I am heated up and ticked off at the recent merger and bullying of Ocwen. I want contact information for every Florida litigating attorney.
I am the listing agent on a short sale that I have worked for over a year. The first contract would not meet Ocwen's non-provided counter. All that was stated is that the buyer must come up significantly but would not state to what price. Let's just say the buyer walked, who wouldn't with those kind of pricing games.
So I instantly receive an offer at market value from an investor willing to pay cash.
I submit the offer and about a week later I receive an email from AltiSource stating I and the seller must sign authorization paperwork allowing Altisource to act as the processor on behalf of the seller and that we must submit the property to auction on HubZu for additional bidding. The seller already signed off on an offer! Furthermore, I am told unless we sign this paperwork the buyers offer will not even be considered and the application to short sale will be denied. So this puts the seller in a legal bind. Oh by the way buyer, seller is not breaching contract with you, Ocwen refuses to look at your offer and even though it has been signed off on you must go through an open bidding process. Please understand the seller's hands are tied and we request you do not find the seller at fault or cause seller additional financial distress by going after any legal outlets.
In the paperwork form Altisource it states that I must provide the processor RSHH a portion of the monies received, buyer's agent a less than average of monies received and I myself will get what I do not bargain for. Next it states that if I represent both sides of the transaction I must provide the buyer agent's portion to the net indebtedness instead of receiving it myself.
Are you kidding me.....The short sale lender is supposed to be subject to the contract and the owner of the property is still the owner who signed a listing contract with me, not Ocwen. The seller has the right to choose who to go into an offer with. Neither I nor the seller are willing to sign the paperwork and are inquiring on the legalities of this bullying.
Where does Ocwen get off acting as the seller and dictating who the seller can go into contract with. These banks need to have additional regulation. They cannot just arbitrarily insert themselves into the contract acting on behalf of the owner and deciding who the seller gets to go into contract with. This is strong arming. They also cannot dictate to the seller who they choose to use to process the short sale and dictate I must pay this group. This is not in the best interest of the seller and in my opinion violates Respa.
Does anyone else have input on this? If you have some hotlines I can call and file formal complaints please pass them on. We have submitted to 3 trial attorneys and have placed a call with FAR.
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George A. Zelcs
Korein Tillery LLC
205 North Michigan Plaza
Suite 1950
Chicago, Illinois 60601
Phone: (312) 641-9750
Direct: (312) 641-9760
Fax: (312) 641-9751
E-mail: gzelcs@koreintillery.com
I am pursuing legal action against Ocwen, Altisource and Hubzu. If anyone has experienced a loss of a listing or commission, please email me. Our attorney would like to include as many Realtors as possible in this law suit against Ocwen. They need to be punished for their illegal actions! angela@atcmitigationservices.com
Yes, I was able to get my file removed from Hubzu/Altisource and pulled back into Ocwen for a HAFA short sale which was approved. I wrote some instructions based on my experience with this slow process: http://www.endingforeclosures.com/ocwen-assisted-short-sale-hubzu-r....
I am currently doing a short sale that with Ocwen. After following the requirements in the short sale package i.e listing property, taking offer, executed contract, proposed hud etc. I am then contacted by Altisource/Hubzu and told the property has to be listed on Hubzu. First of the seller did not give Ocwen authorization to turn over any information or documentation to Hubzu. Second the seller doesnt want to do business with any third party company and wants his short sale negotiated directly by his attorney. Nonetheless his attorney has sent a cease and desist order to Ocwen and Hubzu demanding return of his file to Ocwen as well as a stop of the bullying practice and threats of foreclosure. Hubzu and Ocwen are under investigation for fraud as well as many other things. You cant force a seller where to list his property. Ocwen is suppose to negotiate in good faith. It merely has to get a fair market assessment of the property done by a BPO which they order. Which has nothing to do with the listing and where its listed. The relationship between Ocwen, Altisource Portfolio, and Hubzu raises significant concerns regarding self-dealing. In particular, it creates questions about whether those companies are charging inflated fees through conflicted business relationships, and thereby negatively impacting homeowners and mortgage investors. I assure a lawsuit for this practice is on the horizon. Has anyone successfully removed there file from Hubzu.
NAR's only interest is in convincing government to continue the never ending cycle of government subsidies for the housing market in order to prop up home prices. That is why we have boom and bust markets.
Too busy playing golf I guess. We really need a stronger voice in this industry. we are witnessing first hand the effects of these banks and how they are hurting homeowners as well as the market.
Unfortunally NAR is not doing what they are supposed to do for us realtors. Lawsuit should have come from NAR...
I just came across this thread. I think someone in one of these horrific transactions should start a lawsuit and Depose Saurabh Singh here in the USA "in person". Do you think he can afford to travel to the USA and spend days being Deposed under oath? I don't any listings that are Ocwen, Altisource, Hubzu, Nationstar, Auction.com, and some others because they are all difficult to work with and could care less about their customers.......
Does anyone have a settlement statement from a closing that has actually taken place? Just curious. I would like to see if possible. Just wondering whom is actually getting paid and how.
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