HELP!!! Nationstar Foreclosing on Qualified HAFA Short Sale Applicant in 3 Days.
The Foreclosure Sale date is March 8, 2012 (In 3 days) and I don't know what else to do... Please Help!
I have had a good solid offer into Nationstar now since Oct 10, 2011. The seller decided that they wanted to go HAFA so Nationstar told them that they would have to apply for HAMP modification first. Since the seller does not have a job, we knew that he would not qualify for HAMP (which I advised Nationstar), but they insisted that he apply.
Well, It took Nationstar till the end of January to figure out that the seller did not qualify for HAMP (which we knew from day 1) and then they finally started the HAFA process January 24th. They have been dragging their feet this whole time.
Today I received a message from the negotiator through equator stating " Bad news the file was denied due to not having all the documents needed to move forward (Missing 2nd lien approval). This file will go to sale. Thanks"
This is baloney because they have never asked for this document until today!
The 2nd Mtg (Bank of America) has been on top of things and waiting on Nationstar to issue their approval this entire time, but this is the 1st time that Nationstar has even asked for an approval from the 2nd lien holder!
Also, Isn't Nationstar violating Federal Guidelines for the HAFA program by foreclosing on someone in and who qualifies for the HAFA program?
Any help is appreciated... or the contact info to the CEO, President or any high level execs.
Replies to This Discussion
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Permalink Reply by Liane Jamason on
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Who's the investor on the loan? I'd go straight to them. Let me know I have a few higher up contacts.
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Permalink Reply by Kevin - Greenville, SC on
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Contact the appropriate Party at once -
Use the following contact information to escalate the issue:
Investor Contact Information
Fannie Mae Loans Phone: 1-800-7FANNIE
[email protected]
Freddie Mac Loans Phone: 1-800-FREDDIE
[email protected]
Non-GSE Loans HAMP Solution Center
Phone: 1-866-939-4469
Fax: 1-240-699-3883
[email protected]Please note this mailbox is for data collection purposes only, and not all submissions will receive a response. You may send an email detailing your experiences to [email protected].
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Permalink Reply by Michael Valdes on
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Fannie Mae is the investor
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Gave Michael several Fannie Mae exec's email addresses including the CEO. If anyone ever needs them, message me privately and I'll happily send them to you.
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Thank you Liane and Kevin for your help and quick reply... I will post the results.
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Permalink Reply by Smitty on
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Michael, definitely post back. I'd like to see this sale get canceled for you.
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Permalink Reply by Suzanne Kensington on
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Hi,
I could use those email addresses please. I sent you a friend request.
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Please message me those email addresses.
Thanks
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This is the response I received from Nationstar through Equator after all my escalation attempts: "This file was escalated to the investor (Fannie Mae) and they declined your requests to post pone sale. There’s nothing I can do I sent the file to the highest power and it was still declined. Sorry but this file will go to sale on 3/8/12."
This really sucks :(
...This is the only short sale that I have ever lost due to the bank foreclosing.
Advice to sellers... don't wait till the last minute to do your short sale.
If you haven't made a payment in over a year, please note that gives us Realtors less time to help you out. -
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Wow. Was the offer really low? Maybe they feel they can get better deal if it goes to sale?
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It was a very good offer...The comps were selling at $63 per sq ft... I had my listing sold at $79 sq ft.
How much do you want to bet that the bank will put it up for sale as an REO ...listed at $30K below my offer?
The banks make no sense to me.
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