In negotiations with met life/ first horizons short sale for 6 months and they sold it to NATION STAR yesterday

Does anyone have any sugesstions . 

on 5/20 they said we would know in 30 to 45 days 

we called every week

had it escalated , they forwarded it to a manager etc

last nights call they said   hmmm no update  oh by the way it was sold to Nation Star yesterday

 

Help..... What does that mean ? 

I appreciate any help you can offer

Thanks

Jeannie Costanzo

845-234-2220

 

 

 

Keller Williams Realty
845-234-2220
Web   http://MyRealEstateJeannie.com
 E-Mail [email protected]
Fax 845-230-8734
CBR Multi Million Dollar Producer
Number 1 Expert
Associate Broker

 

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Permalink Reply by Roy Chambers on August 21, 2011 at 4:24am
Just had this happen to us too. Send it nation star. It will take them roughly 10 days to get it in their system & then you should be able to work the file. They have been pretty good with us so far on this one anyway. 
Permalink Reply by Donna McClelland on August 21, 2011 at 4:27am
In my opinion, it means you got lucky!  Met Life/First Horizon is the WORST.  It took me six months to do a short sale through them.  They are the slowest bank on the planet.  My negotiator was out of the office almost every day.  I left millions of messages and tried the whole escalation thing, too.  I am still amazed that we finally got an approval letter.  You will have a much better time with Nationstar!
Permalink Reply by Joan Psarros, CDPE, CRS, SFR on August 21, 2011 at 4:41am
Sorry, just the mention of First Horizon/met life brings me back to a bad place.  I was on my way to the gym and life was so good until I just read your message.  I spent a year with them working on a short sale with First Horizon first and First Horizon/met life second.  They kept saying they were different entities.  Anyway, was verbally told I had an approval twice but from the time I was told verbally until I received the approvals each time it was so many weeks that the buyers had run. The seller had lost his job and moved out of state.  We all worked together so hard to make this work.  The second First Horizon/Met Life had an attorney in the new state he moved to file a claim against his wages.  So, my seller hired an attorney and filed bankrupcey.  I received the first approval around that time for the second time but it was too late as far as the sellers were concerned.  So, in total it was one and a half years of my life gone.  Also, I had faxed multiple times to them short sale packages which they never received.  Then I Federal Expressed the packages to them .  The first one they said they didn't receive and on the second one which cost me another $23.00 to send.  I told them the person's name that signed for it.  Then they found that one.  This was the borrower's primary home and he definately had a hardship as he lost his job and he had to move.  Sorry, for the rambling but this was a bad place in my life.  I really thought it was going to work and I gave it the old girl scout try!
Permalink Reply by Matthew Fetick on August 21, 2011 at 5:16am

Hey Jeannie, 

My experience with MetLife was TERRIBLE. It took 9 months to get a response, even with every other day calls, letters etc. I finally found an experienced manager there who helped. Trust me, you'll be better off with Nation Star. I have a few manager contacts with NationStar if you need them. They work on Equator. 

Permalink Reply by Jan Sanderlin on August 21, 2011 at 10:23am
If Met life was in negotiations to bulk sale the note...They would not have stopped to process the short sale...You start the process all over again with Nation Star and process again from the very begiining just like it was a new file...Don't 2nd guess their motives...Find out for reals what their motive is...BTW spent 13 years in Corporate and Private Banking and sat on the other side of the desk in the 1990's...Each corporate entity has their own ground rules and Met Life is an insurance Company first and foremost.  good luck with this...all you can do is all you can do...
Permalink Reply by Cecilia Mutia on August 21, 2011 at 1:55pm

Hi Jeannie

 

This happened to me as well....  We got word from the client that they received a letter stating that the loan would be transfered to NationStar within in a week from the date of the letter and if their property is currently in closing status then NationStar would honor the approval from Citimortgage. I took quick action since this meant starting over with the short sale and a Trustee sale schedule in 30 days. I  contacted the negotiator from Citimortgage and asked her to please provide me an approval letter before the loan is transfered. She did not realize the loan was being transferred since it was not in the system as such. I let her know that client is having a hard time with this news since it means starting over and possibly looking at a foreclosure which would be unfair to her since she is doing everything possible to help the bank by selling the home. My client was hopeful for a succesful closing since this meant that she would get potential relocation incentive (not HAFA) from the investor.

 

Persistance paid off. I received the approval letter within a weeks time. Negotiator gave me a closing of 45 day window and I requested that she put a hold on the Trustee Sale in order to close the transaction. We knew we could not close in a weeks time. But we showed that we could. We opened escrow and had the buyer move forward on closing the transaction (buyer knew our position and wanted to give it a try since they loved the home). 

 

The loan was transferred to Nationstar a week later and followed up with the negotiator for Citimortgage and let her know it was transferred and asked that she help me get connected to the closing dept or short sale dept at Nationstar since we had an open escrow. She gave me numbers and I used the "someone please help me I'm in escrow and due to close" card and it worked. Got a  really nice negotatiator who honored the Citimortgage approval letter which had a close of escrow date of 45 days. We were in 3rd week of escrow.  I let him know that buyer does not know the situation and would hate to let them know that the letter was not honored since we had an open escrow while they transferred the file (wink, wink). I also sent him the letter that they gave the homeowner honoring the closing if it was in escrow.And the icing was that it would benefit him to take fast action on this one since we only had 2 1/2 weeks to close escrow and would be a fast close for him in which he was not expecting. He liked that.  I received the new approval letter from NationaStar within a week. We succussfully closed the transaction. The lesson learn here was that homeowner opened her mail as I always instruct my clients to do so and communicated the correspondence to me. Had she not done so she would have had a foreclosure on her record.  

Permalink Reply by Corinn on August 22, 2011 at 1:48am
Nationstar is now in Equator, have you tried uploading the file that way?  We had the same scenario happen and I am in the beginning stages of initiation with Nationstar and Equator.
Permalink Reply by Vivian Dianneth on August 22, 2011 at 4:37am

Hello Jeannie,

The same happened with one of my files and I uploaded right away in Equator back on May 25 2011, I received the short sale approval letter on August 11 2011 I had a good experience during the process.

Sometimes changes are for good.

Good luck!!!

Permalink Reply by Joan Psarros, CDPE, CRS, SFR on August 22, 2011 at 6:06am

I had replied on this message before. I just got an email from my client that had fallen apart months ago due to First Horizon/Met Life messing things up.  He told me he got a call from someone from Nation Star and the man said that he could still do a short sale.  My client has filed bankrupcy and wasn't sure if this could still be done.  Anybody have any thoughts?  This was his primary home and it is a rather large mortgage.  I have always thought he would do much better in a short sale situation.  If it is a Chapter 13 there will still be a repayment plan.

Help?  Any suggestions would be appreciate.

Joan Psarros, [email protected]

Permalink Reply by Jackie Thompson on August 23, 2011 at 2:35am
NationStar does not pay timely for BPOs either.  I'm trying to get payment for one BPO submitted in May and two in early June.  And today is August 23rd.
Permalink Reply by Joseph Alfe on July 26, 2012 at 8:29am

Thank your lucky starts. Nationwide is far, FAR better than MetLife.

Permalink Reply by William F Griffin Jr on July 26, 2012 at 11:32am

The last file we had with Nationstar mortgage was not that bad. The negotiator was eay to deal with. Just initiate it in equator.

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