Comment

Comment by Deidre St. Romain on November 13, 2011 at 9:58am

I understand Anna.  Best of luck to you and your buyers.  Who knows - the listing agent could get a really good negotiator!

Comment by Anna "Banana" Kruchten on November 13, 2011 at 9:39am

Deidre -  yeah well they really want to put a bid on it so that's what we'll do today. This lender sounds like Suntrust. I don't ever want another one of those....nightmare city.  Guess I need some good old fashioned luck for these buyers.  All cash deal - but that doesn't mean much these days with a lender like this.

 

Comment by Deidre St. Romain on November 13, 2011 at 8:34am

Anna:  Go w/your gut on this one.  I myself always do check people's experiences on SSS w/any particular lender.  This one is a BEAR - I'm not a big coward when comes to tackling any lienholder but on this one until they get a better at processing short sales I'm totally staying away from them - while representing sellers OR buyers.

Comment by Anna "Banana" Kruchten on November 13, 2011 at 8:17am

I'll be writing a contract for a buyer with this bank. From reading these posts it appears as this bank is going to be a bear. Does anyone have some success stories with Flagstar?  I don't think the listing agent is very savy on short sales and I need as much info as I can get to help her out - if she's open to it.

Comment by Kari A. Battaglia on October 25, 2011 at 2:21am

I have not worked with Flagstar in that situation but feel that the deal I am currently working on will become that situation.  Our market is a declining market as well.  My situation after 10 months of my file just sitting there except I acutally received a counter offer in August which buyer accepted next day and today file is still sitting in "que". I am now told that the BPO has expired and a new one needs to be ordered.  This is just crazy.  The government should never have given this lender any tarp money and they are not in compliance with any of the HAFA Guidelines whatsoever and judging by all the blogs across the internet this is common practice for this joke of a bank.  They should not be allowed to even lend money to homeowners - who knows what rules they are violating in that department.  Anyone who approaches me with a Flagstar short sale I will have to give them the bad news that they should just let the property go to foreclosure because that is what Flagstar is effectively doing to all these homeowners who are applying for short sale and their file just sits there for months and months with no accountability.

Comment by tanyafranzen on October 24, 2011 at 4:01am

Congrats Lynn... 11 months seems to be about right.

Has anyone dealt with Flagstar in a situation when the home didn't appraise at the approved Purchase price?  I am afraid that is going to be the next road bump I hit with this transaction.  

Flagstar has taken SO LONG to process this file, and our market has been dropping like a hot rock.....so frustrated. 

Flagstar is accountable to NOBODY!   I've been dealing with this joke of a loss mit dept for almost 8 months now.  Their customer service people are well trained in deflection...that is about all they are trained in... why even answer the phone when you can confirm nothing, tell me nothing and give me no information as to who CAN actually help.  "We don't give out that information"...is the one consistent mantra I hear out of them.... are you kidding me?  

We have had to go back and get variance approvals from HUD on 2 separate occasions because there is not 1 person assigned to this file who can take a comprehensive look at the file and say...."These are all of the things that we need to address"..... instead the file gets put in the middle of the room...somebody in the specialist "group/team" picks up the file... looks for the first red flag, puts a note in it and closes the file for someone else to deal with...  HUD confirmed that they approved the last variance over 18 WORKING DAYS ago... but Flagstar just can't seem to get to it.... nor can they give me a timeline as to when they might be able to get to it... I asked 2 days? 2 weeks? 2 months? ... nope, they can not say...  we have had the ATP for 3 months, Flagstars net is almost $30K OVER their min. Net Proceed required... you would think that they would want to get this slam dunk off of their books before this buyer walks and the next offer comes in at $50K less.... which is where the market value of this home is going to be by the time the buyer gets their appraisal done... 

Which brings me full circle......again, has anyone dealt with Flagstar in a situation when the home didn't appraise at the approved Purchase price?   If so, how did they handle it? 

 

 

Comment by Lynne Catrow on October 19, 2011 at 8:23am

Well, they do exist!!!!!  I just received the approval letter..........after 11 long months!  I had to get the Dept of HUD involved, but I finally got it.

Comment by Kari A. Battaglia on October 10, 2011 at 3:15am

I have been working on a file with Flagstar since February 2011.  Flagstar is THE WORST BANK on the planet to deal with.  THEY ARE NOT IN COMPLIANCE WITH HAFA TIMELINES and don't seem to care at all.  Standard response from anyone that answers the phone - the file is in review and if we pull the file you will loose your place in line in the "que" and you will be starting all over again.  There is no accountability and the US Government should be taking a strong look at Flagstar's loss mitigation department and the countless number of complaints regarding their lack of response during the short sale process.  If Flagstar is going to blatently violate the HAFA guidelines without any recourse then why are they allowed to be a participant in the program.  It is a waste of everyone's time to work with this lender. BEWARE OF FLAGSTAR!

Comment by Deidre St. Romain on September 16, 2011 at 6:10am

Kari:  I feel your pain.  I had the worst experience ever working with this bank.  I won't do it again.  You are right to call in the morning, send complete packages and just bug the living daylights out of them and call the investor, the trustee, if it is owned by Fannie call them, owned by Freddie call them.  You have to go over their head because they won't do anything without a "kick in the pants"!

Comment by Kari A. Battaglia on September 16, 2011 at 3:27am

I am currently at the end of a HAFA Short Sale with Flagstar and YES they are the worst bank that I have worked with.  Everytime I call for updates I get the standard answer "the file is in review".  I then solicited the seller to call direct and they would get the details of where the file is.  Currently my file has been sitting in a manager "que" for almost a month to issue seller an approval.  I have been told for the last 2 weeks to expect an email with approval but still nothing.  You would think that this lender would get their act together and restructure their loss mitigation department.  I was actually told one time that "You are just the Realtor and we don't have to release any information to you even though we have authorization to release information on file for you, you are not the seller".  My message to anyone working with Flagstar is to send the most complete package you can initially.  Follow up in the mornings, not the afternoons.  I might even have the seller send duplicate statements directly to Loss Mitigation Department because if your bank statements are not updated they will kick the file out and you have to start all over again.  I also hope that you are a praying person as you will need as much help from up above as you can to get this closed.  Stay the course and don't give up.

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