Comment

Comment by Tara Samney on July 24, 2013 at 8:38am

Thom, I closed my 1st and only Deutsche Bank one through IndyMac this year, and it was gut wrenching.  My won't touch list is anything REDC related, Bank of America, Deutsche Bank and now NationStar.  List is growing. Just painful. 

Comment by Thom Colby CA Brkr 888-391-5245 on July 24, 2013 at 8:33am

Unfortunate.  I had several I worked on for more than a year each.  We met their price every time but they kept delaying - then they foreclosed anyway.  One of them we had an offer of $314,000 - it just sold at Auction for $260,000.

Anything Nationstar or Deutsche Bank is a complete waste of time.  I do not know why anyone is taking these listings / files anymore.  They are the largest non-bank servicer of mortgages in the USA and they would much rather foreclose than deal with short sales.  The ONLY people with a vested interest are the agents / brokers.  The seller typically doesn't care, the lender / servicer doesn't care so it's a waste.

Comment by Tara Samney on July 24, 2013 at 8:26am

Thom, 2.5 months. 

I'm sure many have wasted much more- but that was entirely too long.  Worse the seller provided everything requested promptly (and significant hardship and no assets), and I rushed to upload everything on Equator same day. There is nothing I could have done differently other than just have said no thanks in the beginning.  I don't think they even presented it to HUD for review.  It never moved out of marketing in Equator even though they assigned tasks and kept claiming that underwriting was reviewing it. I think they intended all along to take it after the mod, and this was just a smoke screen.  The house is only a few years old.  I wonder if that made a difference.

I am tempted to contact HUD...but I've wasted so much time on it and doubt anything can be done at this point.  Even if the sale could be rescinded I would still have to deal with NationStar.  NEVER AGAIN!

Comment by Thom Colby CA Brkr 888-391-5245 on July 24, 2013 at 8:20am

Tara -  So let me ask,,,,,, how much total time did you waste on this file?

Comment by Tara Samney on July 24, 2013 at 8:17am

I called NationStar and they confirmed it just sold and was part of their REO division now.  I check papers weekly and do online searches, so yes it had to be in some publication not read.  They gave me a contact for an attorney assigned to it.  I've never seen anything like this. I've been asking if there was a trustee sale date and getting no response.  They've been playing like they have been reviewing it all this time and then on 7/16 act like it doesn't meet HUD guidelines (w/ a b.s. reason that isn't a guideline) with no letter or anything.  All the while they knew they had a sale date a few days later. I'd been begging them to do a BPO and they just kept saying it was being reviewed.  I've never had this kind of problem on a FHA before.

I've never seen a sale so corrupt.  Never again with them.

Comment by Thom Colby CA Brkr 888-391-5245 on July 24, 2013 at 8:10am

Whenever I find out any Listing / Short Sale is Nationstar - I refuse the listing / short sale negotiation and move into the next one.  Likewise, if I'm working on a file and it gets assigned to Auction.com / REDC - I will cancel the listing / dump the file.  They are a complete waste of everyone's time.

 

"Those who play with the Devil, get burned" - unknown

Comment by Pattilynn Guilford on July 24, 2013 at 7:58am

The bank attorneys are advertising the FC sales in little known or read publications like The Reporter which is basically for and by lawyers .. but the judges are deeming it sufficient for notice. You will find this in the recorded sale court docs. It hasn't been challenged by anyone yet, to my knowledge, but its a quandry for sellers and agents and should be addressed.

Comment by joe beauchamp on July 23, 2013 at 5:56am

Tara, NStar has a lousy reputation. No need to wallow and wait for an IQ above 20 response. Get in touch with HUD and complain. If you get the braindead route at HUD, call back and it will be escalated (some people at HUD don't even know the rules, you should be aware of that and know when you need to call back to get someone who does know FHA rules).

Comment by Linda Ipaye on July 3, 2013 at 1:27pm

Ya, Thanks, I did get the listing agent the CRM dept phone number and let her know to do exactly as you suggested. My biggest challenge is that she is complacent!

Comment by joe beauchamp on July 3, 2013 at 1:13pm

If NStar is like BofA, the loan mod dept is totally separate from the SS dept and you want to get on the back of the CRM, who handles the loan mod, to get things done.

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