I am trying to purchase a home in Florida that is a short sale.We have been under contract since late April. The second mortgage has agreed to accept $25,000 for a $250,000 second. The seller hired an attorney to handle the short sale negotiations. His loan was sold to Nationstar during the sort sale process. The attorney kept telling us that they had the wrong loan number and could not get the correct number from Nationstar. Finally at the end of June they got the loan number, collected the additional information they felt they needed for Nationstar. Now they tell us that Nationstar has aver 300 loans backed up and we have to wait to get into the Equator system. Does this sound right? Is there a way to get this log jam moving?
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Not necessarily. I've had lots of transactions where the 2nd is current. It's a question for the seller
My file finally got onto equator last Tuesday. They say it will take 30-45 days for the BPO. I made my initial offer in late March. Does this mean that I will not have any idea until October? What can I expect now? The house has a 1st of $1,500,000 that has not made a payment in 2 years+ and a $250,000 second that they say they will accept $25,000 for. My offer is $1,350,000 cash.
It is highly doubtful the first will pay 10% ($25,000) of the $250,000 UPB to be paid to the 2nd. Is the 2nd current, or in default or collections?
Sounds like the loan was with Aurora originally. Aurora was moving slower than a snail's pace and then we found out why - they were selling their servicing portfolio to Nationstar so they didn't care. Nationstar acquired all of the Aurora business on July 1. Now they are really, really behind. If you didn't already have an approval with Aurora before Nationstar took over, you have to start all over which is can be a 60 day process on a good day, but now that they are really behind, it's probably more like 90-120.
If had my 3rd party auth addressed to Nationstar but no loan number on it and i was able to email it to the cust service rep while i was on the phone. When he recieved it he gave me the loan number and i instantly entered into Eq and opened up the file. Soon after that the "you have been selected as the listing agent" task came and I had to upload the 3rd party with the new NSTR loan #. BPO ordered 2days after the offer was uploaded.
Now jut waiting for the BPO value to be reviewed and the offer to get accepted or countered.
Anyone know the % of BPO they accept?
Folks -
I have learned two important things regarding loans transferred / sold to Nationstar from other servicers regarding Equator;
1) Make sure you have the NEW Nationstar Loan # for your file. They change all Loan #'s when the loans are transferred into Nationstar. I started a short sale in Equator on a former Aurora Loan and although the Equator initiation was not "rejected" , it fell into a black hole. Once I reached someone at Nationstar on the phone, they gave me the new / correct loan # and I initiated it in Equator while on the phone with them. It showed up right away.
2) If you don't start getting new tasks within 48 hours, call Nationstar to make sure the 3rd Party Authorization has been accepted and the "accepted" task inside Nationstar has been completed. That's how ALL tasks are kicked off, once they accept the 3rd party in the system, tasks will start flooding into your Equator account.
Good luck !
We are working on a short sale with Nationstar right now - previously an Aurora loan - and are hearing that they are VERY backed up right now. I don't think they were prepared for the logjam of loans. They had initially told us it would take a couple days to enter the loan into their system so we could initiate in Equator, but it took more than a week. We were told it would then take about 30 days to process. But it's been almost that and they haven't even reviewed the BPO yet.
That is exactly my scenario. My sellers loan was an Aurora. It has been 2 weeks and we are still not entered in their system. I just wish I could see even an inch of progress.
It sounds normal in short sales, but usually it only takes a week to get a file into Equator...or less. That part doesn't sound right. Unfortunately you're at the mercy of a sold loan or servicing and that can really muck up the entire process.
Stay on the attorney.
That's the #1 reason I'm not a fan of attorney negotiated files >>>merely my own opinion<<<<