Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on May 15, 2013 at 5:46am

SLS is one of the most difficult lienholders to deal with and they will not back down from what they want versus what they are offered.  Remember they have nothing to lose.  They get either $3,000 from Nationstar or -0- in foreclosure on a debt of $39,000.  They will very likely sell that debt to a collector before foreclosure and likely for more than $3,000.  Then the collector can harass the borrower for whatever amount they want to recover.

In my opinion you should have an authorization signed by the  borrower authorizing Nationstar and SLS to discuss the settlement with each other and let them figure it out.

Unfortunately, you are in a very "toxic" situation with two of the worst servicer / lenders.

Oh, and DON'T give up any of your commission to help these Billion Dollar companies.  It is not helping your client, it would be helping Nationstar and SLS to be even more profitable than they already are.

 

Best of luck ! 

Permalink Reply by Sheila Vardakis on May 15, 2013 at 5:51am

Julie,

 

I have a SLS 1st and BOA 2nd...........not HAFA though and SLS is paying BOA 6% of lien balance which equates to $2,700 in my case.  BOA won't accept anything less than $5K and so my hope is that they allow us to increase the sales price by $2,300 and then have the this amount paid off by the buyer.  Don't know yet!

 

I actually can't wait till these programs go away.  Every bank works them differently so what one bank pays another won't receive and vice versa.  I realize it is a great program that helps the buyers but letting the banks tailor the program to fit their needs is what causes all this uncertainty. 

 

Many blessings on getting your deal done.  Just know, you can always tweet BOA help...........they are very responsive too.  :)