Lady Gaga's "Poker Face" wouldn't help these Short Sales

Negotiating short sales feels like a game of poker sometimes, a game that Lady Gaga's Poker Face couldn't even help.  

But the game I am talking about is more like a red hot poker.

...a short sale lenders ability to sell Mortgage Servicing Rights (MSRs) after a short sale approval letter has been issued.  

In a recent business deal, as reported by Yahoo Finance, Nationstar Mortgage purchased upwards of $10.4 Billion MSRs of several lenders.  One of the larger deals being with Bank of America.  

And guess what that means for a national negotiation company like Summit Mitigation Services?  You guessed it.

MANY short sale closings will not happen this month because of a transfer in MSR from BoA to Nationstar.

My deepest apologies to the agents, sellers and buyers we are working with on these deals.  If I had a crystal ball we probably still would not have seen this coming.

With Short Sale reform on the horizons with an election year this is one item that should be exposed and addressed.

Should lenders be allowed to transfer or sell short sales that are in process or at least already approved with issued approval letters?

Let us hear your thoughts.

-Karl