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  • Ban KKiller April 28, 2012 at 8:23am

    It is a good chance that Nationstar DOES NOT know who the investor truly is! So...how can they do a loan mod or short sale? They can't so they misplace paperwork, at the least. I know you are keeping records. Report Nationstar to the appropriate authority in your state. That usually helps if you copy Nationstar!

  • joe beauchamp November 7, 2011 at 3:48am

    My experience has been that sellers are horrible about putting in the financial info - I get a lot of almost blank financial worksheets.  I tend to beat them over the head to put down the correct things.  It really can be like pulling teeth.  If sloppy numbers go to the bank, what do you expect?  You show $3K/mo income more than expenses, why shouldn't the bank say that the seller can pay at least $3K/mo to them for the debt?  They owe the money and their halfhearted financial summary says that they have the money.  You may also notice that most banks do not ask for debt, just assets.  When my seller says he has a car worth $20K, first I ask him what he'd get if he sold it - most people think that their car is worth more than it really is - then I would ask what he owes on the car, credit cards, money borrowed from friends/family and anything else he owes and I put that in the summary to the bank, too.

    What do the financial summary, bank statements and credit report show?  Are the sellers happily paying off all credit cards, etc. and just not paying for this house? Did they just buy another boat? Are they adding $5K/mo to their $30K in their checking account?

    Clearly, your sellers have not explained how whatever hardship they have is making it so that they cannot continue to pay their debt.  That should be pretty straight forward and simple to refute or admit.

    What is the FINANCIAL hardship which precludes the debt being paid?  "My son is sick" or "My dog ate my homework" should get a "Yeah, that's nice, so?" response.  The seller needs to spell out in dollars and cents why he cannot continue to pay.  MGIC clearly said he did not.

    • Lydia > joe beauchamp November 7, 2011 at 7:21am

      Joe, thanks for the reply.  Its like pulling teeth with my sellers. I have asked that they write another hardship letter explaining their son's medical condition AND provide official medical diagnosis along with receipts for bills paid.  Hopefully that will work.

       

  • Jim Schneider October 30, 2011 at 10:31am

    Lydia,

    I'm glad that you've learned to use a QWR, however, since servicers have 60 business days (3 months) to wait before giving the identity, this is a little late. It is more effective to send in QWR right when you list the house. It is pro-forma at my office, unless the investor can be identified online, through the fannie, freddie, and MERS websites.

    • Ban KKiller > Jim Schneider April 28, 2012 at 8:27am

      Fannie/Freddie are not "owners". They repackage the loans, insure them, and sell them off as "participation certificates". The "banks" that sold the loans are instructed, by Fannie/Freddie, to NOT send in original mortgage documents. Each bank that sells into Fannie/Freddie have their own set limitations on what the "servicer" can do in the case of a loan mod or short sale. IF your sale or loan mod falls out of that limited scope...you are going to get famous run around. 

    • Lydia > Jim Schneider October 31, 2011 at 6:40am

      Thanks for the additional info...I will keep that in mind with the next one.

       

      I received the following response from our negotiator:

      "The investors did not rejcet the offer. The MI Company did. MGIC is there PMI company. It was denied because there was no hardship and the borrower has sufficient assets to pay off the debt."

       

      My suggestion to the seller is to send in another hardship letter and a tally of the bills they continue to pay for their sick son and also perhaps a letter of diagnosis etc from their doctor.  Do you think this is a waste of time or perhaps there is another tactic I should use...of if the MI Co declines then we are S.O.L.

       

      Thanks

      Lydia

       

      • Smitty > Lydia October 31, 2011 at 1:16pm

        OUCH..MI companies can kill a deal.  I think your tactic with the hardship letter and having the seller go through their bills again may help.  Does the MI company see money somewhere?  That could be the reason. 

  • Smitty October 28, 2011 at 9:55am

    Did you call the investor?  Did you let them know about the sale and ask why Nationstar was denying it?  What is the reason for denial?

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