New Nationstar Forms: 3rd Party Authorization and Short Sale Participation Acknowledgment Agreement Form

I just initiated a new Nationstar short sale in Equator.  I was provided with 2 new forms.

The first is a 3rd party authorization that looks almost exactly like the Bank of America-specific 3rd party authorization. The Equator message said that this is the only authorization that will be accepted by Nationstar.

The second form is labeled "Short Sale Participation Acknowledgment Agreement Form".  This includes language that Auction.com is part of the short sale process.  The Borrower(s) are required to sign and return within 10 days in order to proceed with the short sale.

I have attached copies of both documents.

Views: 1413

Attachments:

Replies to This Discussion

Barbara,

 

I also received the same docs but not until I had already loaded documents per the tasks assigned.  It is extremely frustrating because they lead us on that they were reviewing the offer then bam, I get these docs to sign.  I have yet to hear back from the bank regarding auction.com so the 10 day requirement hasn't been effective.  I just finally received an email from my negotiator stating:

 

"This file has not been approved for participation in the short sale process. It was approved for a forbearance plan. I have submitted an appeal/variance to get the decision overturned. Please await the results of the variance. Once completed, we can know if we are able to move forward or not. Thank you."

 

What I don't get is the seller didn't apply for a loan modification of any sort and needs to sell because of a divorce.  I don't understand why the bank would take it upon themselves to modify the loan when that is not what the seller wants to do nor will a forbearance help.  It only puts the arrearage on the back end of the loan but keeps her payment the same from what I know about these.  Just thought I would put out there what I am experiencing so it can help another.  :)

Interesting - I find one line in the Acknowledgment Agreement very interesting: "...you will be required to vacate the property when you receive an offer on your property"

I'll be sure to instruct me sellers to vacate at time of offer. Like that will ever happen :)

I'm actually very pleased to see the new SS Acknowledgement Agreement. My issue with NS has always been the lack of disclosure. Now I have a document I can use in the MLS as a disclosure. I can deal with everything else. I'm good to go.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************