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.
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