The normal short sale with my office usually takes between 45 and 90 days to obtain an approval. The bank/servicer usually gives the party a 30-day window to close after approval. Some banks/servicers traditionally take longer and some take less time. Additionally, there are 8 steps to a successful short sale and we complete each…
- Tag: FHA short sales
What Agents Say
I first ran into NationStar a couple of months ago when all of our Aurora loans were serviced-
released to NationStar. That is a fancy way of saying that the files were sent to another servicer
and we now have to start over with them. Well, not only did we have to start over but we had to
supply them with a Title Opinion from an attorney and a BPO (not CMA) from the listing agent.
We had four files that went from Aurora to NationStar at that time. Two of those files were also
in foreclosure. Normally when we have a file that is also in foreclosure, the bank/servicer will
continue with the foreclosure but hold the foreclosure sale off in order to give us time to close the
short sale. Not NationStar. They did not even slow down or even say “excuse me” when they ran
us over on the way to the courthouse steps. These were solid “market priced” offers that we were
well down the short sale road with.
I did a little research and found out that NationStar Mortgage Holding is the 2nd largest nonbank-
mortgage servicer in the US, soon to be the largest. Not only did they take over the majority of
the Aurora Bank (which was part of Lehman Brothers) but they are also taking over mortgage-
servicing-rights (MSRs) from Ally Financial (previously GMAC) and a large number from Bank of
When I heard that some of our files with BOA were being serviced released I thought that the
silver lining was that it would be someone other than BOA. After all, who could be worse than BOA
when it comes to short sales? I think I have an answer. Their name is NationStar.