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 Thom Colby CA Brkr 888-391-5245 on
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Roland -
It's Bank of America not American and Nationstar is NOT a Bank and is not regulated by Banking Law.
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Permalink Reply by Judi Fiolle on
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done
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we got 2 to sign, 99998 to go, send to everyone, we can do this
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Permalink Reply by Kathy Dyer Realtor Rosevillle Ca on
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Thanks Ronald,
I just signed this petition. I was the 7th one to do so!! All these people are complaining about this issue and have not signed this??? Why?
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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George, if there is an existing listing contract between the agent and the seller, ANY, approach by a third party to inject themselves into the relationship and "take over" the relationship in a new contract is, in my opinion, a tortuous interference with the existing contract. Same goes for a sales contract and the SS negotiator saying if you do not use Auction.scum they are going to foreclose. Again the SS negotiator intent is to inject themselves in the relationship of an existing contract to "take over" the relationship in a new contract and is, in my opinion tortuous interference with the existing sales contract. Not to mention breaking other laws by using the threat of foreclosure to interfere with the buyer-seller relationship. If Auction.scum, had a contract first, what do you think their position would be if an agent tried to inject themselves into their contract after the fact to obtain the listing?
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Dean do you any insight into Commercial Bad Faith ? I think thats your card to play.
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Bill Sloss First I am not an attorney. Commercial Bad Faith is a vague notion that attempts to distinguish between due course holders and an ordinary course of buisness transaction. From what I know, it is only defined by case law. To my knowledge Negotiable Instrument Law does not state that "course of business" is a requirement for due course holding. The concept of "ordinary course of business" would ask if this is what banks and servicers do everyday in their business (submit to auction.com). I would argue it is not. Their right in regard to the note is to make a decision regarding the short sale or to foreclose. To require or even request submission to an auction is the practice of real estate (in my opinion) and is NOT in the ordinary course of their business. It could be argued that the taking of a note's collateral by auction by a third party servers to separate the transaction (the auction) from the transaction to which it relates (the shortsale/foreclosure) and as such is not in the ordinary course of bank/servicer loan administration. Only a court/OCC/ DOJ/Fed Reserve can decided.
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FYI just received word from NAR that they are sending this issue to their legal department. Hopefully something will happen to stop it. In the meantime, we need to keep up the pressure with all of the others that we have been contacting about this issue.
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Thank you for your kind reply. I think its an argument to pursue as you obviously make perfect sense.
Now you have to tie a harm to the practice and how the practice does that harm intentionally more or less. I would argue delving into R/E transactions unlicensed does that as does interference in commissions.
Theres your Bad Faith and the damages I believe are treble or punitive.
Immediate relief? A state injunction barring it? See the MO AG.
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agreed Dean. totally illegal for them to do this sort of thing.
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Its only illegal when they get caught and the ones to catch them and hold them accountable are you guys.
No one is going to help you unless you get together and do something.
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Permalink Reply by Steve Reid on
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I have a Short Sale currently going with Nationstar. A negotiator has been assigned and I received the ARASS last week. I have been told the BPOs / appraisals have been approved, all documentation is up to date, everything is set to go and the Trustee Sale will be postponed to allow for time to close the escrow. And then … I get a call from someone at Auction.com.
I was told that the property will go under their program and that’s it! The seller has NO CHOICE in the matter. I was emailed the Terms and Conditions paperwork for the Seller and myself to sign and return right after the call. The seller said no.
I called Nationstar and was told we did not have to opt for the Auction.com program. So, I called Auction.com and talked to the person who had previously called me. He said that Nationstar and Auction.com were one in the same and that there was no choice …. We had to comply with the auction …. open houses, show the property, different commission schedule, etc. Then he offered to conference call a manager at Nationstar and get the problem settled. I would be told by someone else in management that we would have to agree to the Auction Program.
Well, when that person came on the line and he introduced us, she agreed that when they first started offering the program it was mandatory. However, they ran into problems and at this time it is NOT required, only offered as an option, and the seller and listing agent must agree. Interestingly, the person from Auction.com hung up without comment, and has not returned my calls since.
The person at Nationstar then told me to send a message through Equator, which I have done, stating the seller does not wish to participate in the Auction Program, and to forget about the forms I had been sent regarding the Auction Program.
Hopefully it is resolved …. We’ll see.
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