I was informed on November 15, 2013 via an Equator message that my Nationstar FHA Short Sale was being declined because the loan was being transferred to a new Servicer as part of the Government Asset Sale program. I was further told that the Homeowner would be receiving a letter and Nationstar had no further information about the new Servicer. I was advised to call HUD directly for further info.
I submitted a 3rd party authorization to the HUD National Servicing Center and called them. I was told that they had no information to provide to me. They did tell me that the loan is no longer FHA -- it is now conventional. They said that the letter to the homeowner is probably "in the mail". They also said they are showing the loan is still with Nationstar.
I have called Nationstar several times since and have been unable to get any further information. I was given a phone number for the "Loss Mitt Government Specialist Dept" -- which turns out to be a bad number.
I Googled "Government Asset Sale" program and did find some references to pools of loans that had been auctioned off by FHA/HUD.
I am extremely frustrated at this point. Anybody have any better info?
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I would wait till the letter lands with the owner as it will have all the info you will need to proceed further..
Jim
Barbara,
If you would e-mail me to give you the SVP of Default in Nationstar. I'll have the page open to see the request.
Regards,
The short sale can still be completed - just not under FHA program. The loan transfer/ sale is called a 601 note sale. I have been hit with 6 or 7 of these in the past few months.
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