Streetsboro, OH · Member since 2017 · 2 posts · 2 votes
This week I won an auction on xome.com for a property in Portage county Ohio. I got the contract but I noticed that the seller listed on the contract is Nationstar Mortgage LLC. However, when I look at the county tax record, the owner is listed as US Bank National. Doing a quick google search it doesn't look like these companies are linked in any way. The court case for the foreclosure has US Bank National listed as the PLAINTIFF.
Also, the title company is listed as Chronos Title. I am supposed to send them the earnest money deposit ($3k), but I have not received any info on how/where to send it. I have called and emailed both xome.com and Chronos.
Has anyone had the same or similar issues? I don't want to give them $3k if this is a scam. Please let me know asap!
Not a scam, they are the largest seller of REO's in the country. Titles get transferred between banks and servicers during the foreclosure process, just after, etc. all the time.....no biggie. But, I always recommend you choose your Own title co., if you haven't already made the choice to use Their title co. You will pay for your own title insurance this way, but the other fees make it lmost a way, but more impoertantly you will get a more thorough tile search, and less exceptions ((things not covered) in the B Section under Exceptions in your title policy//committment.
Not a scam, they are the largest seller of REO's in the country. Titles get transferred between banks and servicers during the foreclosure process, just after, etc. all the time.....no biggie. But, I always recommend you choose your Own title co., if you haven't already made the choice to use Their title co. You will pay for your own title insurance this way, but the other fees make it lmost a way, but more impoertantly you will get a more thorough tile search, and less exceptions ((things not covered) in the B Section under Exceptions in your title policy//committment.
Nationstar Mortgage LLC is a large mortgage servicing and origination company. You'll usually will see both Nationstar and US Bank National together on foreclosures.
As of August 2017, Nationstar is now going under the name Mr. Cooper...
Thanks for your prompt response! I will take your word and assume this is a legit sale. I still haven't heard from the Chronos Title. Not sure how we are supposed to get the earnest deposit compete within 2 days, when they are taking more then 2 days to get back to us.
Nationstar ( Mr. Cooper ) is one of the larger servicers to use these type of platforms. They used to be on auction.com, then homesearch, and now Xome. Ocwen uses HUBZU in some states. Certain investors/servicers use these platforms for short sales and many times for REO's.
These sites have been a hot topic for some for awhile as it appears Nationstar also is an owner in Xome. Many people throw tantrums when Nationstar forces them to use the auction site during the short sale process.