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Permalink Reply by brenda rogers on August 4, 2011 at 11:25am

Flagstar is like the commercial on television where you call in to redeem your points and the guy is sitting in his basement or something and laughs at you when you are being serious.  I closed one FHA short sale with Flagstar last year which took 9 months just to get the Approval to Participate.  I had another one which had 2 liens that went on for 2 years, approved once, buyer walked, sent in the next offer at the same amount and they declined the offer, just a week later.  After 2 years and 3 contracts, they foreclosed and would not tell me why.  The Sellers have filed a lawsuit against Flagstar and are going to pursue damages.  I will never, never, never, never, never, never, never deal with them again.  They are the worst!  They make post-Countrywide Bank of America look like amateurs.

Permalink Reply by Kari A. Battaglia on October 2, 2011 at 3:13am

Danielle,

I am currently in the same situation.  Submitted short sale application in February 1 1/2 months ago Flagstar countered our offer with specific instructions to resubmit HUD no longer than 2 months out.  Buyer accepted the counter so we can move forward without more delays and they are going through the underwriting process right now.  1 1/2 months after accepting the counter and submitting updated HUD with closing date 2 months from 8/16/2011 we still have not heard anything.  We are only told that we are in the "queue" and if I speak with someone regarding the file we will loose are place in line for approval.  Finally last Friday we had someone who seemed to know what they are doing and said that file had been sitting far too long and they were emailing management and I would be getting an email this week.  Well this week past and nothing again.  My customer are ill and on the brink of dying but there does not seem to be any sense of urgency on the part of Flagstar to get this completed.  I am going to report this, this is blatantly irresponsible and do not know how they are able to stay in business.  We can get this toxic asset off their books and they are just sitting around doing nothing.  Maybe their CEO and stockholders will like to know exactly what is going on with Flagstar.  I will be sending them this and all the other comments in this forum.  Shame on you Flagstar!