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....
After almost 9 years of short sales and working on hundreds of deals. Fight them all and Win ... some times BIG !!!! IF the owner owns the house still the bank cant do anything.......... I just got and approval letter from a bank that demanded the property be listing on a auction site............ bottom line they did what I said !!!
Do not given in......... Stay strong and fight.
I have the homeowner write a letter rejecting the offer to list on the auction site. You are the EXCLUSIVE listing agent in your listing agreement. File complaints with the CFPB and State Attorney General. They do listen. At least that has worked for me.
@ Larry. I received on Friday exactly the same rejection letter you did on a short sale I have been working through for the past couple of months. They claim this is going to be easier! It has taken me 2 1/2 months to get 2 offers on the property and it is ridiculous to think that a 7 day auction is going to solve the issue. It just makes double work for us and if you do not get the first offer approved then they will reduce your commissions to 2.5%.Not many first offers end up approved and closed so we definitely will end up doing more work and losing commission.
Unbelievable after processing the complete package of paperwork to get this reject letter. Of course they reference some approval forms but they are not provided with the reject letter.
I am going to try and fight this with OCWEN and the sellers assistance. More delays...........just hope we dont get a foreclosure date to make matters worse.
Ok. I am about to take a short sale listing. Ocwen is servicer. What if, I include in listing contract that seller agrees to reject and not to participate in any third party listing or sale, such as Hubzu or Acution.com
Do you think they will foreclose or take it seriously?
How do you apply for short sale with Ocwen? Do you do by fax or by e-mail?
It has been two years since I last did an Ocwen. I did both - faxed and emailed.
GMAC and Ocwen are the same. Someone is messing with you. They perhaps haven't merged completely but still the same. Email me to forward you an executive contact to listen to you if you would.
Larry, this is a post from May 2nd You might revisit it.
Vikki Lucas commented on Wendy Rulnick's group "GMAC" on Short Sale Superstars
Got new contact info for turning in your Ocwen file that was recently service released from GMAC. Ocwen (800) 746-2936 (http://shortsalesuperstars.com/group/gmac#) (Your first tip off that you will need to use these contacts will be that you will have to go through the identical autoattendant verification process twice (enter loan number, last 4, etc.) loss mitigation fax 866-709-4744 [email protected] (mailto:[email protected])
Nolberto, here is your post from Aug 21.
Nolberto replied to pinkribbonlossmitigation's discussion "NEW OCWEN PROCEDURE??? Need to List property on their website?" in OCWEN on Short Sale Superstars
CEO won't bother, same with Ron he never answers but will be nice to cc him too at [email protected]. The one who will be concerned is SVP of LM / short sale; [email protected]
I have escalated to the following
[email protected] HAMP ONLY use link below first for 3rd party auth and case sheet
I am not messing around with these people anymore. OCC Attorney General office and State Representatives are also being notified
This is absolutely the worst servicer... I've delt with Nationstar CCO TDBank Flagstar who I have been told are terrible. Not true. None even come close to compare to these people... Very difficult to understand foreign accents. No empathy to borrower at all. Poor coorespondence, and now outright lying that we did not properly channel thru their procedures by not participating in Altisource. I am sick of them. I dont like to get mad but i am now!
GMAC is bankrupt and Ocwen is the Trustee of thier accounts is how I was explained and is reported. Ocwen seems to own HUBZU and Altisource though
You need to connect the dots with Altisource, Hubzu, OCWEN and Real Home Services..... they are all the same and OCWEN benefits from foreclosure. They use Realhome to sell the property and get paid a commission, they use Hubzu to take "bids" and close with Altisource