Comment

Comment by Celeste ODea on June 2, 2012 at 9:59am

You're lucky you got your transaction to close in 5 months! It will be a year in June for me. I constantly follow up with Flagstar, but the file is always "in review." Finally got the ATP last week and it still has to go back "for review," and we have to close by June 30. It's constantly staying on top of them! Must have patience in working with Flagstar.

Comment by Mike Rosania on June 2, 2012 at 9:34am

Good news is I recently got one to closing. Bad news is took me 5 months and a lot of follow up to get done. I would be sure the listing agent or whomever negotiating the deal has experience because they are not the easiest to deal with.

Comment by Suze Que on June 2, 2012 at 8:46am

Hi there - I'm a buyer that just put an offer on a short sale. I've been reading nothing but bad things about the turn around time for Flagstar. Is there any chance that Flagstar will be held accountable with the new Federal Housing Finance Agency directives that go into effect on June 15, 2012? Also, any "good" stories from Flagstar will make me feel better :)

Comment by Deidre St. Romain on March 27, 2012 at 10:17am

Jae:  The best luck I have with calling ANY bank is placing your call EARLY morning.  Here in Arizona I call around 6 a.m. which is 9 a.m. now on the East coast...just my trick if there is any with Flagstar!  Good luck to you!

Comment by Jae Evans on March 27, 2012 at 10:00am

I've called three days in row and no matter what route I try I end up on hold for the Loss Mit dept. for over 30 mins without getting through. Help! Any other way?

Comment by Celeste ODea on March 7, 2012 at 2:55am

Flagstar should be ashamed of themselves for doing such a poor, poor job in processing short sales.  I've had a cash offer since last July!!  From what I have learned, they take a minimum of 12 months to process a short sale.  I think you're right, Barbara, they must get a bonus or some incentive if the property goes to foreclosure because they sure aren't helping these distressed homeowners.I feel sorry for the homeowners.

Comment by Barbara Thomas on March 6, 2012 at 6:59pm

Shame on you, FlagStar Bank!! We have had a cash offer on the table since the end of December, and we were assured that we had provided you that everything that you needed was received by the end of December.  You then put this in the hands of one of your "single point of contact" people (for our purposes, code-named "PS") and told us that we could only commuicate through him.

February 7th was the last time that the "single point of contact" (PS) and I had a conversation. Hetold me that a BPO had been reordered.  We confirmed that I should be contacted for access to the property.

I left unreturned messages to PS on 2/13, 2/15, 2/16, 2/21, 2/22, 2/23, 2/27, 2/28, 2/29, 3/1, 3/2, and 3/5.  Additionally, I was advised that Waneque Christman has been assigned as a "Mediator", and I left multiple message for her, also.

I had previously escalated the file to Fannie Mae. On 3/1, I called Fannie Mae, again, to request their assistance.  I will leave the details of that discussion for the Fannie Mae group... needless to say, it was not very helpful.

Bottom line:  we have had a cash offer on the table since the end of November at $225,000. After many, many phone calls with FlagStar, we had confirmation that all documents requested had been received  by the end of December.  Many calls made to get the 2/6/2012 foreclosure sale date postponed,  Barely successful. Zillow value has consistently been in the $230K range.

 

So, must be some incentive to let this go to foreclosure ....would be interested in any insights.

I do plant accelerate within Oreon law.

Comment by Paola Martinsen on January 27, 2012 at 10:13am

BAC requires the same verbiage for their FHA ss. I think it might have to do with being owed a commission if the property reverted to a DIL. I dont think the banks want to do a DIL. But the might if the ss attempt fails. 

Comment by Michael Valdes on January 27, 2012 at 10:01am

Flagstar is requiring the following addendum to be added to the listing agreement:

"Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker, and without payment of a commission or any other consideration, if the property is conveyed to the mortgage insurer or the mortgage holder.” 

Doesn't this verbiage sound like the bank might attempt to get the seller to do a deed-in-lieu instead of a short sale? 

Comment by Bryant Tutas on January 24, 2012 at 9:39am

Got in.

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