Comment

Comment by Liane Jamason on March 1, 2012 at 1:42pm

I have a new short sale with NationStar.  Do they generally release deficiency? 

Comment by Shamekia Goldsmith on February 29, 2012 at 12:41pm

Got an approval from Nationstar Recovery for a second mortgage.  Approval states "lien release of mortgage only". Per the negotiator if seller doesn't contribute $5000 the debt will remain after close of escrow.  They are accepting the first lenders $3000 and want $5000 from seller.

I'm in California and the 2second was from cash out  not purchase money so they can do this.

Has anyone found a way to get them to accept the banks offer of $3k without the seller bringing in money?

Any ideas would be greatly appreciated!

Comment by Cindi Benton on February 22, 2012 at 3:25pm

Tara, I have a closing coming up soon with NationStar. They are the only Mtg Co. I have actually had No issues with. My letter is in PDF format and can email parts to you if you like. This letter also shows that, per NationStar, the Sellers are to bring a "Cash Contribution" to closing so NationStar will waive the balance of the loan. Please feel free to contact me. I also have another contract with NationStar with a Buyer and that whole process is also going very smoothly. 

Comment by Tara Samney on February 22, 2012 at 2:50pm

Can someone post or email me a Nationstar approval letter (private data removed).  I want to see what type of language to expect.  Do they never waive the deficiency in the letter?  I think I read that on here recently.

Comment by Stacie J. Jackson on February 21, 2012 at 10:20am

Does anyone know of a contact at Nationstar with some clout... we are battling a situation on a short sale that is so close to approval but is taking an outrageous amount of time. We have made every attemtp to escalate this issue- to no avail. I was hoping that someone would have a contact in their database that could help this file along before months of work are in vain!

Comment by Mary Tyson on February 21, 2012 at 9:57am

Before you give your seller any ADVICE  I would refer him to an attorney...this could be misconstrued as giving legal advice and practicing law. Be very careful. 

Comment by Mary Ann Carman on February 9, 2012 at 7:13am

Wendy: We have a roof estimate and a pool estimate and the master bath is totally un-usable. With the estimates and a guestimate as to the bath - well that at least comes very close to the 25K figure and my comps showed the price I listed it for. Good idea to get a contractor to give us all the estimates together.

Mike: Thanks - will see what they say to the estimates and the counter when we submit, but that's a good idea as well. Thanks.

Comment by MIke Carlos on February 9, 2012 at 7:07am

I just got one closed with Nationstar with a similar situation. nationstar did not adjust their value after submitting a BPO dispute inclusive of a repair estimate so we got a 2nd opinion appraisal done by a trusted local appraiser that took the repair estimate into consideration into the valuation. buyer and seller split the cost of appraisal

Comment by Wendy Smith on February 9, 2012 at 6:38am

how do you know $25k worth of work, is that a contractor's estimate?  assuming the 25k is structural work, not cosmetics, I've found that it is always helpful to have a contractor's estimate

Comment by Mary Ann Carman on February 9, 2012 at 6:32am

The property has been on the market since Jan 4 this year, given this is just a little over a month. On February 1st we got an offer and sent it to Nationstar. We already had much of the pre-offer paper-work turned in to what I thought (from Equator) was a negotiator, but now find out he was just a processor. The offer was full price (according to market value). Now Nationstar has countered up $25K. I get no reply when I tell them that the property needs around $25K worth of work. We're going to counter later this week, but not sure if the negotiator will budge. What else can I do? I sent her the CMA and the SPDs already showing what other homes have been selling for and what needs to be done to the property. I need help - I don't want to lose this deal.

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