Why is Nation Star not responding to my short sale? I will not be held hostage in this house. My wife has left and we are upside down in the home. I need to move on and I am trying to do them a favor by staying in the house so no one goes in and vandalizes the home. I am moving at the end of January. What is my next course here?
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Just sent you an email....
Thank you sir
I have an agent..no one to buy as of yet and to be honest I dont think I will because of the area. Information has been uploaded to equator already. If I do not have a sale in a certain time how would that hurt me to move on?
Your options are based upon your investor, not NSM. Since you do not have a buyer, I feel you are expecting NSM to get one for you - nope. As mentioned, they are paid to manage the account - it is not their money and the longer the account sits, the more they make - no incentive.
If you are going HAFA, once you've gotten past their underwriting, they will send you a contract. Once you send that in, it starts a 120 day clock to get an offer. Every 3 weeks you can ask them to adjust the price - this is the price that they will accept and the property should be listed at. If the 120 days expire w/o an offer, you can do a HAFA Deed-in-Lieu. HAFA will give you $3K moving money (I think it is the same for the DIL) and probably release you from the debt as they do with the HAFA short sale. The DIL is pretty close to a foreclosure on your credit - both of which are quite a bit worse than a short sale.
Departments w/in the bank are likely to send you other program information. Be careful. Agreeing to any of these usually derails your short sale. For instance, NSM may have a Deed-in-Lieu offering. If you say OK, the short sale just died. The DIL is simply saving them money on foreclosing and does not do anything for you - unless you get something in writing (the DIL is great for them because they get to move the property to REO and continue getting paid to manage the property), so don't look at it as something wonderful. Make sure you understand the ramifications of anything you sign up for with the bank.
Banks are not incented to maintain the property. The most I have seen them do is winterize and change locks - sometimes while you are living there, sometimes by idiots who don't know how to winterize and do damage instead. If the power is off and the basement fills with water, they don't care that you now have foundation damage and mold - that is the investor's problem. Neglect is a big item with these properties. And, if they go to foreclosure, likely with an evaluation that was done prior to it getting real bad, the property will go to the bank's REO department and start at this now way too high price for a destroyed property. This means that it will sit longer before getting an offer, thus bring in more money to the bank while the bank is "managing" this for the investor. Anything that NSM does to lessen losses to the investor also lessens income to NSM.
Hopefully, this picture of the situation will help you decide what course of action to take.
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