Does anyone have a good contact at Nationstar Mortgage? I recently had a B of A short sale APPROVAL LETTER and after this is was transferred to Nationstar so we cannot close. B of A transfer letter states that the short sale and all of it's documents and approvals (approved by Freddie and MI Company as well) would be transferred but Nationstar tells me to resubmit the documents and start over.
this just happened to me. we had to start over but it went very smooth and we closed. They will start all over from the beginning.
Of course it may be too late, but try tweeting to @BofA_HELP. Some people have been able to get BofA to take back a file to finish the deal. I have 2 that I have in the last couple of days. I can't yet say how mine will go..
My seller's short sale file also just got booted to Nationstar from BoA after weeks of trying to get it pulled back to BoA. I've received mixed reviews about Nationstar...a few no problems, but mostly negative about starting over and no communication. I'm starting over and hoping for the best.
Let's keep in touch and share helpful info along the way. I would love to get contact numbers for Nationstar just in case if you receive any and I'll pass along what I learn along the way.
Changing service providers in the middle of the short sale is the one aspect of short sales that makes it tedious and I always hope it won't happen.... but here I am. What a crazy business! :)
Best of luck with yours.
This seems to be B of A's latest ploy. Work a SS for weeks then send it to Nationstar to die. I wonder what's driving this?
We have a nationstar file and can get nobody to get us any kind of direction. File is complete and confirmed as such, but NS says it is in valuation (and has been fro over 10 weeks now). We have tried toe scalate to no avail. Something is afoot out there folks. short sales have just gotten a lot more difficult in the last 2 months and nobody is talking. As a member of the California Assoc. of Realtor Distressed Property Task Force I can assure you that I am paying attention and am bringing up our concerns but it appears that banks are just getting meaner as we go along. We have been doing this for over 5 years now, there is no secret on how to play the game and yet the banks are just making it harder every day. Does anybody out there have ideas as to why?? Something is not right. Banks are not giving f/c postponements as much anymore and it does not make sense.
I'm curious... have you inquired as to who the investor is on this loan? Somebody needs to be aware of NS mis-steps.
fannie. We have checked and it still is getting us nowhere. Called again today and got a "higher" supervisors email and are going to give this a try. Something is not right out there. there is no reason for fannie to be getting harder. We gave those idiots hundreds of millions of dollars ( all of us) and this is their response. If I was in the mafia I would be talking to Guido and the boys!!!!!!
It would appear that Fannie Mae and Freddie Mac are dumping Bank of America. You think Bank of America is driving this? I don't think so. It's the investors who are paying the servicers, not the other way around.
I agree. I escalated the matter to the office of the CEO since we were so close to closing. He said that it would be up to the investor if they would "allow" b of A to continue with the servicing through settlement. He also mentioned that this process was entirely driven by the investor. I don't know why Fannie and Freddie would be dropping B of A unless it has something to do with the new National Short Sale laws effective November 1st.
Yes, consider this...the owner/holder of the note and mortgage can NOT negotiate the sale of property. They own no property, they own a paper asset. In fact, the truth is that NO bank can change ANY term of the contract for sale. They can accept or deny the agreement.
They can however tell a seller (they have no right to tell a buyer anything at all) that the price must come up $XXXX net to the bank. They can not say becase they won't cover taxes or buyer's clsoing costs...they can only say that they will accept $XXX,XXX to settle the note (remember that they have NO interest in property just in the negotiable instrument. In other words all they can legally be interested in is the actual amount NET to pay off the note (which is based on the expected value of the property in its distressed condidtion at auction onm the court house steps, not the value of the note). Anything else that they say or state or require of the contract for sale is actually negotiating a real estate transaction. They do not own the property and therefore would be doing so illegally in almost every state. They are only negotiatiing the buy out of a negotiable instrument! Keep it simple in your mind!
Remember that the short sale negotiation is NOT a negotiation for the sale, that is between seller and buyer ONLY and already negotiated. The negotiation with the mortgage/note holder/owner is the negotiated settlement of the balance on a negotiable instrument ONLY, NOT a real estate transaction under any circumstance 9that would be illegal in most every state and probably federally as well).
I am not an attorney so this is not legal advise, however it is simply the review of the actual conditions that seem to exist within the parties, documents, contracts and agreements that exist on paper and the historical assumed laws and court decisions regarding these things.
The moment an agreement takes place it is a CONTRACT for sale of a negotiable instrument, in many states as long as the TERMS are agreed then the contract exists! If the bank states "we will not pay the $1800 cost for whatever it is....then your response to them is "so if we leave the contact as it is and I increase the purchase price $1800 then we have a deal?" If the asnwer is YES then there is a contract in existence as long as the buyer approves the deal OR the seller pays the $1800.
Remember that the "Statute of Frauds" does not apply and in fact in most states it falls under many simpler and more direct business transaction laws. Many of those laws would in fact have severe penalties for a party that makes the agreement and fails to perform or negotiates and agrees in bad faith. Many states have laws that allow for triple damages for such actions.
Truly the only short sale laws that I know of are in regard to the protection of the seller and seller's credit etc.. as well as they minimum requirement to show good faith in helping the selle runder federal laws.
The buyer of a note takes the note SUBJECT TO existing conditions. An agreed settlement IS an existing and legally enforceable condition.
Deliver the dated letter to the closing agent and move the closing forward. Presenting the letter to the bank that OWNED it at the time of approval is all that should be necessary to move it forward to closure. Copy EVERYTHING to both banks.
I would also suggest that the agent who obtained short sale approval do a coule of things specifically..I can't mention them here for specific reasons..but may be able to talk one on one with anyone who contacts me.
I have had letters of approval for short closing (of the NOTE) with an amount given. Anytime it is written as a loan settlement letter...in other words approval of terms and amount to settle the note...if there is NO aproved purchaser of property in the letter, the payment can be made by ANY person for any purpose (i.e. refinance, sale, or aunt Mabel loaned the owner the $$). Delivery of any such letter to any teller at any branch of the lending institution along with payment will ususally suffice to settle the debt and release the mortgage.
If there is a clause such as arms length then that would apply, however...the truth is that the holder/servicer of a note is negotiating the instrument itself in the short sale, they can NOT legally do anything to interfere with the sale transaction other than accept the dollar amount of settlement or raise it.
The lender in essence can not give a counter offer, only the seller or buyer can. Be sure and tie your lender to the DISTRIBUTION to them at closing. For instance, if they say that they need 20% cash down from a buyer and they are not the new lender..then they are violating a lot of laws...including practicing as a real estate agent....negotiating a sale contract!!!
They can tell you that the price is $5000 too low..then ask them if htey are talking about hte DISTRIBUTION amount to them. Have them agree that $5000 more in distribution is what they are seeking (this means you have negotiated the sale of or the buy out of the mortgage in value). Explain to them that you are the agent and it is YOUR job to get the deal done and figure how to do that. When they say yes,$5000 more to us at closing that will do the job.. you then have a contract. whatever other terms are there still exist.
Then go get it done.
Keep it simple in your mind..they are seeking a bottom dollor at closing. That is what you are negotiating for...once determined the deal is done if the parties can make that happen.