I am currently in the middle of negotiating a short sale on a owner occupied non HAFA short sale. The 1st lien holder was originally Bank Of America which was initiated through equator and pre selected for the HAFA short sale program. After a few weeks of underwriting I noticed the file was transferred in equator after further investigating BOFA informed me that the loan was now be serviced by Seterus inc formally IBM LBPS. After completing a new notarized 3rd party authorization and waiting almost a week for clearance I am now being informed that the file has been transferred to a company by the name of Nation Star. Nation Star has informed me that they will be charging a 1% negotiation fee and does not participate in HAFA.....My question or discussion is has this happened to anyone in our community? 1% negotiation fee is a bit excessive in my opinion since they are not negotiating anything with the 2nd lien holder and 3rd lien holder.
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Isaac, Who is the investor of the loan?
Also, I'm fairly certain I've seen it before that whoever the new Servicer is still has to offer HAMP/HAFA if the previous Servicer offered. Read up on the Supplemental Directives.
AHMSI used to do this all the time. Is this taken out of the proceeds of the sale or in addition to the sales price? That would be my first question. If they are taking it out of the proceeds and your commission is still in tact, I wouldn't care but if they are asking the buyer to anti up without having disclosed this fee anywhere else until now, I'd fight it.
Nationstar is also a lender.
I'm not sure if this response is for me or Isaac. I currently have 10 active files with Nationstar and none of them have this 1% fee, nor have any other of the many files I have closed with them. The only lender I have ever encountered this 1% fee is AHMSI. They label it as a 1% buyer admin fee.
I see this on every file with AHMSI, but never with any other lender.