Replies to This Discussion

Permalink Reply by Ben Benita on November 9, 2011 at 3:04am

e-mail me at [email protected].

Most likely your agent is just being al ittle soft and needs to really push them for answers (we call this "escalating" your short sale to suerpvisors, executive offices, etc.

Nothing that can not be overcome.....e-mail me off here if you want to discuss.

Permalink Reply by Brian Johnson on November 9, 2011 at 3:13am

Just sent you an email....

 

Thank you sir

Permalink Reply by Eric Mieles on November 9, 2011 at 3:11am

Brian I can understand your frustration however I must ask are you working with an agent? You mention "not responding to my short sale" so I'm assuming you have begun the short sale process. Are you aware that Nationstar uses Equator to coordinate the short sale process? Do you have a contract from a buyer already?

Also just a little tip, please believe they are not worried about your thought process of "doing them a favor." they are driven by a bottom line and what they will net by allowing you and approving a short sale.

We will need some more information in order to properly guide you in this process. Thanks

Permalink Reply by Ben Benita on November 9, 2011 at 3:14am

Eric is spot on, Nationstar COULD GIVE A RAT'S rear end about you....as Eric noted, it is ALWAYS about the cashola with ANY Servicer (they actually make more money dragging out the process as a matter of fact)!!!!

Permalink Reply by Brian Johnson on November 9, 2011 at 3:24am

I have an agent..no one to buy as of yet and to be honest I dont think I will because of the area. Information has been uploaded to equator already. If I do not have a sale in a certain time how would that hurt me to move on?

Permalink Reply by joe beauchamp on November 9, 2011 at 5:21am

Your options are based upon your investor, not NSM.  Since you do not have a buyer, I feel you are expecting NSM to get one for you - nope.  As mentioned, they are paid to manage the account - it is not their money and the longer the account sits, the more they make - no incentive.

If you are going HAFA, once you've gotten past their underwriting, they will send you a contract.  Once you send that in, it starts a 120 day clock to get an offer.  Every 3 weeks you can ask them to adjust the price - this is the price that they will accept and the property should be listed at.  If the 120 days expire w/o an offer, you can do a HAFA Deed-in-Lieu.  HAFA will give you $3K moving money (I think it is the same for the DIL) and probably release you from the debt as they do with the HAFA short sale.  The DIL is pretty close to a foreclosure on your credit - both of which are quite a bit worse than a short sale.

Departments w/in the bank are likely to send you other program information.  Be careful.  Agreeing to any of these usually derails your short sale.  For instance, NSM may have a Deed-in-Lieu offering.  If you say OK, the short sale just died.  The DIL is simply saving them money on foreclosing and does not do anything for you - unless you get something in writing (the DIL is great for them because they get to move the property to REO and continue getting paid to manage the property), so don't look at it as something wonderful.  Make sure you understand the ramifications of anything you sign up for with the bank.

Banks are not incented to maintain the property.  The most I have seen them do is winterize and change locks - sometimes while you are living there, sometimes by idiots who don't know how to winterize and do damage instead.  If the power is off and the basement fills with water, they don't care that you now have foundation damage and mold - that is the investor's problem.  Neglect is a big item with these properties.  And, if they go to foreclosure, likely with an evaluation that was done prior to it getting real bad, the property will go to the bank's REO department and start at this now way too high price for a destroyed property.  This means that it will sit longer before getting an offer, thus bring in more money to the bank while the bank is "managing" this for the investor.  Anything that NSM does to lessen losses to the investor also lessens income to NSM.

Hopefully, this picture of the situation will help you decide what course of action to take.