Nationstar Mortgage LLC. (Mr. Cooper) Short Sale

Mr. Cooper Short Sale Process

In many cases you have to apply for a Mr. Cooper (Nationstar) Loan Modification first but once you have at Nationstar the Short Sale Process is pretty standard:

1. We Have A Call With An Nationstar Counseler Over The Phone Which Triggers The Short Sale Application Process.
2. Nationstar’s Request for Mortgage Assistance Loan Paperwork Will Be Required.
3. Complete Property Valuation (Certain Investors Require Two Interior Inspections)
4. Negotiate Terms With Nationstar Mortgage About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (Mr. Cooper) Provides A Response To Short Sale Offer Made.

As you know if you’ve been through the process it’s never easy with Nationstar. Often there is some turmole or another. Repeating the same steps over and over again is typical with the India based team of short sale negotiators. It’s part of the process to know that we will have to run around from department to department at Mr. Cooper Mortgage. The Loan Modifiation Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to Nationstar Mortgage Customers Service Department; Above all you need to know better when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. We can hekp you review any declines.

Nationstar (Mr. Cooper) Short Sale Timeline

Dealing with what effects a Nationstar Short Sale timeline’s and knowing that they vary on some very basic and other not so basic elements can really help with the process. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, Mr. Cooper (Nationstar) Mortgage is a servicer of mortgage notes. Nationstar Short Sale Application is generally only a piece of what governs Nationstar‘s mortgage servicing as they have to bide by the PSA or Pooling and Servicing Agreement that sets the rules for each and every loan; This contract is directly between servicer and investor. Making decisions for Mr. Cooper (Nationstar) is not always an option. The investor they are servicing the loan for, in cases, they are not delegated (non-delegated) which means Mr. Cooper has to request permission, calls the shots. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. The more layers of bureaucracy you’re going to deal with the longer it’s going to take.
• Additionally, what affects the timeline of the short sale is  whether or not your Mr. Cooper Loan has a sale date. Nationstar Mortgage is tough when it comes to homes in foreclosure and stopping the sale date for a Mr. Cooper Short Sale to be completed. If you can get a value completed often your chances improve your getting bumped up in the process. As a loan servicer they have homes being sold at auction every day. Sale dates even for the coming week are not worked with ugency you would expect. As a first come first serve business model it can also be influenced by foreclosure status and proximity to the upcoming sale date (if applicable).
• Finally, not all negotiators were created equat; This goes for both sides. Often miscomunication is the number one reason while a short sale fails. People become very specialized in this niche of representing homeowners (borrowers) infront of Nationstar Mortgages in these financial application processes to find mortgage assistance. Often you will be put though the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are.

Nationstar Mortgage Short Sale Timeline Conclusion: Your Mr. Cooper Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by Nationstar‘s Short Sale Department compared to what the offer is that is being made to them, how fast Mr. Cooper‘s Loss Mitigation department received the Nationstar‘s Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your Mr. Cooper Short Sale to be Approved.

How To Fix An Mr. Cooper Short Sale Decline?

Often dealing with Nationstar Mortgage and how they deal with short sale buyers offers being declined may be confusing. Often they will not be clear not only as to why but if there is anything that can be done to fix it.  Here at ACG we review dozens of points in order to understand why your Nationstar short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

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