Does anyone have any updates as to where things are at with Nationstar and auction .com Last I heard there was a class action suit brewing against them as they were forcing sellers to market their property on Auction.com after they had a fully executed contract with a buyer. Has anything changed? Does anyone have any input to this?
I would like an answer to this question also! My seller has refused to sign up with Auction.com, thus, Nationstar is threatening to cancel the short sale with a "ready, willing and able" buyer.
Yes I have a short sale right now that has been under contract with BofA and then was service released to Nationstar. They told my sellers that the can deny the short sale unless they agree to auction. It is a total rip off and waste of time. Will keep you posted as I do know they are not doing this on all their files like they said. Some attorneys here are now looking into suing Nationstar.
Thanks so much! Do you know who the attorneys
who are looking into it?
I have a client who would like to join the lawsuit! Janet Montano Keller Williams
I looked up some articles on it, but can't find much in the way of any lawsuits by individuals suing Nationstar. I have a short sale now that Nationstar is forcing into Auction.com & it's completely ridiculous. We were told the sale thing, that is we didn't agree to use Auction.com, that thye would not move forward with the short sale. It's blackmail, really.
Your seller needs to consult an attorney! Auction, most likely, is not a remedy for default in your seller's original mortgage docs but you are wading into the legal arena here and need a good attorney to write a letter. Everyone is going through this and most are rolling over with it because no one knows what to do - even the SS professionals. Its a new frontier.
Google everything you can.
And sign up with Auction.com so you can see ALL of the many homes they have BEFORE listing in the MLS
It pays to know all you can. Not everyone here understands what's happening because its as if the faucet was turned on full blast and there is just not enough info yet
Thanks, I will tell them.
Thanks so much so you are saying that my sellers original loan docs don't give exactly what again..not sure what you mean.
I don't know. Need to read them or have an attorney read them.
Hey Patti! Good to see your response. Hope all is well!
Fellow Agents: First of all, Auction.com does NOT have a contract with the borrower/seller and they have no right to advertise a property in any manner without the consent of the property owner (Nationstar is NOT the property owner). In California, turn them (Auction.com) in to the Department (oops sorry) Bureau of Real Estate and file formal complaints with them as well as CAR and NAR. Auction.com is licensed in California (#01093886) and the Broker of Record is Jeff M. Ashby (#01526627) - he also has a presence in Plano, TX (# 01909458) and it seems to me that they are violating ALL CAR and NAR Code of Ethics and possibly RESPA, B&P Code and Civil Code by accepting commissions for the sale of real estate and/or extorting agents and their clients to pay them by forcing them to agree to use Auction.com after the borrower/seller already has a signed contract with the agent. They may also be violating other laws as well, but that's for an attorney to speak to. As for Nationstar, they need to be reported to the Federal Agency that has jurisdiction over them and the Attorneys General (Kamela Harris in CA).
I'm working on a special program that may be able to turn the tables on these predator lenders and I'll provide more information at the appropriate time. Stay tuned! In the meantime, document everything.
I have heard of a similiar case in my office where a buyer had made an offer outside of auction.com and the buyer that did make the offer thru auction.com was given priority to purchase. I have a current shortsale with Nation Star and Auction.com. My first one, and already there are questions I have about this shortsale. One question I have is : There was a bid accepted by Auction.com, the seller ( I represent) agreed to the auction.com purchase contract. This was done prior to short sale approval from Nation Star. Do time periods start at acceptance of the auction.com purchase contract? I am not clear on this and have a lot of questions. Appreciate any thoughts on this. Thank you!
I'm not sure about that. You should be able to call the lender & ask them. All I know is when I spoke to Nationstar I was told that my buyer must sign up for Auction.com. They are going to list it at lower than what my buyer is offering. My buyer must watch the site and if there is a bid any higher than his bid, he will have to counter bid. Once the auction time is up, whoever has the highest bid wins. There are no counters allowed once the auction time is over.