I have a young couple who wants to move out of state, they were denied by HAFA - Nation Star put them through their traditional SS program ... summarized: want them to come with some money and sign a $15K note! They have 2 children, and a conservative budget. The purchase offer is CASH, over market vaule - and in an area that has been one of the hardest hit outside of Phoenix. The properties in there neighborhood range from 50K to 75K, this offer for more. AZ is a non deficiency state, FNMA loan. They cannot add more debt to their finances, I told Nation Star this - this morning I got this distressing email through equator: "The Short Sale Has been denied by the Servicer" ... Similar Experiences?
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Oh my Barbara, that is very distressing! I just spoke to another Agent in our area and Nation Star recently denied a SS for one of her client's who has cancer!
Nation Star did counter this offer, and the Buyer accepted, that was over a month ago ... when I would ask for updates - they would not reply or tell me it was still in review. It is awful that a Lender/Servicer has such a negative impact on the market and people's lives. I won't give up - and hopefully will have something positive to share.
Hi Barbara,
I found this link in the SS superstars FNMA site, an assistance desk in many MLSs across the Nation, ARMLS, (us), has this escalation process.
https://www.efanniemae.com/is/reprofessionals/pdf/ssadfaqs.pdf
Bryant - would you like to share how you did that -- all that I have spoken to have not had sucess with them as you have. I had to escalate a file on another Nation Star Client before I could get any response at all, lost one offer because the Buyer got tired of waiting, and now it looks like after a series of unresponsive phone calls and emails, and escalating, we will finally be closing the 2nd offer with a new Negotiator - and the Seller is having to make a cash contribution, they relocated for employment and shouldn't have to in my humble opinion, but want to be done with this, fortunately their parents are able to help them.
I still have hope for Nation Star, I believe they are a smaller company that has been slammed with all these deficiencies.
I have contacted an attorney we work with, who specializes with distress property, she is researching options for our Client.
We were originally negotiating with Citi Bank on the subject file, and they sold to Nation Star a few days prior to approval back in November (started this process with Citi in September) -when I first spoke to Nation Star they acted as though they would be a pro-active company to work with, had a Negotiator right away, seemed like things were moving along, we ended up losing the first Buyer after several months. A few months later received this offer - a few more months have passed and now it looks like the second purchase will not be approved either, my client is not able to sign a note for the large amount they have asked for. It truly saddens me.
It does sound very suspicious! I spoke to another Borrower a few months back, and they were trying to do a loan mod, their loan was with Chase also, and then sold to Nation Star, and they couldn't get their loan modified. ... For the record, I don't know that Nation Star is a small lender - it just seems that way to me ... they were so difficult to contact, voice mail boxes full, emails unanswered, etc.
I asked myself the same question - why would they take these loans that were already in default????
Harry Clay said:
Terry Parrish said:We were originally negotiating with Citi Bank on the subject file, and they sold to Nation Star a few days prior to approval back in November (started this process with Citi in September)
There you go...almost the same scenario as mine.
Why would any business buy out a bad loan on an upside down property @ the very last minute, unless they are somehow set up to absorb or transfer losses, or take tax write-offs, or collect insurance on paper that has already been deemed toxic & hopeless?
I think NationStar serves as a dumping ground for negative assets of bigger corporations who want to make their books look cleaner to the FDIC.
If NationStar is truly a "smaller company that has been slammed with deficiencies"...then can anyone explain why they are "buying" default paper so late in the game?
Wow, I am having a similar problem. I have a listing in Freeport, FL it has septic issues and is condemned. The average sales price in the neighborhood is around 90K. Nationstar countered at $127,100. There have been no sales in the neighborhood in 2012 to support anything near this price. The buyer countered this offer at $95,000....really good counter. We sent over documentation of the Health Dept issues, comps, etc, etc. Nationstar denied the short sale. This was a bad debt they picked up from Aurora. It is my theory that they "Nationstar" will probably do better on this particular deal if the property forecloses; so they counter high and are quick to deny. BUMMER.
I did a short sale with Nationalstar a few years ago and it was great but these things can be a moving target. Bank Of America used to be a nightmare and now I welcome their short sales. I guess you gotta follow the money.
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