Nationstar Is Delaying Approving Shortsale to Original Buyer Even After Homesearch Auction Failed

I am hoping you all can help with some direction as to where to file a complaint.  We submitted an offer to Nationstar prior to any auction is June 2015.  The buyers and sellers opened escrow on this original offer.  Nationstar insisted on conducting an auction under the pretext of "value validation" as opposed to the real reason which is to earn a 5% premium on the auction.  The auction failed because the highest auction bidder refused to confirm their bid because they felt they bid too high and do not want to pay the 5% premium that Nationstar is chrging.  That highest bidder confirmed this to me in a written email which I forwarded to Nationstar and asked Nationstar to approve the original buyer.  It has been 3 weeks since the 1st auction and I have called daily to Nationstar's Shortsale Escallation Phone 877-343-6386.  The Nationstar Shortsale Escallation people are telling me Homesearch is attempting to contact the 2nd highest bidder and if the 2nd highest bidder does not want the property, then Homesearch will conduct a 2nd auction.  It has been 3 weeks since the 1st auction concluded on 9-17-15.  This is unconscionable as the seller has been waiting 5 months and the original buyer is ready to cancel the opened escrow.  Please let me know where to file a complaint or who to escallate this to get some result.

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Sorry to hear that. It sounds like you are doing the right things, continue to stay on top of them. Have you called homesearch and spoken to a manager?

[email protected]

310-564-6389

www.ishortsalenow.com

Yes I called Homesearch and Nationstar Shortsale Escallation Desk and they stated Homesearch is trying to locate the runner up bidder since the highest bidder does not want to buy the house.  Nationstar Escallation desk and Homesearch state if the runner up bidder does not want to buy the house then they will conduct another auction.  This distresses my sellers since they only agreed to one auction and under duress because Nationstar said it will not approve the shortsale without the auction.  This process has lasted 5 months and the sellers/homeowners are trying to move on with their lives and get this property sold.  Is there a government agency we can file a complain t?  We officially requested the investor's information (with certified mail/return receipt) but Nastionstar did not reply.

Did your original buyer register for the auction?

Yes the original buyer registered at the auction but did not bid because the minimum bid was $2500 more than their offer.

The Validation letter doesn't state that the original buyer has to register. In fact the negotiator sends an email stating the original buyer's offer will be reserved.

Contact CFPB, blast them on Twitter, contact the Nationstar CEO office, and also find out who the Investor is on the loan and speak to them.

Or,

LET MY TEAM DO ALL THIS NONSENSE FOR YOU!!!

Ben Benita

[email protected]

This is happening to me right now. What State are you in? Maybe we can join forces and send a joint letter to our congressperson in the distric where thehome is located. I went through CFPB and Nationstar responded without ever using the term Short Sale so they didn't respond to my concerns.

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