This Pinnacle Point short sale in Crestview Florida was just approved by Nationstar Mortgage and Bank of America with the HAFA program.  Here are the details:

Senior Mortgage: Nationstar (was service released by Bank of America)

Balance: $161,000 appr

Junior Mortgage: Bank of America

Balance:  $38,000 appr

Current Property Value: $130,000 appr

This HAFA short sale approval was a lengthy process. We started in April with Bank of America as the senior lien (mortgage), but they “service released” the file to Nationstar mortgage about two months after we started the short sale. This was unfortunate, as Bank of America was about to approve the file when it was moved to Nationstar. (Read “My Bank Changed in the Middle of My Short Sale, Now What?“) Nationstar stated they would not waste time, but use all the previous documents that had been provided to Bank of America. This was not the case. Almost four months later, the short sale was finally approved by both Nationstar and Bank of America. Because it was HAFA (Home Affordable Foreclosure Alternatives) short sale, the seller will received a monetary incentive at closing and a waiver of deficiency.

“It’s Wendy… It’s Sold!”

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Short Sale Help for You

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

The post Crestview FL Nationstar – Bank of America – HAFA Short Sale Approved first appeared on Rulnick Realty.

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. Here is a sample letter from Nationstar mortgage after they took over servicing of a Bank of America loan during a short sale. Note 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.

Nationstar Short Sales New Servicer Letter by Wendy Rulnick

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more.  She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

The post My Bank Changed in the Middle of My Short Sale, Now What? first appeared on Rulnick Realty.