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Mr. Cooper is now using equator.com. Initiate your short sale there.
Escalation email: [email protected]
Depending on the loan type Mr. Cooper may have the file go through the 3rd party auction platform xome.
Started by Russ Trinidad. Last reply by Russ Trinidad Dec 5, 2018. 9 Replies 0 Likes
My client (Seller) originally bought a home with a 1st and 2nd mortgage with CMG Financial in 2006. The mortgage started slipping away from him so he entered a foreclosure defense agreement with an…Continue
Started by Wanda martinez. Last reply by Donte Tribble Apr 5, 2018. 8 Replies 0 Likes
We want to escalated this from Nationstar.... We have an executed contract for 4 months ..... NOW, Nationstar wants to start an AUCTION.... the seller is a veteran with a hardship and the buyer is a…Continue
Started by Shawn Lowery. Last reply by Minna Reid Oct 11, 2017. 3 Replies 0 Likes
Nationstar, FHA loan, mortgagor denied short sale eligibility and instead offered forbearance. Here is message from loan rep:At this time the home owner is not eligible to participate in the short…Continue
Started by Elvira Quiray. Last reply by Ben Benita Apr 26, 2017. 1 Reply 1 Like
Hi All,I need your comments on this situation I have. The sheriff sale date is in a week. I have called Nationstar and they will not accept the short sale because the sheriff sale is too close. Just…Continue
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Hi Nicholas,
Just to throw my 2 cents in. I have been fighting with them sense July 23. We are finally closing tomorrow at 10. You have to stay on top of them. Call weekly if not daily. I too was yelled at and lied to at times. Escalate escalate and listen to the people here. They are true blessings!!! If I can hang in there anyone can!! Good luck and please let us know how it goes.
Thank you Jen! I will escalate the situation If I don't have a solution today. They need to get more staff if they are so overwhelmed or release them elsewhere. I cant believe how little they care about the clients at times.
They are horrible. We have only 1 short sale approved since September. 3 files with them now since Sept not even close to approval. The poor processsor is working hard but once it gets to the Short Sale dept it disappears. Was told by several that they received an abundance of files from servicer transfers and they are overwhelmed. I was told 90-120 days before anyone will touch. BPO's are lost or outdated. Another excuse was that Fannie Mae is actually causing the issue because with those loans, FM is delaying receipt of the reviewed BPO. Values are being disputed left and right and Nationstar has taken hard stances with those. We've been lucky with proving our case for excessive valuation but it is extremely complex. Once we've proven our case, though it flies by. It's just hard on the front end.
Hi Nicholas, Nationstar is always a nightmare. I just had to re-start an FHA SS with them when BofA sold the loan...right after they obtained value and were about to issue the ATP. Ugh. Anyhow, just obtained this info yesterday. Try using their Realtor Assistance Desk to escalate....Good luck!
Nationstar Escalations:
[email protected] or 877-343-6386
An Escalation Resolution Specialist will acknowledge receipt and begin researching the issue. All 2 business days for resolution. If time sensitive, contact the Negotiator’s Manager.
Examples of Escalations:
1) Excessive response times - No response in greater then five or more business days
2) Approval Letter – Concerns not addressed by the Negotiator w/in 5 days
3) Settlement Statements – No approved within 38 hours of closing
4) Unresolved Equator issues – previously reviewed by Equator but no resolution
Do NOT Escalate:
1) General SS questions
2) General questions about Equator
3) Attempts to avoid working with your assigned Specialist
4) Attempts to fast track SS process
5) Status updates
I am currently doing a short sale with Nationstar Mortgage and it has been a nightmare. They never seem to reply to messages on Equator and when I call them they are very rude. In one occasion I had to escalate the situation only to be yelled at by the negotiators supervisor. Now they are telling me that they wont give me an approval until they receive an approval from the second lien. The second lien is with Chase and after talking to the negotiator he said that there is no way they will approve it without the first liens approval first. Why cant these two come into terms. Has anybody had this situation before? Please advise.
Joe, that sounds like the ping-pong game that banks are playing in order to NOT come to a final decision. I do not think it's by mistake, but by plan!
I have (over 2 years ago) adopted a strategy of sending emails or messages or faxes to the bank. 1st request 2nd request etc, ONLY on 1 specific dayof the week. I chose Friday. Then I do not do anything else. No phone calls, no mid week follow up. Nothing. (I keep selling agent involved, though and of course seller) Lets me work a book of business, have a closing a week, well sort of. and I eventually get a demand from the bank. AND I love it to give them a 'red' task for failure to comply with our purchase contracts terms on closing. Have a great weekend.
Between them and BofA, it is quite a comedy team - We accept a counter after months of bad numbers and struggling at BofA - oops, service release to nstar. Today, after a BPO of $320K, then $274,200, nstar claimed a new BPO of exactly $274,200 again - but nobody had access to the property. (Where is my excedrin?). But it gets better - as I am going back and forth with the listing agent and the negotiator, I get the letter from nstar - they service released it back to BofA..?? The only thing that could make this any crazier is if the investor sold it to FNMA, eh? Geez, what a show...
I have 7 files with Nationstar right now and I'm so confused over why they seem to be in limbo. Was told that Nationstar changed their process because they were slammed with new accounts from servicer transfers. I have 1 file that has been "approved" but no letter until Jr. issues. They've threatened to shut file down if I don't get the approval. 2 files that are "analyzing offer"...No response to any emails. Another file stating that a BPO from 2 weeks ago had not been returned and it's because of Fannie Mae. Another one that had a BPO done and confirmed saying they never got a BPO back--that was back in September (BPO confirm into Equator) and they now have to have another BPO. Am I crazy but is Nationstar just a mess? Can anyone tell me what may be causing all these crazy things from this servicer. Also, why are they demanding the listing agent to do a BPO, then order one then discount both BPO values? Had that too.
It depends on what type of loan or sale it is. HAFA sales are 90 days at least. I think most fannie and freddie are as well and keep in mind your BUYER'S lender may also have seasoning restrictions so even if your rehabber gets an approval where there is no deed restriction, if the buyer is FHA or Freddie Fannie they still may have to hold the property 90 days. I think 90 is safe but some may be 180.
Shelia, I would consult an Attorney on that one, but personally I don't.
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