lender playing hardball

**evergreen** · 01-09-2009, 09:03 AM

Hi,

this is my first post here, thank you for creating such a great resource! I hope you can chime in and help me overcome the situation I am in with nationstar (my lender). My real estate agent and I have a couple questions:

1. I have a trustee sale date of next monday, is there anything I can do to delay?

2. My real estate agent got a cash offer for the property from a buyer although the lender refuses to take the offer. how can we convince them to accept the offer?

3. This property is a condo in riverside, one of the hardest hit areas in America, other condos on the same street have not sold for months. How does the lender conduct a valuation of the property? The lender is making outrageous counter offers much above the market value of the condo.

thanks in advance.

**Maurice Bedard** · 01-09-2009, 10:19 AM

evergreen,

Accepting a short sale is up to the investor on your loan and there is a good chance that it isn't Nationstar...........from what you are posting here it would appear that they are moving to foreclose........there isn't anything that can be done to force an investor to accept a short sale......for them it is strictly a business decision and they will do what is best for their bottom line. If the are countering the offer............than that would represent what their bottom line is to close the transaction. A short sale is very difficult to get approval for.

**12345** · 01-09-2009, 12:54 PM

keep me posted evergreen.. i have litton and asc.. they are both playing hardball, but at least litton gave us a number to work with in terms of a short sale... i don;t think they will forgive the defficiency... ASC (the 2nd) apparently will not work with this at all... even though my pay was cut and my company is IN BK and i could never afford the loan from the get go... i hung on since was playing with not taking taxes out of my paycheck.. ew.

**evergreen** · 01-09-2009, 11:40 PM

Originally Posted by Cat Damiano

evergreen,

Accepting a short sale is up to the investor on your loan and there is a good chance that it isn't Nationstar...........from what you are posting here it would appear that they are moving to foreclose........there isn't anything that can be done to force an investor to accept a short sale......for them it is strictly a business decision and they will do what is best for their bottom line. If the are countering the offer............than that would represent what their bottom line is to close the transaction. A short sale is very difficult to get approval for.

Cat,

thanks for the response! After talking to the NS today, they now say the trustee sale is not scheduled so we now have more time to take the right steps and possibly get the buyer to offer more.

More information on my loan, it's a primary residence and a purchase money loan only. NS wants a offer above current market value of the property and wants me to agree to a small deficiency, that is what they said they are looking for in a deal.

Would a doc audit help us in negotiating a short sale? any thoughts on how to forward?

**Maurice Bedard** · 01-10-2009, 12:38 AM

A doc audit would help if you were fighting to keep the property and obtain a modification on it........but not so much in the case of a short sale when a new purchase loan would be paying off the "predatory mortgage".

If they have given you the bottom line..........and you are comfortable with that to move forward...........just make sure your agent gets everything in writing.........

**evergreen** · 01-15-2009, 10:13 AM

To give you an update. Our short sale is still stuck in the process because buyer and lender cannot come up with an agreement on the price. The buyer and real estate agent has used comparable in the area to make the offer and its very reasonable and is within market value.

Although the lender on the other hand is using the Automated Valuation Model (AVM) and internal processes to value the property which is significantly above the market value of the home.

We got the loss mitigation rep. to agree if we hire a home appraiser, he would take the appraisal report to the management to ask for an approval based on the apprised value versus the AVM model.

I think we're making some progress, what do you think? any feedback would be appriciated.

**Maurice Bedard** · 01-15-2009, 05:35 PM

I would say that is very good............because your agent can meet with the appraiser and offer the comps that they have as well so the appraiser can see that the comps that you have are accurate.

Keep us posted.......

**evergreen** · 02-04-2009, 10:10 AM

I wanted to keep the community updated of my progress. After the buyer paid for an appraisal of the property, the licensed appraisal professional conducted the appraisal and send in the report to nationstar.

When we followed up with nationstar, our loss mitigation rep. told us our file was forwarded to a "collateral specialist". The specialist told us they would have to order their own appraisal, since the one ordered by the buyer could be bias. So now they have set a time and date up to have their own appraiser come out to visit the property.

At least we got nationstar now to assess the value to the condo based on an appraisal value then the AVM. Will keep you'll updated!