Comment

Comment by Ralph Gorgoglione on July 8, 2011 at 2:35pm

I have mitigated dozens of short sales and this is my first one with Flagstar Bank.  Any suggestions?

Comment by Brigitte Mueller on June 24, 2011 at 6:51am

I have to say...Flagstar is by far the worst lender to deal with.   We were working a short sale for over a year, and they now refused to extend the auction date.  Even though 3 days prior to the auction date they asked for more documents from my seller.   They foreclosed regardless.

Flagstar is simply ridiculous and I will never work with them again.

Comment by Ellen Dittman on June 20, 2011 at 1:22am

Does Flagstar use email at all?

Comment by Janet Nelson on June 18, 2011 at 4:53pm

Adela, and others...Over a year ago I emailed a Sr VP at Flagstar and he offered no help getting my file approved....Sent me back to the negoiator...He cared less about the way the bank operates....We need to tell the stockholders, but they won't care as long as the bank is paying dividends....Executive mgmt is no better than those in the Loss Mitigation department at Flagstar..My point is, esculating at this bank is worthless. They really don't seem to care about working short sales. All my negoitator did was lie to me, day after day, after day, for a year.

Comment by Jon Paton on June 18, 2011 at 12:13pm

It boils down to the one house we actually liked a lot that was priced extremly low with some government programs theys have in Kansas. Already going on 7 months whats another 2-3 and see what happens....

Comment by Brigitte Mueller on June 18, 2011 at 10:53am

Jon, I'm in the same situation with my seller - all docs needed to be resubmitted.  Question is whether the buyer will stick it out, and if the bank will approve the price.  The bank can still come back and ask for more - so at what point it is still a 'hell of a deal'?

Comment by Jon Paton on June 18, 2011 at 8:19am

So i put a bid in w/ Nov 2010, just got a call from my realtor saying they "lost" all the information on the house we're trying to buy. This is the most sickening ordeal I have been through. Jumping through hoops for half a year to have the reset buttion pushed. I know I should walk away but the house is a hell of a deal. What do you guys think?

 

Comment by Ro Reed on June 17, 2011 at 6:00am

Ellen, Thanks for the "direct line" to Loss Mit, but I've been on hold for 45 mins. already and when I've called the other number listed above I got through in less than 15.  Oh, dear.... this is going to be a rough one!

Comment by Michael D. Schade on June 16, 2011 at 4:19pm

Tiffany,after I had my only closing involving Flagstar,it's very hard for me to sit back and see all the things others complain about on a daily basis,it's hard,but I lived through it and I'm now much older and far wiser.My advice is to never become involved in Flagstar again in your career.One of the best things I discovered, and I overroad my manager, was to make daily phones to Flagstar.Be as much of a pain in their butt as they have been to yours.

Comment by Tiffany Carver-O'Malley on June 16, 2011 at 7:04am

I am still having problems with Flagstar and still have the same offer from November 2010.  I called today and they told me the BPO came back at $154,000 our contract sales price is $95,000.  The property is worth no more than $120,000, the second lender's BPO came in at $117,000.  Flagstar told me I need to contact Freddie Mac.  Help, does anyone have any experience with this? 

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