Hello all, I'm hoping someone here can give me some insight into Nationstar's process and how I can stop the scheduled foreclosure sale.  I have a situation very similar to another one here...Spanish speaking client has received multiple letters from Nationstar - all in a language he doesn't understand.  He only contacted me about 30 days ago and there was already a foreclosure hearing scheduled at that time. I initiated in Equator, and over the next 2 weeks, completed all the requested tasks.  Problem is, they have gone ahead and scheduled the FC sale for May 21!  I have spoken to the trustee on the deed and informed them we are attempting a short sale and the home is currently listed.  Yesterday, after not getting any replies to several Equator messages, I finally threatened to file a complaint with the CFPB.  Guess what?  This morning, I received a reply from the lender!  They are going to rush and get the FHA appraisal done on Friday morning.  They have "ordered title" on the property?  Not sure what that means.  Based on above and your experiences with Nationstar, what are the chances for getting them to stop the FC sale?  They are still saying they don't know if there is time to stop the sale.  We do not have an offer yet.  Thanks for any suggestions or advice!

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Sounds like your Client has a FHA Loan and they are reviewing them for the FHA Pre-Foreclsoure Sale Program.

Since the property is in foreclosure and the note seemingly is FHA, you'll need an offer to get into the PFS program. If you can get an offer in line with FHA guidelines and get the ATP issued, you may be able to get the sale date postponed.

310-564-6389

www.ishortsalenow.com

[email protected]

If the loan is a Fannie Mae loan you will also need to go to the Homepath.com site, select short sale.  If you do not have a login create one.  Create a short sale file and upload all required documents.  If the loan is Fannie Mae, they will wait for Fannie Mae to approve the short sale. 

It's an FHA loan.

You don't need an offer to be approved for the PFS program, and HUD can postpone the auction if it wants to. This is one instance in which you're lucky this is an FHA short sale. Most other short sales would require an offer.

Should I try getting in touch with HUD directly?  if so, what is the best method?  Never had to do this before and I've closed several short sales every year for the past 2-3 years.

When a property is in active foreclosure they typically require an offer in order to allow a borrower into the PFS program.

Yep. Even though their Mortgagee Letter(s) don't say this....

Good luck!

I can't tell you how grateful I am to everyone who responded - I know your time is precious and I appreciate your willingness to help.  I have filed a complaint with the CFPB and will update this thread when and if I get a reply and a resolution.  Does anyone know how to contact HUD directly, to make them aware that we would like them to stop this FC sale?  Thanks again!

Nationstar WILL stop FC sales with an offer, but, you need to know who to call.

If you go through the usual channels (lower level Loss Mit.), they will tell they NEVER stop FC sales with less than 30 days before the sale date.

HOWEVER, just this week (literally on Monday), we got a FC sale stopped (sale was scheduled for Tuesday May 5), and we just submitted the short sale packet/offer on Thursday of last week (5 days before the auction).

If you email me off here:

[email protected]

I can give you some of our contacts (we also process short sales for agents if you ever need help).

Like most people on here mentioned (and should be standard practice for ANY of your short sales), find out who the Investor is on the loan and that will dictate 90% of your process (it will also let you know which Investors pay 8% - 10% commission on short sales)!!!

Best of luck to everyone.

Ben Benita

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