What's your story? Is your client being forced into Auction.com?
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What's your story? Is your client being forced into Auction.com?
You need to be a member of Short Sale Superstars to add comments!
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I have a nightmare on my hands. B of A for almost a year, then sent to NS. Went through a fraudulent sale on Auction.com. They were pushing up the bid, then all the sudden dropped it BACK to the last real bid. Didn't matter because it didn't meet their ridiculous reserve. Been arguing value, as the property is land locked, the structures uninhabitable and built without permits. Sent written proof from County Building and Planning Dept. Was told to go get my own appraisal. I asked them to guarantee they would accept it before I did. No answer. Filed a complaint with the CPFB, got a sappy letter from customer service. I did get a phone call from someone who actually listened to the problems with the property and said they would escalate to management. Now my negotiator and her manager will NOT even respond to me or the offer that has been in since the Auction debacle ended. I have escalated, sent emails to names@nationstarmail, etc.
US Bank is the actual Investor. Anyone have any luck getting out from under the stupid servicer and dealing direct with the Investor? Anyone have good contact info at US Bank?
Thanks for any help!
Karen trying to reach someone at US Bank may never happen. The investor has a service agreement with the bank and they want everything through them. Also are you 100% sure that the investor is still US Bank? Many of B of A loans that the investor was US Bank were sold to Nationstar. This is another example where agents do not need to be doing short sale negotiations. Do what you are trained for and experienced. Sell real estate. The time that you have been fighting with this file, endless phone calls, leaving messages, writing letters, etc could have been used for prospecting for more listings. You need an experienced short sale negotiator. I don't know if you saw my last post where Nationstar owned the loan and said it was mandatory for it to go through Auction.com I sent one email to a VP and the auction process was waived and I received the approval letter 2 days later. You can contact me if you want more information
Tony
TM Short Sales Consulting
Karen Curtis If you have an EXCLUSIVE Agency, how does that permit another company to "have a borker in the State" and market and sell the property. It does not!! I am putting a clause in my listing agreement on the Naiton Star I am about to do the "the home owner agrees not to participate in any auction or other marketing program" If they foreclose so be it. It costs a lot of extra time and money on the agent part to get involved with these and they are taking commission away on top of it. Just plain don't see how it is legal to interfere with an existing contract and call it part of Nation Star approval process.
Yeah, probably the best protection for yourself, but just against the seller doing something like agreeing to the auction. And, of course, you have to think about collecting from someone financially in bad shape to begin with. NStar can say no to anything since you are asking for permission to short sale, so "legal" pretty much doesn't come into it, of course..
Fannie Mae, Freddie Mac and FHA owned loans will not allow for a 3rd party to negotiate the short sale even if it is at the servicers request. NON GSE investor's might want to use this action process as a way to increase the buyer pool and liquidate the property quickly. This will then result in auction.com wanting 1% of the 6% typically allowed for the real estate commission.
Fannie Mae's Standard Short Sale Guidelines SVC 2012-19 page 1 states:
Following transaction costs not allowed:
Fees paid to a third party to negotiate a short sale with the servicer (commonly referred to as “short sale negotiation fees” or “shorts ale processing fees”) must not be deducted from the sales proceeds or charged to the borrower. Additionally, the servicer, its agents, or any outsourcing firm it employs must not charge (either directly or indirectly) any outsourcing fee, short sale negotiation fee, or similar fee in connection with any Fannie Mae loan;
Freddie Mac B65.40 (f) Short Sale negotiation fees prohibited states "fees paid to any party to elevate, negotiate or process a short sale with the Servicer, which are commonly refereed to as "shorts ale negotiation fees" must not be deducted from the proceeds. Additionally, neither the Servicer nor its agents may charge FHLMC or the borrower, either directly or indirectly, any fee whatsoever in connection with processing a short sale".
Not true, Kathleen Freddie Mac does allow servicer to use Auction.com. And Auction.com does not get 1%
The only time this will be allowed is if the loan is in a Pool and Servicing Agreement and the FHLMC loan is in an Actual/Actual pool. T
I had posted elsewhere that during a HUD webinar, they stated that HUD does not support auction.com and if you have a problem with a servicer forcing auction.com on you, call them and they will fix it.
I have had one good experience with NStar, but that is probably because everything was done when the file was transferred from BofA to them. The other times have been a chore, at best.
I now call Nationstar the new Ameriquest
Funny I have other names that come to mind to call them!
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