Comment

Comment by Brigitte Mueller on September 16, 2011 at 3:11am

Hi Angela,

I had a Flagstar short sale that was negotiated by an attorney office.   They are by far the worst bank I have ever deal with.  They do not cooperate or communicate.

I personally don't deal with their short sales now.  Ultimately my short sale went to foreclosure which is frustrating since I typically have a high sucess rate of closing short sales.

 

However, having said that, you may have better success.

Word of advise...have an offer to them quickly, no pending foreclosure date and you have a chance. 

Once a foreclosure date is set it is near impossible to get it approved.

 

Good luck.

 

Comment by Angela Pitre Reddy on September 15, 2011 at 1:58am

Does anyone know if Flagstar participates in HAFA? I'm about to list a property with only a Flagstar 1st mortgage with no MI and seller isn't behind yet but can't pay any longer.

Comment by Ellen Dittman on September 8, 2011 at 2:59am

High five Pamela!! Glad to hear it's closing!

 

Comment by Pamela Ann Zyski on September 8, 2011 at 2:53am

We are finally closing today on our Flagstar short sale.  We went in circles, too-our offer was in March-and we even were forced to resend the whole package as new as they "lost" the package.  We started moving along when we had our last contact Adam Nason.  He moved us along quickly & has been easy to contact...other than Mr. Nason Flagstar has been the toughest lender I've ever worked with.

 

 

Comment by Ellen Dittman on September 8, 2011 at 2:09am

Has anyone recently closed a Flagstar short sale? I would like to hear from you about your experience with them as the 1st lienholder. We've been going in circles etc.

    

Comment by Ro Reed on August 19, 2011 at 5:51am

Kari, I had that number and had experienced long hold times on it as well.  But yesterday they picked up in just 22 minutes.  However, that was still 22 mins. to only hear "We've done nothing, we continue to do nothing, and we only pledge that we'll do something when we're good and ready, despite the fact that we've been told on numerous occasions that we are well outside of HUD guidelines on this one"--and yes, I paraphase slightly...LOL... but hey, it beats an hour of lousy hold music for the same results!

 

Comment by Kari A. Battaglia on August 19, 2011 at 3:01am

Just got a direct line to loss mitigation - 800-393-4887.  Only on hold this morning for 11 minutes before someone picked up instead of the usually 55 minutes or longer and then getting a disconnected.

 

Comment by Deidre St. Romain on August 10, 2011 at 6:42am

The trick is of course to call EARLY within the first hour of them opening (or less).  If you try to call late in the day it is a giant waste of time and a whole lot of frustration!  Lucky for me I am an early bird so I make my calls from my home office before the family is awake, just me my coffee, and the dog!

Comment by Ro Reed on August 10, 2011 at 4:34am

One more thing... they have a pattern to their "on hold process:  15 mins. of awful music, then a "thanks for holding" message every 10 secs. for the next 15 mins., then back to the music for 15, then back to the message. If you are unfortunate enough to get to an hour, you're disconnected. Seriously...this happened to me twice!  Lately the calls have been answered between 30 and 45 mins., but I spend that time contemplating if they hired someone to consult on torture techniques when they chose that music and message!

 

Comment by Ro Reed on August 10, 2011 at 4:31am

Ellen, regarding the "welcome call" it was referred to as an "interview" by the rep I spoke with.  We are getting nowhere on this one. Complete package submitted, but no one has readily admitted to the fact that it is "complete" and will deal with that when they speak to the seller.  Thus, I had him sign a rescission of the DNC request we submitted, and we are still waiting.  I've notified my HUD contact as this is an FHA short sale and I don't believe they are operating within guidelines.

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