FORECLOSURE 2/3/2015 - NEED NATIONSTAR ESCALATION HELP

The client reached out 6 days ago.  They were trying to do a workout but have gotten nowhere.  There is a language barrier between  Nationstar and the homeowner.    He's owned this home for 14 years and doesn't want to lose it.   We did list the property and have an accepted cash offer that has been submitted to Nationstar.  It was rejected from Equator.  I faxed the offer to them and I've been told over and over that there is no time to stop the foreclosure.  I've escalated and have gotten nowhere.  Does anybody have any suggestions on who to call.   

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Replies to This Discussion

Permalink Reply by Ben Benita on February 2, 2015 at 6:34am

nationstar can be a MONSTER about getting foreclosures stopped.

If you email off here:

[email protected]

I can give you some of our contacts.

You should also IMMEDIATELY find out who the Investor is on the loan and contact them directly, and also have the Seller reach out to the CFPB to file a complaint (CFPB is about 50/50 on stopping FC sales).

Find more GREAT tips in my new book, "Learning To Swim In The Short Sale Ocean" available soon on Amazon!!!

Permalink Reply by Bryant Tutas on February 2, 2015 at 10:51am

Apply for the HAMP loan mod. Should stop it dead in it's tracks. Call NS and send the package to the loan mod department.

Permalink Reply by Brenda Houghton on February 5, 2015 at 12:48pm

I just saw this and hope it is not too late. I agree with filing a complaint with the Consumer Financial Protection Bureau. http://www.consumerfinance.gov/complaint/   It sounds like your client has been harmed by poor servicing by Nationstar, and by the fact there is a language barrier.  If the foreclosure has occured, you can ask that it be recinded. Clearly state that your client has been harmed by their actions, and give precise accounts. Use bullet points and dates when available. Were the sellers presented with all options for a fair chance at avoiding foreclosure, including modification, short sale and deed in lieu? If not, or if they weren't offered the options in a language they can understand, be sure to state that they were harmed by this as well.  Once you file the complaint, call Nationstar and give them the case number. You will get a call from a Nationstar escalation advocate. 

We just went through an eeriely similar situation with a Spanish speaking client who contacted us less than 2 weeks prior to foreclosure. Nationstar would not talk to us, and our client told us she felt they didn't offer her all her options, so we filed a complaint on her behalf. The foreclosure was stopped the day of the sale, and I received a call from an escalation advocate.  We have been given a green light to proceed with a short sale.

So far we are 100% in CFPB complaints resulting in foreclosure postponement, and 100% in ultimately obtaining approval. The key is to highlight the harm being done to your client. CFPB complaints are also  effective in resolving valuation disputes. 

I hope this helps. Brenda Houghton, RE/MAX On Main, 817.944.9429

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