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Mr. Cooper

Website: http://shortsalebasics.ning.com/mrcooper
Members: 534
Latest Activity: Nov 29, 2022

NationStar Short Sale Informations

 

 

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Mr. Cooper is now using equator.com. Initiate your short sale there.

Escalation email: [email protected]

Depending on the loan type Mr. Cooper may have the file go through the 3rd party auction platform xome.

Discussion Forum

Messy Foreclosure defense. 4 liens on property!

Started by Russ Trinidad. Last reply by Russ Trinidad Dec 5, 2018. 9 Replies

My client (Seller) originally bought a home with a 1st and 2nd mortgage with CMG Financial in 2006. The mortgage started slipping away from him so he entered a foreclosure defense agreement with an…Continue

Tags: liens, 4

AUCTION after executed contract???? to 2 veterans????

Started by Wanda martinez. Last reply by Donte Tribble Apr 5, 2018. 8 Replies

We want to escalated this from Nationstar.... We have an executed contract for 4 months .....  NOW, Nationstar wants to start an AUCTION.... the seller is a veteran with a hardship and the buyer is a…Continue

FHA Denial for Surplus of Income

Started by Shawn Lowery. Last reply by Minna Reid Oct 11, 2017. 3 Replies

Nationstar, FHA loan, mortgagor denied short sale eligibility and instead offered forbearance.  Here is message from loan rep:At this time the home owner is not eligible to participate in the short…Continue

Nationstart will not accept to start a short sale

Started by Elvira Quiray. Last reply by Ben Benita Apr 26, 2017. 1 Reply

Hi All,I need your comments on this situation I have. The sheriff sale date is in a week.  I have called Nationstar and they will not accept the short sale because the sheriff sale is too close. Just…Continue

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Comment by Jim Schneider on May 23, 2016 at 2:05pm

These comments on Nationstar sound a lot like what OCWEN was doing with forced HUBZU auctions, and several states shut them down. It might be worth seeing if they're violating the same laws. Illinois decided HUBZU was practicing real estate without a license.

Comment by Helena Kaucheck on May 23, 2016 at 12:26pm
Hi, I've only had one incident that Nationstar backed away from the auction and that was quite a few years ago. When a file does go into homesearch.com, as Elizabeth says there is a 5% premium added to the purchase amount. This turns away most buyers and if there was a buyer who's taking out a loan that won't pass muster. Nationstar gave us no option. What I found to also help is to be on top of the auction and don't give the rep any leeway when it comes to time tables or deadlines on their end. Make sure you know their turnaround time and if they allow the auction to occur once or re-occur over a period of time. I can't remember if it was Nationstar that kept the auction going for a certain amount of time. Ocwen did this too. But nevertheless just make sure you know how it works and don't give them one inch to not move the file forward once your file meets their ridiculous needs.
Comment by Julie Lyons on May 23, 2016 at 12:13pm

I too was forced to use Homesearch.com  It really is just a formality from what I can tell.  I did have to have the open houses and had to print out a copy of the MLS that showed the open house dates.  I helped the buyer and the buyer's agent to register online and place their bid.  There were no other bids even close to the original buyer's bid.  It did slow down the process and was a big pain, but the original buyer did get his offer accepted by Nationstar and everything went fine.

Comment by ElizabethWeintraub00697006LyonRE on May 23, 2016 at 11:21am

@amy -- I would not worry too much about homesearch. First, if you're close to what the investor wants, then it will be very rare for a bidder to come close to your buyer's offer because bidders tend to underbid. Second, the bidder will need to pay the 5% premium, and your buyer will not. I have never lost a sale to a bidder. The first thing they do is find out who has the home listed, and they then see the home is pending and they figure out what's going on and they don't bid. I don't help them out, either, no open houses, no assistance, they are on their own. Just watch the bidding and I don't recall if Nationstar is now prevented from shrill bids, which was going on for  awhile. You might ask your buyer to register online, just in case, and your buyer can bid his own offer, but don't do it until you are very close, within the last hour of bidding. That way he is "in the process" in case somebody bids more than your offer, but that is unlikely to occur. All this process seems to do is delay the short sale approval process, but I can tell you that a buyer who is registered seems to get a faster short sale approval than the buyer who does not register. So there is that.

Comment by Brett Goldsmith on May 23, 2016 at 7:49am

@amy I've never been able to go around homesearch and I've been involved in well over 30+ files that have gone through homesearch. We have tried to get it around a few times to no avail.

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310-564-6389

www.ishortsalenow.com

Comment by Amy Martin on May 23, 2016 at 7:43am

Is there a way around it to prevent going to homesearch.com? I was told that our offer is close to what investor wants. The Buyer's Agent told me that the buyer is willing to up his offer to $20K more so long as it doesn't go to auction. What would you do in this scenario? Who can I reach out at Nation Star so that it goes traditional instead of auction. They will be getting their money or more. But the Auction Negotiator said to me that there is no way around it and don't even want to talk to me on the phone, I tried how many times. By the way, this file is delegated.

Comment by Sean Wilder on March 29, 2016 at 5:52am

They add the buyer's premium to the high bidders price and that becomes the total purchase price the buyer is buying it at.  The fee actually ends up showing as a seller closing costs on the settlement statement.  So financed buyer's are able to do it.  It is still a shame though.

Comment by Amy Martin on March 28, 2016 at 5:01am

sorry for the typo.

Comment by Amy Martin on March 28, 2016 at 5:00am

Its 2016 and short sales with Nation Star is sent to auction.com. 

What is this 5% premium and is this mandatory? Appreciate if someone can explain this to me.

As I was reading comments, is it the actual Buyer that will register in the acution or the Buyer's Agent for the Buyer?

Thanks for your help!

Comment by Nisha Wynter on November 16, 2015 at 6:40am

Does anyone know a number to Nationstar's legal department?  I have a file that's been sitting there for almost a month.  They keep saying they cannot connect me to legal but will have someone from legal to call me back.  I've left several messages.

 

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