Are they serious?

After 9 months on the market, I finally received an offer on my house (short sale). We signed the contracts two weeks ago. I spoke with Nationstar today and they told me that PMI won't even accept short sale applications unless you are 2 months delinquent. I have been busting my chops in order to barely make my payments each month. Does this sound legit? There's no doubt we'll lose the buyer if we have to wait two months to submit it.

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Permalink Reply by Bryant Tutas on July 18, 2011 at 7:27am
Alan. It really depends. I just closed on a Nationstar short sale where the seller was current on payments. Has the complete short sale package been submitted?
Permalink Reply by Cody Lampariello on July 18, 2011 at 7:43am

If the PMI company is stating that then you are stuck. I have completed plenty of short sales with current sellers as well as plenty where the seller was required to be delinquent. Every investor and/or PMI/MI company has different requirements. I worked with a credit union once where they required the seller to be 31 days delinquent. We waited the 30 days and submitted then when it got sent to the MI company they said no because the seller was only a little over 30 days past due. We had to wait 2 months and re-submit.

 

Long story short the MI companies really have no one telling them what to do (HAFA/Fannie/Freddie) if they say 2 months before they will look at it. Not much you can do.

Permalink Reply by Sean Gunning on July 18, 2011 at 2:52pm
Is there a way you can find out who the MI company  is if the lien holder won't tell you?
Brian Avery said:

Mortgage insurance companies are tough battles sometimes. They are on the hook to the lender. You might try and contact them directly.

Permalink Reply by Richard on July 18, 2011 at 4:06pm

Hi Alan,

 

I offered on a Charles Schwab owned house over 4 months ago and I was just told last week by the seller's agent that what likely got the ball rolling for the seller was the fact that she missed a payment last month.  Even then, we don't know whether or not they are going to get it approved.

 

It's sad that it has come to this however, I heard of other people having to do just that in order to get the lender's attention.

Permalink Reply by Ban KKiller on April 28, 2012 at 8:44am

Nationstar makes twice as much money when they "service" a delinquent account. Get it? Then they add all kinds of junk fees. 

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