Comment

Comment by Nick Curcio on January 2, 2014 at 9:33am

Sorry Chad, I should have clarified it was a mortgage fraud felony.  I am just wondering if they can';t do HAFA maybe they can do a traditional short sale or something to that affect. 

Comment by Chad Gelsinger on January 2, 2014 at 9:11am

Nick, I'm not an attorney, but...As long as they qualify under Dodd Frank, you should not have an issue. DF states the crime has to be part of a real estate transaction. General fraud, not part of real estate, should not be an issue. As always though, the Investor has the final word.  

Comment by Nick Curcio on January 2, 2014 at 9:03am

Can a convicted felon of fraud do a short sale with Fannie Mae?

Comment by Thom Colby CA Brkr 888-391-5245 on December 18, 2013 at 9:46am

@Dail - Auction.com "is" REDC - They did a name change a while ago. In fact if you look at the BRE website you will find several other iterations as well.   Also check with CAR Legal Dept as those forms are copyrighted and CAR actively pursues anyone copying their forms without their authorization. 

Best of luck !

Comment by dail kyle on December 18, 2013 at 9:39am

Thom Colby...Good point. We are researching this both brokers for the listing and selling agents. Will post what we get back as to the direction we are given. And even in the FAQ file that is included in the winning bid confirmation/purchase agreement that was sent to the buyers for docu-signing had a header on it for the REDC logo. I say 'Follow the money' as to what and why they are doing what they are doing. My feeling is that the Auction.com that is a CA licensed broker and an attorney, may have used some of the boller-plate language from the CAR form and them pasted it into 'his' form(s) as an attorney, and then contracted with Auction.com for them to use 'his' official paperwork. Now I want to make perfectly clear that this is just my personal opinion and not based on any documents or research...

And right now, our investor for this loan is not Countrywide. It is another bank. We tracked it down with the MERS number. 

Thank all of you for your taking the time to read and to those that even commented on this issue. I know ours is not an isolated issue and we need to keep all aware of the goings on in our business.

Comment by Thom Colby CA Brkr 888-391-5245 on December 17, 2013 at 5:32pm

@Dail - Better check with your E&O Insurer, they may not cover you when not using CAR Forms!

Comment by dail kyle on December 17, 2013 at 11:59am

Hello all,

There is a VA buyer. We are negotiating on behalf of the sellers.The buyers ended up registering for the bid and 'won' the bid. The winning bid was the amount of their CA RPA- And they have already wired the EMD to escrow per bidders requirement. The winning bid confirmation had as a package the confirmation of the bid (information on parties to the transaction were incomplete/or inaccurate) also had attached the Purchase contract. It was from Auction.com and was one of theri forms... So we are of the presumption that it is from the broker for Auction.com ( a Califoria BRE registered broker and attorney per public records) that was generated within these paramenters. It was not on the CAR approved forms. It did have some of the boiler plate language  (copied and pasted???). But it also basically stated to the buyer that they were not going to be charged the bidder's premium (5% add on fee from Auction.com), and that they agreed they were buying this as where is, no contingencies, just like it was offered on the court house steps. What does that say to the VA buyer. Is the EMD going to be retained (against the VA requirements) and subject to being forfeited. And the removal of all contingencies, inspections and that there was not consideration  of the appraisal. What is the appraisal does not come in at the contract price? Will they be obligated to adjust the price for the VA buyer? Or what?  We are waiting to hear back from the buyer's lender to see if they even feel that they can close on this one with their VA buyer and the non-CAR forms and the regulations that apply to all  VA transactions.  Anyone have any thought? Comments? Experience similar to this and what were your results?  Also, the winning package was sent to the buyers and the buyer's agent and were Docusigned. the Sellers and the seller's agent have not at this time received anything to sign. And the listing agent has communicated with both of the Auction.com names that were given us via Equator. These persons were not in the send to list so that we could not reply directly to them via the system that nationstar directed us to use. Thank you for your sharing and even the time taken to read these comments and thoughts.   Dail Kyle, Broker, BRE# 01873345

Comment by Demco Law Firm, P.S. on December 17, 2013 at 8:51am

I have been reading these posts regarding auction.com. I have not had very good luck with auction.com. the first one I went through, they did not receive a single offer and then they stated our offer was too low and had to move forward with a value dispute. I have done one that has gone through. When you already have an offer on the property and it goes to auction.com the current buyer does not have to pay the premium. They can sign up and bid like everyone else or if they are confident in their offer or cant raise their offer anymore they do not have to do anything.

Comment by Mary S on December 13, 2013 at 1:32pm

Previously approved BAC 2nd service released to Nationstar. 1st (HAFA Approved) is only offering 6% or 8500 whichever is less and Nationstar is demanding 8500. 1st denied 8500 request. Anyone have any luck getting Nationstar to accept reduced amount? Per HAFA they can get up to 8500 but it's up to the 1st to decide how much they want to give.

Comment by Sheyenne Schultz on November 19, 2013 at 11:31am

LOL   Why am I NOT surprised!!!!  Thom, you and I know that they both got "into bed" with one another a long, long time ago.....obviously, they're still "in a relationship"

lol

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