http://www.youtube.com/watch?v=x5quJb1uktU
NationStar Mortgage has recently taken over servicing for a lot of loans including major servicers such as CitiMortgage. NationStar has also moved their short sale system to Equator following the likes of GMAC and Bank of America. While Equator is a great system, how each servicer utilizes it can vary and NationStar’s results are yet to be seen.
There is a danger you need to be aware of though when opening up your new NationStar file in Equator. NationStar has given all their new files new loan numbers which you may not be aware of. You need to make sure you use the new loan number and you are not using the old number. If you use the old number everything will appear to be fine, and you will not be given any warnings. However, the system will kick out the file and not tell you.
Thanks for the information. I wish more agents would help by explaining their experiences for the betterment of others. This really helps and I am sure homeowners who were swallowed up by NationStar will appreciate that whoever is handling their short sale is aware of this.
I need help. I am a trustee for an insurance trust, looking to invest in real estate. I have found a property, here in Massachusetts, that Nationstar Bank is going to send into foreclosure. The owners (getting a divorce) have both agreed to sell the property at Short Sale. I have a signed Offer to Purchase for Nationstar Bank, but we do not know the proper steps to get this offer submitted. We were told by a rep. of the foreclosure dept at Nationstar to go to Equator.com and initiate an offer to purchase. Would/Could someone out there please advise on the proper procedure to move forward with this investment. THe original offer to purchase was signed on 6/6/2011 and has gone nowhere. I made an initial deposit with the offer of $40,000. That is still sitting in escrow awaiting a decision on this offer. First time short sale buyer. Gail DiMarco, Trustee
Gail DiMarco, Trustee says:
August 23, 2011 at 12:53 pm
I need help. I am a trustee for an insurance trust, looking to invest in real estate. I have found a property, here in Massachusetts, that Nationstar Bank is going to send into foreclosure. The owners (getting a divorce) have both agreed to sell the property at Short Sale. I have a signed Offer to Purchase for Nationstar Bank, but we do not know the proper steps to get this offer submitted. We were told by a rep. of the foreclosure dept at Nationstar to go to Equator.com and initiate an offer to purchase. Would/Could someone out there please advise on the proper procedure to move forward with this investment. THe original offer to purchase was signed on 6/6/2011 and has gone nowhere. I made an initial deposit with the offer of $40,000. That is still sitting in escrow awaiting a decision on this offer. First time short sale buyer. Gail DiMarco, Trustee
Thanks to Tim Blankenship for his comment on NationStart new short sale process, it was helpful.
Hello’ I just signed a contract for a full cash purchase of a property that included a bank statement to confirm funds. The seller also signed the contract. It is in Escrow. I put the deal together with the seller and then brought in an agent whom in return brought in a listing agent for the Short Sale. I’m now told that they can not submit the ofter to NationStar Bank unless I give them my Social Security number and my Date of Birth even though it is a full cash offer bank statement included. They do not know how to get around the problem because the Equator system will not allow them to submit the transaction without this information.
How do we get around the problem? This is just to submit the offer. It would be a different story if they accepted the offer and it was required to close escrow. My concern is I.D. theft not to mention I have no clue what they are going to do with my SS# /Date of Birth and is it going to be passed around. Thank You.