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Nationstar Mortgage Foreclosing on Elderly Man at Christmas

By
Real Estate Agent with Professional Realty Services® #01704162

Nationstar Mortgage will foreclose on my elderly client at Christmas rather than allow him to do a short sale.

This is not a new request. This man has tried to modify his loan several times and been denied. I have been trying to initiate a short sale since 12/1/2014. Due to their policy, it has been denied repeatedly. Today the escalation department has advised me they do not have time to process and will foreclose on my elderly client on 12/31/1...4.

The Nationstar representative tells me their policy states they need a minimum of 60 days to process a short sale. As nice as this policy is on paper, the fact is, few homeowners initiate a short sale within 30 days of the Notice of Default. My client is an elderly gentleman who will be forced out of his home a week after Christmas. There is a willing buyer for this home who will close in 10 days.

The fact is the elderly homeowner fell behind after a serious illness. He was embarrassed to ask for help, so he did nothing. This is common with older homeowners. They believe in paying their bills and want to honor their obligations.

Come on Nationstar, do the right thing. Stop the foreclosure and allow this elderly gentleman the dignity of a short sale.

 

Posted by

corona realtor 

Liane Thomas, REALTOR®
CDPE, SFR, SRES
Professional Realty Services®
CA BRE #01704162
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Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

This does not happen much, but it happens.

Kind of strange...normally the finance company/mortgage investor would rather accept a short sale in most cases.

Dec 12, 2014 12:05 PM
Liane Thomas, Top Listing Agent
Professional Realty Services® - Corona, CA
Bringing you Home!

UPDATE: Nationstar called me at 805am Monday, Dec 15th and will allow the short sale! The BPO was done this morning and we have initiated the short sale. Yippee!

Dec 16, 2014 05:21 AM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing the good news relating to this difficult situation. Best wishes for a successful transaction.

Dec 16, 2014 10:43 PM
Roy Kelley
Retired - Gaithersburg, MD

Suggestion: You may wish to add your office address to your automatic signature.

Happy Holidays!

Dec 16, 2014 10:44 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Liane

Northstar Mortgage needs to stepup . . . . I would contact the local TV station they will jump on the story.

Also what would it take to get the mortgage up to date . . . . you may be able to get some help on this.

Good luck and success.

Lou Ludwig

Dec 18, 2014 11:58 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

That really suck, unfortunately there are more interested in following protocol instead of doing what is right, very sad.

Dec 19, 2014 04:09 AM