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Investor Doesn't Allow Short Sales

Posted by Brian Brumpton on February 13, 2012 at 7:55am in Short Sale Discussions

I have/had a short sale open with Nationstar and the negotiator has stated that the investor (when I asked who the investor was he said it's investor code 399, which I'm assuming means the pooling and servicing agreement) does not accept short sales.

 

While it's not my first time to the show, I've not had this one happen yet.  I've seen many them rejected and countered because the numbers didn't work, just not outright they don't accept them.

 

Anyone had any experience with this?  Any ideas/solutions?

 

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Replies

  • Ban KKiller April 28, 2012 at 8:41am

    Typical runaround from Nationstar. Who is 399? Did the "negotiator" speak with the alleged investor? Your negotiator looked at the electronic file, saw that it was in arrears, saw that Nationstar was racking up fees, saw that Nationstar was making twice as much in servicing fees while the loan is delinquent. Got it? Could you see the Pooling and Servicing Agreement? No. Do you even have a way to validate and verify what the "negotiator" claimed? No. THAT is the kind of company Nationstar is. At the end of the day NO ONE spoke to the investor to ask their opinion of a short sale. I know you keep good records. Report Nationstar to the proper authorities in your state. Copy Nationstar. THAT gets their attention. 

  • Justin Berry February 14, 2012 at 7:37am

    I have run into this before I would suggest to just ignore them and keep moving.  Send in a short sale package, request a BPO,etc.  

    Ocwen used to this with regularity about 3 years ago and it was just because they were overloaded and only wanted to deal with motivated people.  You would call them up and they would tell you that they didn't accept short sales but they were still issuing approval letters.

    I might ask, "So you don't accept settlements?", "What is the date of your most recent valuation?"  

    Escalate and pretend you don't hear them.

  • Smitty February 14, 2012 at 2:33am

    Brian, find out if there is a way to contact the investor and CALL THEM.  I've called investors before who had NO IDEA what a servicer was doing (specifically a Chase deal) and within 24 hours of the call my file finally got moving and approved.  It's not to say what you are being told is inaccurate, but I ALWAYS want to hear it from the horses mouth before I give up.

    • Brian Brumpton > Smitty February 14, 2012 at 5:06am

      Smitty,

       

      Thanks, for the advice.  It's not uncommon to run into servicers or negotiators who sometimes don't understand investor guidelines.  I'd like to speak with the investor, the problem is, I think this is split into a pool.  There is not a single investor.  If anyone has a way to check this please point me in the right direction.

       

      Thanks again!

      • Ban KKiller > Brian Brumpton April 28, 2012 at 8:43am

        You are funny! THAT is the heart of the problem. NO ONE KNOWS! That is why "robo-signing" was invented....to make it appear that the "bank/lender/servicer" is the alleged owner. 

  • Carol Pease February 13, 2012 at 12:09pm

    Brian:

    I've had that come up with GMAC.  I don't think there is anything you can do.  They call the shots.  Do just what you are doing,  posting in a forum that gets lots of views.  Put this post everywhere and go for the Google juice.  It's the least you can do!

This reply was deleted.
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