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Reason for Default

Posted by Maurice Stover on September 22, 2013 at 6:36am in Short Sale Discussions

Need some assistance.  Can anyone confirm when initiating a Nationstar short sale in Equator, when selecting your “Reason for Default” is  “Loss of Renters/Tenants” listed as one of Nationstar choices.  I don’t have a new short sale with Nationstar to initiate in order to see what the choices are. Each lender has different/overlapping Reasons for Default. Again – I am only concerned about Nationstar.  A screen shot of all listed choices would be perfect. Thank you!

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Replies

  • Wayne Brooks September 28, 2013 at 7:42am
    Maurice, what's the reason for the question then, if you don't have a borrower's loan number? Knowing the "exact phrasing" of Nstar's choices isn't going to tell you any better if your seller qualifies, or hurt their chances if Nstar doesn't have a listed default that matches them exactly. People get short sales on investments properties every day.
    • Maurice Stover > Wayne Brooks September 28, 2013 at 8:05am

      Wayne,

       

      I already have a short sale with NStar in progress. I stated in my post that one of their negotiators don't know what their list of options are. The rest of my post explains the need for someone else who is initiating a new short sale to please take a screen shot of the list of options if they have a NStar borrower that they will be entering into Equator. Have a nice weekend! 

  • Reuben Dunn September 28, 2013 at 5:08am
    Generally short sales are done because the homeowner is not able to obtain modification assistance.

    Their reason for default in this instance would be the same one that they had for the modification request.

    If they are just doing the short sale so that they can walk away from the home, then it may not be possible, most lenders will allow a short sale due to legitimate economic hardship. Not wanting the house anymore isn't a valid hardship, or reason for the short sale.
    • Maurice Stover > Reuben Dunn September 28, 2013 at 7:25am

      Hello Reuben,

       

      Thank you for responding. I am fully aware of what reason of default mean. My reason for asking someone to take a screen shot of NStar list of reason for default is because one of NStar negotiators don't even know what is in their list of options. Most reason for defaults are the same for most lenders but some lenders do have their own custom reason for default that they have added. I need a screen shot to send to this negotiator to make a point. Unlike BOA, you can select the reason for default on the first screen when initiating a short sale in Equator. With NStar the reason of default is shown after the system/NStar validate the loan number. Since I don't have a Nationstar borrower/loan number I cannot prove my point.  Thanks again!

  • Maurice Stover September 23, 2013 at 6:35am
    I have already called customer support and they cannot give me a clear cut answer to my question. The processor who we are working with informed us that Loss of Renters/Tenants is not one of their reasons for defaults. That is why I need someone who is initiating a Nationstar short sale to look at the list and perform a screen shot from their page.
  • Wendy Rulnick September 23, 2013 at 2:43am

    Maurice - Try calling Nationstar. They are pretty nice with the customer support!

This reply was deleted.
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