Hello All,
Does anyone have a good contact at Nationstar Mortgage? I recently had a B of A short sale APPROVAL LETTER and after this is was transferred to Nationstar so we cannot close. B of A transfer letter states that the short sale and all of it's documents and approvals (approved by Freddie and MI Company as well) would be transferred but Nationstar tells me to resubmit the documents and start over.
Any advice???
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I just had this happen....all the way to just waiting for the approval letter and bam- BoA sells loan to Nationstar.
We start over with Nationstar - get almost to approval again...and guess what? They sell the loan back to BoA - said there was a problem with docs....sigh....
Halfway through starting over with BoA again now......
Hi Minna,
This is happening to me as we speak .. supposed to receive the short sale approval with AMS (for BofA) last week and now NationStar is taking over the loan as of this Friday. The buyer is cash and ready to fund like yesterday. Could you kindly share how long it took to almost get approved for NationStar and did you upload it all into Equator as well? Any information would be helpful :-/ Thank you and I hope you have already closed on your deal!
If there was a problem with the docs you need to find out what is was! This note could be a null entity.
There are many reasons to look into the transfer back to BofA if you were told in writing that there was a "problem" with the docs. That could be legal speak for "no right to collect can be transferred to us with the docs that exist".
have fun with that one!.
The buyer of a note takes the note SUBJECT TO existing conditions. An agreed settlement IS an existing and legally enforceable condition.
Deliver the dated letter to the closing agent and move the closing forward. Presenting the letter to the bank that OWNED it at the time of approval is all that should be necessary to move it forward to closure. Copy EVERYTHING to both banks.
I would also suggest that the agent who obtained short sale approval do a coule of things specifically..I can't mention them here for specific reasons..but may be able to talk one on one with anyone who contacts me.
I have had letters of approval for short closing (of the NOTE) with an amount given. Anytime it is written as a loan settlement letter...in other words approval of terms and amount to settle the note...if there is NO aproved purchaser of property in the letter, the payment can be made by ANY person for any purpose (i.e. refinance, sale, or aunt Mabel loaned the owner the $$). Delivery of any such letter to any teller at any branch of the lending institution along with payment will ususally suffice to settle the debt and release the mortgage.
Dirk, "the buyer of a note takes the note...." doesn't apply here at all. It's not the owner of the note that's changing, it's the servicer (hired by the owner). Also an Approval Letter can be rescinded/withdrawn. Good luck with getting that note settled and the mortgage released at your local teller.
It would appear that Fannie Mae and Freddie Mac are dumping Bank of America. You think Bank of America is driving this? I don't think so. It's the investors who are paying the servicers, not the other way around.
I agree. I escalated the matter to the office of the CEO since we were so close to closing. He said that it would be up to the investor if they would "allow" b of A to continue with the servicing through settlement. He also mentioned that this process was entirely driven by the investor. I don't know why Fannie and Freddie would be dropping B of A unless it has something to do with the new National Short Sale laws effective November 1st.
This seems to be B of A's latest ploy. Work a SS for weeks then send it to Nationstar to die. I wonder what's driving this?
We have a nationstar file and can get nobody to get us any kind of direction. File is complete and confirmed as such, but NS says it is in valuation (and has been fro over 10 weeks now). We have tried toe scalate to no avail. Something is afoot out there folks. short sales have just gotten a lot more difficult in the last 2 months and nobody is talking. As a member of the California Assoc. of Realtor Distressed Property Task Force I can assure you that I am paying attention and am bringing up our concerns but it appears that banks are just getting meaner as we go along. We have been doing this for over 5 years now, there is no secret on how to play the game and yet the banks are just making it harder every day. Does anybody out there have ideas as to why?? Something is not right. Banks are not giving f/c postponements as much anymore and it does not make sense.
I'm curious... have you inquired as to who the investor is on this loan? Somebody needs to be aware of NS mis-steps.
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