Another CAZA Short Sale Sold

Short Sale in Oakton, VA

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The short sale process can be a long one, but the end result with the help of Rob and his team is SUCCESS. This deal took almost a year to negotiate, and agents with less experience and resolve might not have been able to get it all the way to closing. It took a year to close this short sale deal, but the sellers can now move on with their lives, thanks to Rob and his team.

If you are thinking about a short sale for your property, or wonder if this might be an option for you, please give Rob a call to talk one-on-one about your situation. 703-587-0995.

Short Sale Townhouse In Alexandria

Short sales are almost exclusively sold in as-is condition, as the sellers are navigating financial hardship and do not have the extra resources to maintain and fix up the property. This does not necessarily mean that the properties are in rough shape.

We have a new short-sale listing in Alexandria that is still a stunner.

 712 Catts Tavern Dr, Alexandria, VA

3 bedroom, 2.5 bathroom townhouse minutes from the Braddock Rd Metro Station

Priced at $725,000

If you would like to see this potential short sale property or learn how we can help you buy or sell a possible short sale property, please contact our team today. Call Rob at 703-587-0995.

 

 

 

The Trouble With Ocwen

The Trouble with Ocwen, Altisource, and Hubzu

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Ocwen is a loan servicing company that currently services many loans originated elsewhere throughout the country. When you originate a mortgage with a bank or other lender, the mortgage is often sold on the secondary mortgage market to loan servicers, such as Ocwen. Even if you start out with a Bank of America or Wells Fargo or other lender, you may end up dealing with Ocwen when it comes time to sell your home.

Ocwen has faced a some strong criticism in recent years for its allegedly questionable practices. These practices include inexplicable payment hikes (leading to late fees and negative credit hits), contributing to premature and unauthorized foreclosures, violating homeowners rights, and the use of false and deceptive documents, to the point that last year, Ocwen reached a settlement with 48 states to provide over $2 billion to customers for these practices.

For a few homeowners, having their loan sold to Ocwen and dealing with the subsequent changes in their loan and policy can be the final straw in an already difficult situation, and they may find themselves facing foreclosure- but a short sale may be the best alternative.

Short sales with Ocwen are further complicated, however, by the relationship between Ocwen, Altisource, and Hubzu.

Altisource is a multifaceted real estate industry servicing corporation, so much so that exploring the website for a definitive answer of “what exactly does Altisource do?” yields limited results. One of the many arms of Altisource is the real estate sales website Hubzu. Hubzu is an online marketplace for real estate sales, accommodating auction as well as traditional sales.

Here’s where the problems start. Ocwen and Altisource have an established relationship. Ocwen requires short-sale properties to be listed on the Altisource site, Hubzu, in order to be successfully sold. In fact, there have been instances where less knowledgable agents have listed Ocwen serviced short sales on the MLS, ratified an offer, and Ocwen declines to accept the offer simply because it was never listed on Hubzu, leading to wasted time, effort, and countless headaches.

These practices may raise some eyebrows, and indeed New York superintendent of the Department of Financial Services, Benjamin Lawsky, has been investigating the relationship between Hubzu, Altisource, and Ocwen since earlier this year.

Virginia Short Sales can be complicated affairs. It is pivotal that you work with an agent with the knowledge and experience to navigate the maze that short sales can become. However, knowing as much information as you can find can only help in your short sale process.