Has anyone ever had Nationstar charge a fee for extending an approval?

I have a short sale approval that expires on 9/28/13.  They have already extended the approval once because the buyer wasnt ready.  The buyer needs until 10/4 to close.    The appraisal expires around 10/1.      

Does anyone have any suggestions to get the approvals extended for just one more week WITHOUT them ordering another appraisal?

Buyer is paying 485k - hard money lender and needing one more week to get the rest of his down payment.


Views: 334

Replies to This Discussion

I think you are up a creek. I had a nationStar with similar circumstance and the extension delayed us 6 weeks with a horrible ordeal getting the written extension. Push Buyer hard to close.

How many days to close was on the SS approval letter? If at least 30 days - where did the breakdown occur? I would say the buyer needs to hustle it up while you are trying to get an extension. Somewhere someone let a deadline fall through the cracks or there was a miscommunication. You are so close - exhaust every option but mainly put pressure on the buyer to make it happen.

Update-  We were able to get the short sale approval extended through 10-15 with a small fee to be paid at closing of $1,007.  Purchase price is $533k   We do alot of short sales and this is a first.   We called realtor hotline, escalations and everyone possible to get help and it worked!   Thought yall would want to know!

Great job!!! Happy day :)

Hi Pat. I'm in the process of buying a short sale through nationstar. Our approval letter date was to close by 11/14. We missed it due to my title company having issues clearing the title (house went from short sale, to completed sheriff sale but we are in the redemption period so we are processing the transaction as a short sale). All my financing is good to go now and can close on 11/22 (1 week late). Do you think the odds are in my favor of getting an extension? The sellers have a law firm who specifically handle short sales so the law firm has been handling everything. We knew we likely wouldn't make the deadline, so the law firm requested an extension about 9 days prior to the deadline. The redemption period doesn't end until January 10th.

Do you have Snyder specific contacts at nationstar that help you that you could provide to me? I want to be prepared incase the extension gets denied.

The delay was that the back HOA dues were close to $20k so we were negotiating with them to get them down to about $10k.   Home has been in bankruptcy then foreclosure for almost a total of 4 years so thats alot of hoa dues.   Original loan amount was 1.2 million.




© 2018   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************