Does anyone have a contact name and number for the Treasury Department regarding HAFA?  Nationstar won't tell the homeowner if he is elgiible for the $3k incentive. He is not going forward with the sale until they tell him.  Property is owner occupied and he has proven his hardship.  They say it depends on how much the deal nets.  Bad news is he agreed to using auction.com which was a big mistake. 

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HAFA is specific - based upon investor - not FNMA or Freddie. NStar is "just" the servicer. You need to know who you are dealing with. After you get your facts together (who is the investor, what program are you in, is seller incentive based upon net, and facts about your auction.com fiasco), you should probably talk to someone who might actually do something - your state attorney general, possibly state senator. If you go there and blurt out one non-fact like this is HAFA and your investor is FNMA, you're likely to be dismissed as just another whiny crackpot. Nobody is out there looking to really help anyone fighting banks, you need to make them do their jobs and fed agencies seem to be one notch above bank "customer service" to make that happen - as in not likely. The auction.com thing (I've only been glancing at the discussion on that mess) is probably not under Treasury or Banking which is mainly why I suggest the state AG - someone with teeth, someone local enough that he may listen to you and feel the pressure to do something.

Thanks Joe.  I didn't incklude a lot of detail in my prior email.  I have already checked out the investor and all I know is that it's an ABS (asset backed security).  It's not Fannie or Freddie.  I realize nationstar is the servicer and that's why I want to talk to someone at the Treasury Department.  Similar to how I would contact HUD directly if a servicer was not following guidelines or being responsive to an FHA short sale.  Does anyone have a contact at Treasury?

Regarding auction.com.  We will be addressing that separately and the current offer is being rejected and seller will then not be under any obligation with auction.com.  i would never recommend using them again and will be advising our clients of such in the future.  In essence, their fees end up on the seller side and use up 5% of the proceeds, leaving very little for seller relocation, commissions, expenses, etc....

You have to reach out to the HAMP Solution Center.

You will need to download this third party authorization form: https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/thirdpa...

then you can send it to : [email protected]  The phone number is 866-939-4469.  I, too, had an issue with Nationstar last year.  They will help enforce the guidelines with Nationstar.

I have not seen any success stories on these forums from dealing with anyone but HUD for FHA - some people think "Oh, we'll look into it" from FNMA is a real plus, I don't. I just keep seeing one sellout after another with fed agencies. I gave up on HAMP years ago after several calls for different clients. The **best** info I got from a call there was when they told me they couldn't address freddie or fannie because their "HAFA" is not the fed HAFA but their own. Ya gotta love it, fed bailouts refuse to use the fed program - but that is old old news now. And even with HUD, on call-in's, I find they get very basic info wrong like "you can't short sell a vacant property". Oh, really? Let me consult something more informed - my magic 8-ball.

I have seen successes when TV news media pressure is applied and from state AG's and state senators. I suspect the latter 2 are more easily swayed to help.

Still, HAMP will need to know exactly who your investor is in order to answer any question, and from my experience, it tends to be heavily in favor of the bank and often w/o being looked up. If you get a real analyst there, you are likely to get actual quotes from the documents - which is what you need. (I have found it easier to go directly to the docs than try to figure answers from the interpretations, myself.)

Only once did I get a bank employee to quote the guideline to me. That would be the best, but since it doesn't seem to happen and NStar is known to be uncooperative and shoot-from-the-hip, I agree with your direction away from them to get answers.

You might find the investor by looking in the MERS database online.

Joe,

We checked MERS and it says Fannie.  However both Nationstar and Fannie say it's not Fannie. 

Cami, We'll check out the resources you offered.

Thanks!

Yeah, you are going to have to know who the investor is if you are going to complain about their program. MERS is in the middle of a lot of bank frauds - where banks decided not to bother to follow fed law, so it isn't a huge surprise that it could be incorrect. Your homeowner has the explicit right to get the investor name from the bank, if all else fails. "Truth in lending" law. Banks often put up hoops like demanding the request in writing, but it is absolutely illegal to claim someone owes a debt to some unnamed entity.

I have not done this with NStar, but you might send a QWR to them to get some info and make them pay attention. There is an extensive very good one you can google as sample QWR. It asks about lots of stuff. You want to send it certified mail and they have a time period to respond. You'll enjoy it if you go through all the questions. It might make the legal team at NStar see that you mean business. When banks see a QWR they quickly get their atty's involved to stonewall because if people knew the power of the QWR, they would be holding banks accountable for lots of files and it would cost banks plenty, so they do everything possible to get you to think you are going down the wrong path. Often starting with a glib reply that you are fishing. Nope, this is heavy legal stuff.

the seller is not at the mercy of auction.com no matter what he signed

the sellers own the property and do not have to agree to any condition of a sale that is not agreeable to him/her.

the seller is the driver, not auction.com, not NS.  

I have an auction.com with NS now, what a mess - not due to auction.com, all the crap is due to NS (trying to cut commission, eliminating typical fees, etc etc)

You can always go on the web site for the Office of the comptroller of the currency, part of the Dept. of Treasury.

www.occ.treas.gov

They may be also able to point you in the right direction.

E-mail me and I can give you what used to be a contact at nationstar.  [email protected]

 

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