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Comment by Jen Hill on September 28, 2012 at 9:24am

Nationstar - Requiring Interior Appraisal Before They'll Submit for Value Dispute???

Hi all, we have been working a SS with Nationstar since March.  Three buyers later and two counter offers of $205k then $258k, we cannot reach an agreement.  The value is WAY off.  I've asked the negotiator about a value dispute to which she replied that it is up to US to complete an interior appraisal so she has something to go back to the appraiser with to dispute.  Anyone heard of this?  The seller has absolutely no funds, and we just lost buyer number three because they didn't want to pay for an appraisal without knowing if their offer would be accepted, of course.  Anyone have any suggestions?  Thanks!

Comment by Sugeiry Encarnacion on September 27, 2012 at 4:03am

I heard back from Nationstar yesterday.

They want $355k and they will NOT pay seller consession unless I used them for my mortgage... total discrimination, There should be some sort of law against this.

 

So now I have to start my loan with them and also pay PMI and 6k more... I wish I did not LOVE this house, but I do.

Comment by Linda Hilliard on September 26, 2012 at 7:21am

I have one now that we have been working for the past 6 months. Not, they will not pay any concessions/closing cost.

Also, if you submit any paperwork to Nationstar make sure you have everything. So, far they have kicked back to me because:

1. The bank statements were printouts from the computer. They only want hard copies from the bank with Borrowers, name, address, account number, etc.

2. My borrower works on commission, his monthly pay stub varies... you need to take the prior months and average out the net and gross, be sure to put amount into the financial statement - (nationstar)

3. Be sure to go ahead and complete the Dodd Frank and submit... they will wait to the last minute then kick back for this and then you re-submit and wait, and wait, and wait.

4. The same goes for the 4506T - please make sure it is completely filled out and go ahead and submit - if not then it will kick back and you will then submit and wait, and wait, and wait.

 

Just make sure all your forms are completely filled out and you are not missing anything. If you are, then it get kicked back and then you are right back where you started.

 

If you call in, all they tell you is they are really busy. Maybe they ought to hire a couple of more people??????

Comment by Sugeiry Encarnacion on September 26, 2012 at 6:14am

Correction

LA sent in my offer on July 13, 2012

Comment by Sugeiry Encarnacion on September 26, 2012 at 6:01am

Hi All!

I'm a buyer of a SS with only 1 loan... Nationstar, previously Aurora.

I was the back up buyer.

This shortsale was approved by Aurora back in May 2012. BPO and approved price was $340k.

Buyer failed to get mortgage even with another 30 days extension.

 

On June 13th the LA sent in my offer @ $349k (9k Seller Consession) This time is was Nationstar and they started from 0.

My question is: Have any of your SS with Nationstar  gotten approval with Seller Consession/ closing cost?

All I have read here and google is negative things about Nationstar not granting closing costs if you do not use them as the loan provider.

I have a good deal with a special mortgage program (No PMI) and i already have mortgage commitment as of 9/24/12.

 

Please help me sleep at night with a little bit of hope =)

Thanks

 

Comment by Thom Colby CA Brkr 888-391-5245 on September 25, 2012 at 11:03am

@Dena

1) Have the Borrower authorize both lenders to speak with each other and send that authorization to both lenders.

2) Have a conference call with both lenders

3) RECORD that call - notify both you are recording the call (just like they do)

Hopefully you'll get a solution....

Comment by Dena Sam on September 25, 2012 at 10:57am

I have done that. Even had the homeowner call both banks and they were told the same thing. Neither bank seems to be budging. I have a full price market value cash offer. Nation Star has even said they are willing to accept the offer, but will not move till the second givse them an approval in writing. Second will not give approval till first does.

Comment by Pattilynn Guilford on September 25, 2012 at 10:34am

If any bank 'just as soon let a property foreclose' - get that in writing and forward to your client. It would be nearly impossible to pursue for a deficiency over minutiae like this. The parties in this transaction have operated in GOOD FAITH by signing, sealing and delivering every document request from both lenders. Email back and say that.

Comment by Dena Sam on September 25, 2012 at 10:17am

Thanks, I tried that. The Nation Star negotiator said under no circumstances will they give their approval first. Key Bank said they would just as soon let it foreclose, because it doesn't matter to them if they get the $2,000 from the first or not.

Comment by Bryant Tutas on September 25, 2012 at 7:41am

Hi Dena. I just had the exact same scenario with NS and DTA Solutions. I basically just sent both negotiators an email stating that we were at a standstill due to both lenders wanting the approval from the other. 1 of them needed to give or the short sale was not going to happen. Both responded back that they would make an exception and submit for approval.

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