Wednesday, August 7, 2013

My Short Sale is Being Service Released, Now What?

Nationstar short sales
Oh no! You are in the middle of a short sale and you get the dreaded message from Bank of America“We are service releasing your loan.” What does this mean and what do you do?
First, here is some background.  When you make your mortgage payment to Bank of America, Wells Fargo, Chase, etc., did you know that they are likely just the “administrator” of your loan?  Unless they hold the note “in house”, they are only your loan “servicer”. They collect your payment, manage your escrow account, pay the taxes and insurance, and send the proceeds to the owner (also called the investor) for your loan, for example, Freddie Mac or Fannie Mae. Of course, they collect a fee for providing this service. (Here is a great article from the Federal Trade Commission that explains mortgage servicing.)
When servicing is moved to another company, for whatever reason, you have to be notified in writing 15 days before the transfer. Your Realtor will probably be notified before you, if you are in the middle of a short sale. Sigh! All the paperwork you have completed for Bank of America will probably have to be resubmitted or new forms filled out for your new servicer, even if you are promised otherwise. In a letter from Nationstar mortgage to the borrower after they took over servicing of a Bank of America loan during a short sale, they state “We will pick up where they left off and have all your documentation.” Well, they might, but we had to send in about six more forms and a Broker Price Opinion for this Destin Florida area short sale.  It’s a pity because it was almost approved at Bank of America prior to going to Nationstar. My advice if your short sale is getting “service released”? Be patient.
It's Wendy!
                                                                  Rulnick Realty 
                      

Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.
Co-Founder www.ShortSaleSuperstars.com  national network
call Wendy 1-850-650-7883

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