Replies to This Discussion

Permalink Reply by Janet Nelson on January 20, 2011 at 11:30am

Sorry we don't....Don't think Flagstar even knows what they are...lol

Permalink Reply by Ryun Stuart on January 20, 2011 at 4:59pm

Janet you are telling me lol. I've sent so many different documents into them it's not even funny.

Janet Nelson said:

Sorry we don't....Don't think Flagstar even knows what they are...lol

Permalink Reply by Chris Butterfield on February 5, 2011 at 8:01pm

Here's a copy of flagstar's short sale packet.  This is the worst bank I have dealt with as of late.  The put all their files in a giant pool and look at them when they come to it.  The problem is, if all the financials aren't updated to the week, it goes back into the pool for another month or two.  I have had a file going with them for a year!  we had an approval and the  buyer walked.  We procured another buyer at the exact price and terms of the previous buyer and we are going on 3 months waiting for an approval letter.

 

My advice to upload all bank statements, pay check stubs, etc.. as soon as the seller gets them to insure that the file is up to date when the they decide to actually review it.

Attachments:

• short sale packet.pdf, 458 KB

Permalink Reply by Carol Pease on February 9, 2012 at 3:20pm

Flagstar is at the very bottom of my list. You call, sit on hold with dead air for an hour and when they do answer they are rude and obnoxious. Their normal turn around is 6-8 months. If the foreclosure is within 2 months you may as well forget it and not waste your time. Those are their words.

Permalink Reply by Janet Nelson on February 6, 2011 at 7:29am

Ryun

 

Hate to say this Ryun, but you might be best having the seller's get an attorney involved on the short sale

negotiations. Some title companies will do this, and some not...Find one that get's involved for you, or hire one to help with most any bank.. I know short sale pro's that require the home owner to have

an attorney. The banks seem to pay more attention when an attorney is involved, and get more deals approved

that way....Just a tip.

Flagstar just seems to wait on approvals until they get around to foreclosing...

 

Good luck!

 

 

Permalink Reply by Celeste ODea on July 11, 2011 at 12:57am

Doesn't seem to be much activity on this Flagstar Group.  I am submitting my first short sale with them this morning, and I see where you indicate to upload the documents as you receive them from the seller.  Do you mean just fax them every month to Flagstar?  They don't use email, huh?  Are there any other requirements?  I'm currently faxing 102 pages and then will call to see if they received them.

Chris Butterfield said:

Here's a copy of flagstar's short sale packet.  This is the worst bank I have dealt with as of late.  The put all their files in a giant pool and look at them when they come to it.  The problem is, if all the financials aren't updated to the week, it goes back into the pool for another month or two.  I have had a file going with them for a year!  we had an approval and the  buyer walked.  We procured another buyer at the exact price and terms of the previous buyer and we are going on 3 months waiting for an approval letter.

 

My advice to upload all bank statements, pay check stubs, etc.. as soon as the seller gets them to insure that the file is up to date when the they decide to actually review it.

Permalink Reply by Carol Pease on February 9, 2012 at 3:22pm

Amen to that Chris. Rude, incompetent and lack of knowledge. No wonder banks are in trouble.