Bankruptcy discharged Aug 2012. Should I attempt Nationstar Short Sale?

In Arizona.  My client "surrendered" this investment property in AZ in his Aug. 2012 BK.  He just got notice of Trustee Sale by Nationstar (when he did his BK the loan was with BofA but evidently was transferred/sold) scheduled for 12/2/14.  Still getting past due notices and there are liens against the property for a 2nd with Presidential (was Key Bank at time of BK) which my client says never was a 2nd mortgage but only a personal line of credit, an HOA lien, and a City lien for weed abatement.  This is not FNMA or Freddie Mac or FHA.  Just initiated file in Equator and faxed TPA so I can obtain more information from Nationstar but I'm wondering if I should even attempt this Short Sale?  Thoughts?  Oh, my client has not seen the property in 4 years, and does not have access to it.  Assuming Nationstar re-keyed. 

Views: 127

Replies to This Discussion

I'd work it, I don't see any reasons that would deter me.

[email protected]

310-564-6389

www.ishortsalenow.com

Waste of time because its Nationstar and will go to Auction.com - Too many additional liens - it will take much of your time that could be used to close a different transaction and actually get paid.

Not all Nationstar short sales go to Auction.com. I do agree depending on the purchase price the juice may not be worth the squeeze to some individuals.

I love your saying "the juice may not be worth the squeeze" LOL, never heard that before - I think I'll use it!

I also have been told by title companies and attys NOT to bother with Nationstar shortsales (when I have both the buyer and seller) because they go to auction.com.  I perservered in all 4 shortsales and NEVER did anyone at Nationstar mention auction.com.  If any of the shortsales had gone to auction.com I was assured by the naysayers that I would still remain the listing agent but I would most likely not be the buyers agent!  So if you are the listing agent GO FOR IT!!  As far as the second goes..easy enough to handle ...just as you would a second!  The HOA and the city liens are another story, in Florida the HOA has the power to fast forward the foreclosure process and actually foreclose on the homeowner before the bank does..then the HOA rents it out to recover their losses and YEARS later eventually deals with the bank because the HOA cannot process the short sale without the cooperation of the seller (who is long gone)!  The city lien is easy to deal with ..it is my experience that the city will settle for 5% of the lien or even less depending on the value of the property.  AND IN RESPONSE TO BRETT GOLDSMITH quote "the juice may not be worth the squeeze"  whenever I have a small deal that only requires me to put in a little extra time at my computer, I always ask myself, "what can I do with this extra $1500?" and 'ta da' some neat idea pops into my head and I am inspired!!

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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