Website: http://shortsalebasics.ning.com/mrcooper
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Latest Activity: Nov 29, 2022
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Mr. Cooper is now using equator.com. Initiate your short sale there.
Escalation email: [email protected]
Depending on the loan type Mr. Cooper may have the file go through the 3rd party auction platform xome.
Started by Russ Trinidad. Last reply by Russ Trinidad Dec 5, 2018. 9 Replies 0 Likes
My client (Seller) originally bought a home with a 1st and 2nd mortgage with CMG Financial in 2006. The mortgage started slipping away from him so he entered a foreclosure defense agreement with an…Continue
Started by Wanda martinez. Last reply by Donte Tribble Apr 5, 2018. 8 Replies 0 Likes
We want to escalated this from Nationstar.... We have an executed contract for 4 months ..... NOW, Nationstar wants to start an AUCTION.... the seller is a veteran with a hardship and the buyer is a…Continue
Started by Shawn Lowery. Last reply by Minna Reid Oct 11, 2017. 3 Replies 0 Likes
Nationstar, FHA loan, mortgagor denied short sale eligibility and instead offered forbearance. Here is message from loan rep:At this time the home owner is not eligible to participate in the short…Continue
Started by Elvira Quiray. Last reply by Ben Benita Apr 26, 2017. 1 Reply 1 Like
Hi All,I need your comments on this situation I have. The sheriff sale date is in a week. I have called Nationstar and they will not accept the short sale because the sheriff sale is too close. Just…Continue
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I get to join the waiting list. My client's loan was transferred 7/1/12 and the sale date is 8/7/12. I sure hope it doesn't go to auction just because they can't find it in either system. Does anyone know how to avoid this nightmare from happening?
Hi Erick. I hate to be the bearer of bad news, but I have two files that were in process with an offer with Aurora. I'm not sure why your buyer's packet was sent in January and there still wasn't a decision, as Aurora's time frame is 30-45 days for approval. Regardless, one of my files was submitted to an Aurora underwriter for approval 40 days prior to the loan being transferred on June 15. I was told by the Aurora point of contact that I would have an approval any day. I faxed in an authorization including the new loan number on June 14. I have called almost every day to find out the status of the files being transferred. Today, I was able to get with a department and spoke to someone who, as much as I didn't like what she had to say, seemed to be a reliable source on the transfer of the files.
As of today, neither of my files which were transferred on 6/15 are available to be worked on by NationStar. And unless there was an actual approval issued, the entire process will be restarted through the NationStar Equator system. Aurora said that the files would be picked up "right where they left off" and my in my initial calls to NationStar 2 weeks ago I was told the same thing. However, it seems that the logistics of that happening are next to impossible and the only files that will be "picked up where they left off" will be the ones in which approvals were already issued.
I have closed a couple transactions with NationStar and since the files are processed through Equator they went through quickly. But more than once on my phone calls to NationStar to find out the process they have indicated that there is one (yes I said one) person handling the files that are being transferred from Aurora.
I have even gone as far as trying to just go ahead and initiate my files in Equator with NationStar. But they are located yet in the NationStar system even though the servicing changed two weeks ago. I keep calling every day and am told that the files transferred on 6/15 should be in NationStar's system by the end of the week.
Hi All,
We are a buyer of a short sale that was with Aurora.
The short sale packet was sent to Aurora in early January 2012. I just got word that the sellers loan will be transferred to Nationstar.
I just wanted to get everyone's opinion about how long it will take Nationstar to issue an approval. They say that they will take from where Aurora left off but it doesn't seem like anyone can answer "where they left off".
If we have to start over with Nationstar, what is their typical time frame to get an approval letter / counter offer from them?
We've been waiting 6 months and our lives are on hold because of this short sale. We would love everyone's insight on Nationstar. Thanks.
Thank you Michael. for your response to my question. It is very much appreciated.
I have a NationStar underway and its going well and on time.
The 3rd party is on Equator. See the instructions above for forms. One suggestion using their Equator: make sure you are using a high quality scanner and your files sizes are reasonable. The have a total file size limitation for all uploaded documents; exceed this and you'll waste a ton of time. I did. Take Equator tutorials if you need it; it will save you time too if you do not know it.
My Sellers loan was bought by NationStar...can anyone tell me where I can get the 3rd party authorization? I like to get a head start. They take over July 1st. If anyone has any suggestions or procedures that would help me, I would greatly appreciate it.
Thank you Jerry and Tracy for your input. Makes sense to me.
Ken
What State. Judical or non-judical? Part of the process is the 'math' if completing a short sale is better for the bank, it will do the short sale, IF it sees the short sale as a non closeable event, foreclose. They have already viewed it as a non modifiable loan, and I'm pretty sure its because of the credit card debt.
My recommendation is a well thought out exit strategy that lets you get on with life. Good luck.
Your best bet is to hire someone on this site that has experience doing short sales in your area. Agents like myself do not charge negotiation fees. We just get the job done and take the commission that we earn fromn the sale. Good luck!!!
re: Nationstar First with B of A HELOC - total LTV 262% - California Propert
Good morning, my principal residence is dramatically underwater. Nationstar reviewed us under the HAMP guidelines all the way through to their APOLLO program but denied a loan mod because our monthly housing expense was under 31%.
We then applied for a refi under HARP 2.0 - this was denied as well because they could not get the required FMHA code 147 to move forward with a refi. The Nationstar rep stated it was because of the high LTV and our ability to pay the mortgage.
We have never been late on our Nationstar first or the HELOC with B of A. We are current on all of our monthly payments with creditors, however we do have heavy credit card debt.
Nationstar suggested that our only recourse is a short sale.. We are willing to do that, however I am gun shy to approach them without first talking to a qualified real estate agent or an attorney.
We did talk to an attorney, but they wanted about $3000 up front and said they would handle the negotiations with Nationstar and B of A. I think we would be better to use a qualified Real Estate agent.
What are your toughts on our situation, do we have a chance to get a short sale approved with Nationstar, and if so what are the chances in California in dealing with B of A on the HELOC. We are not sure what direction to go but we need to do something.
Thank you
Ken
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