then ocwen took over the entire file and had to again update the entire file... then borrower was not qualified for HAFA then they are qualified for HAFA then the closing costs were greater than 10% of purchase price, we fixed to 8.8%, then the offer is too low 3 times.... Now denied because "has to be listed on HUBZU Altisource. What is with this co?
Can they require it to be listed with hubzu? they outright told me HUBZU will make the final determination of approval of the price... they actually just denied because reason: Did not follow their guidelines:
"The short sale offer was declined because you did not complete all Ocwen requirements for a short sale review (as outlined in this Notice). A short sale is still possible with your prospective buyer's offer. You must first participate in our Assisted Short Sale, a new option developed with real estate services partner, Altisource®. Once you have listed the property through the Assisted Short Sale Program we will review all offers, including the previously submitted offer if it is resubmitted as provided below, and will provide a decision."
This is the first i was ever told about this requirement....
I figured that was the case ie; fannie homepath freddie homesteps I'm sure some of the other sites are owned by other banks or have interest...
My escalations worked in one day by the way! I am now in touch seeking an approval...
Altisource takes 1.5% of comission
I got the same exact letter from Ocwen about a week ago.
Today they called me while I am away from the office. Person on other end does not speak very good english... thick India accent. I tried to keep my composure. they have a way to get under your skin. I asked them kindly to repeat their question 4 times. the 5th time i told them I cannot talk with you since you cannot speak my language, He calmly told me if i cannot speak with him there is no one else...
I flipped my wig! In a public place i went to a corner of the area and sternly told him to put with his supervisor... He hung up!
This company really needs to be hung out to dry with their antics and business manners I will be contacting them monday and referencing MHA also,.
As far as I know, the original commission is preserved and Hubzu is paid from the Buyer's premium. Maybe this is a new change from the original set-up..
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