Nationstar NIGHTMARE! - Short Sale Superstars2024-03-28T18:42:25Zhttp://shortsalesuperstars.com/forum/topics/nationstar-nightmare?feed=yes&xn_auth=noHi Minna,
This is happening…tag:shortsalesuperstars.com,2013-06-25:3468065:Comment:3206672013-06-25T01:07:22.786ZSharon Tukayhttp://shortsalesuperstars.com/profile/JenniferSharonTukay
<p>Hi Minna,</p>
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<p>This is happening to me as we speak .. supposed to receive the short sale approval with AMS (for BofA) last week and now NationStar is taking over the loan as of this Friday. The buyer is cash and ready to fund like yesterday. Could you kindly share how long it took to almost get approved for NationStar and did you upload it all into Equator as well? Any information would be helpful :-/ Thank you and I hope you have already closed on your deal!</p>
<p>Hi Minna,</p>
<p></p>
<p>This is happening to me as we speak .. supposed to receive the short sale approval with AMS (for BofA) last week and now NationStar is taking over the loan as of this Friday. The buyer is cash and ready to fund like yesterday. Could you kindly share how long it took to almost get approved for NationStar and did you upload it all into Equator as well? Any information would be helpful :-/ Thank you and I hope you have already closed on your deal!</p> If there was a problem with t…tag:shortsalesuperstars.com,2013-03-05:3468065:Comment:3003942013-03-05T22:06:08.909Z31cg1fw8yxswnhttp://shortsalesuperstars.com/xn/detail/u_31cg1fw8yxswn
<p>If there was a problem with the docs you need to find out what is was! This note could be a null entity.</p>
<p>There are many reasons to look into the transfer back to BofA if you were told in writing that there was a "problem" with the docs. That could be legal speak for "no right to collect can be transferred to us with the docs that exist".</p>
<p>have fun with that one!.</p>
<p>If there was a problem with the docs you need to find out what is was! This note could be a null entity.</p>
<p>There are many reasons to look into the transfer back to BofA if you were told in writing that there was a "problem" with the docs. That could be legal speak for "no right to collect can be transferred to us with the docs that exist".</p>
<p>have fun with that one!.</p> I just had this happen....all…tag:shortsalesuperstars.com,2013-03-05:3468065:Comment:3002272013-03-05T21:32:11.096ZMinna Reidhttp://shortsalesuperstars.com/profile/MinnaReid
<p>I just had this happen....all the way to just waiting for the approval letter and bam- BoA sells loan to Nationstar. </p>
<p>We start over with Nationstar - get almost to approval again...and guess what? They sell the loan back to BoA - said there was a problem with docs....sigh....</p>
<p>Halfway through starting over with BoA again now......</p>
<p>I just had this happen....all the way to just waiting for the approval letter and bam- BoA sells loan to Nationstar. </p>
<p>We start over with Nationstar - get almost to approval again...and guess what? They sell the loan back to BoA - said there was a problem with docs....sigh....</p>
<p>Halfway through starting over with BoA again now......</p> Dirk, "the buyer of a note ta…tag:shortsalesuperstars.com,2013-03-05:3468065:Comment:3000322013-03-05T04:37:57.556ZWayne Brookshttp://shortsalesuperstars.com/profile/WayneBrooks
<p>Dirk, "the buyer of a note takes the note...." doesn't apply here at all. It's not the owner of the note that's changing, it's the servicer (hired by the owner). Also an Approval Letter can be rescinded/withdrawn. Good luck with getting that note settled and the mortgage released at your local teller.</p>
<p>Dirk, "the buyer of a note takes the note...." doesn't apply here at all. It's not the owner of the note that's changing, it's the servicer (hired by the owner). Also an Approval Letter can be rescinded/withdrawn. Good luck with getting that note settled and the mortgage released at your local teller.</p> Ron,
If there is a clause suc…tag:shortsalesuperstars.com,2013-03-04:3468065:Comment:2997632013-03-04T23:12:19.230Z31cg1fw8yxswnhttp://shortsalesuperstars.com/xn/detail/u_31cg1fw8yxswn
<p>Ron,</p>
<p>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. </p>
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<p>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…</p>
<p>Ron,</p>
<p>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. </p>
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<p>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!!!</p>
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<p>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.</p>
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<p>Then go get it done.</p>
<p>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.</p> Yes, consider this...the owne…tag:shortsalesuperstars.com,2013-03-04:3468065:Comment:2998622013-03-04T22:20:58.879Z31cg1fw8yxswnhttp://shortsalesuperstars.com/xn/detail/u_31cg1fw8yxswn
<p>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.</p>
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<p>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…</p>
<p>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.</p>
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<p>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!</p>
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<p>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).</p>
<p>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.</p>
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<p>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.</p>
<p>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.</p>
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<p>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.</p> The buyer of a note takes th…tag:shortsalesuperstars.com,2013-03-04:3468065:Comment:2999392013-03-04T19:05:37.706Z31cg1fw8yxswnhttp://shortsalesuperstars.com/xn/detail/u_31cg1fw8yxswn
<p> The buyer of a note takes the note SUBJECT TO existing conditions. An agreed settlement IS an existing and legally enforceable condition.</p>
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<p>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.</p>
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<p>I would also suggest that the agent who obtained short sale approval do a coule of…</p>
<p> The buyer of a note takes the note SUBJECT TO existing conditions. An agreed settlement IS an existing and legally enforceable condition.</p>
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<p>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.</p>
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<p>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.</p>
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<p>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.</p>
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<p></p> I agree. I escalated the mat…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2739342012-10-22T20:36:29.523ZTeresa Keelerhttp://shortsalesuperstars.com/profile/TeresaHejna
<p>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. </p>
<p>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. </p> It would appear that Fannie M…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2741282012-10-22T19:17:38.123ZElizabethWeintraub00697006LyonREhttp://shortsalesuperstars.com/profile/ElizabethWeintraub
<p>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.</p>
<p>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.</p> fannie. We have checked and…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2738652012-10-22T17:51:36.129ZDouglas Juenkehttp://shortsalesuperstars.com/profile/DouglasJuenke
<p>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!!!!!!</p>
<p>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!!!!!!</p>