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Nationsar Short Sale in Illionis - Another Successful Nationstar Closing

By Raymond Kennedy

Real Estate Agent with Keller Williams Preferred Realty

December 29, 2011 01:40 PM

Nationstar Short Sale Approved & Closed!

Nationstar Mortgage Short Sale

Once again Raymond Kennedy has closed another Nationstar Short Sale in Illinois. On this particular deal the lien holder, Nationstar Mortgage, approved the Short Sale and released the lien on the property for a total payoff of roughly $103,000. Based off the amount that was owed there was over $70,000 of the original loan forgiven without any deficiency attached. This allowed the homeowner to move on with their life and put them in a much stronger financial position for the future.

I am currently working with two other homeowners on Nationstar Short Sales. One of the advantages to this company at the current time is they move much quicker than many other lien holders. Average time frames on a traditional Short Sale fall around 60 days for an approval. Some are quicker than that but that is our average. Nationstar Mortgage is known to complete these quicker and in some cases offer cooperative programs which may or may not include incentives to a homeowner. Nationstar also offers the option for a Deed-In-Lieu of Foreclosure in some cases if the Short Sale is not successful. To learn more about Nationstar Short Sales in Illinois please contact Raymond Kennedy at 708-620-4460.

Reasons why a Nationstar Short Sale is beneficial to those facing a potential foreclosure in Illinois:

Illinois is a Deficiency judgement state which means the lien holder/bank/investor could possibly come after a home owner for the remaining balance. By pursuing a Nationstar Short Sale you open your self up to the opportunity to negotiate the remaining balance and either have this liability completely waived or reduced significantly.
Reduce the negative impact to your credit.
Put yourself back in the market to purchase another home sooner.
All the traditional fees such as Realtor commissions, attorney fees, standard seller fees are not required by the seller, the lien holders pay this as part of their loss. It is fairly a low risk option if you qualify for the Short Sale.
Every Short Sale is different depending on a number of factors such as the lien holder, type of loan, loan terms, investor and your financial situation. There are some homeowners that may qualify for incentives. I have seen incentives at $3000, $5000 and in very rare unusual circumstances up to $30K to participate in a Short Sale.

This information is not intended to be legal advice but only to give you direction and guidance on what to expect with Nationstar Short Sales. I advise you to seek the legal advice from a qualified Real Estate Attorney in your local area. Some homeowners may or may not qualify for a Short Sale and may only qualify for the Short Sale under certain terms. It’s important to understand these terms before proceeding.

Learn more about Nationstar Short Sales Here

Search Illinois Short Sales Here

Search Illinois Bank Owned Foreclosures Here

Raymond Kennedy
Keller Williams Preferred Realty

Direct: 708-620-4460
Email: illinoisagent@gmail.com

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Mike McCann Broker - Mach1 Realty

Mike McCann - Broker, Mach1 Realty Broker-Auctioneer Serving Nebraska - Kearney, NE

ALL Types of Property For Sale 308-627-3700

How long did it take for that particular Short Sale to close once the buyer wrote the offer and was that a normal time frame for you?

Dec 29, 2011 02:00 PM

Raymond Kennedy

Keller Williams Preferred Realty - Orland Park, IL

This one from time of submission of the Short Sale package I believe was under 45 days. However, this was not a cooperative deal, this was a traditional short sale. The two I am working on now with Nationstar are doing cooperative Short Sales so they are pre-processing the transacton up front so the response time should be less than 10 days once an offer is recieved.

My traditional Short Sales average about 60 days even for the bigger lenders such as BOA, Chase & Wells Fargo etc. If I have to fight value they take longer.

Dec 29, 2011 02:06 PM

Caroline,

The incentives are usually specific to a cooperative programs, not necessarily the lender or in this case Nationstar is most likely the servicer. HAFA, FHA are examples of cooperative programs that offer incentives. There are some internal incentive programs specific to the lender themselves for Bank Of America, Chase and a few others. First thing you should find out is who the end investor is, Fannie, Freddie, is it a Portfolio loan (in house), is it with FHA. Once you know that you can than determine what questions to ask in regards to qualifications for HAFA or any internal programs they might have. The existence of a second lien could affect your qualifications for certain incentives as well. Keep in mind, the incentive programs they have require certain criteria to qualify and even if you enter into the incentive programs different scenarios occur during negotiations where you might not benefit from the incentives in the form of cash. Sometimes the simple guidelines of those programs could complicate the Short Sale in itself so make sure you talk to a qualified Realtor and Attorney to help guide you with how each program works and if it's worth pursuing for your specific needs.

I just recently had a client successfully complete a Deed-In-Lieu with Nationstar but there was no cash incentive. They were released of all the liability which when working with a Short Sale or Deed-In-Lieu in Illinois that should be your main goal, not the incentives. If you get the incentive, that is great but definitely don't make it a point for your decision of moving forward with the Short Sale or Deed-In-Lieu.

I currently am negotiating another Nationstar Short Sale right now, it's a traditional Short Sale so no incentives exist with this one.

Hope that helps.

Apr 13, 2012 01:32 AM

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Raymond Kennedy

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