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Comment by Melody Easter on October 27, 2011 at 11:24pm

I just wanted to let everyone know that I submitted a complete file to Flagstar 11/5/10, updated it every month as Flagstar requires, called to make sure they had everything diligently, was told files with auction dates would be pushed to  top of pile, auction date set for 9/27/11 and still no approval so 2 weeks in advance I began requesting a postponment only to be told they were not going to postpone it, yet on day of auction it was postponed to 10/27/11.  File was approved by Flagstar and forwarded to Fannie Mae for approval 10/4/11, and on 10/17/11 began requesting postponement of upcoming sale date which ultimately was denied by Fannie Mae.  Unbelievably buyer waited 11 months for this home with an offer of $260K for a home with BPO of $255K on a loan amount of $295K, and Fannie Mae opening bid today was $324K.  If anyone can explain any of this to me I would really appreciate it, as it seems like it was a no brainer to approve this short sale.  I thought the government wants to help everyone, obviously Flagstar and Fannie Mae do not.  I hope you all have better luck, but I am of the mindset to not waist my time or drag clients through Flagstars process ever again, as in the year that I worked with them their process didn't even improve.

Comment by Celeste ODea on October 27, 2011 at 11:06pm

I was told today that Flagstar takes a minimum of 6 mos for them to review a short sale.  Good news is I only have 3 mos more to wait!!  They are terrible.  You must fax in the seller's documents every single month.  If you miss sending in one document, one time, they wait an additional 30 days to review the file.  I will never take another Flagstar short sale again!

Comment by Karen Walls on December 17, 2010 at 12:40pm

Ironically could not pass this one up! I am getting ready to call Flagstar AGAIN which I have been since April and lost one buyer already. We are doing the paperhustle dance and I am sick of it! I did a deal with them in the past when you actually were assigned a negotiator. It was no slower than most, but it closed. Now that they have changed the system for the worse, no escalation dept. 2nd Buyer since April the same runaround! Funny thing they didn't realize that we had a 2nd because of all the updating that noone is obviously reviewing that closely. I am extremely disappointed with this bank. It is past frustrating, we are about to lose buyer 2 if this does not close soon. They could care less. Noone up the food chain to complain too other than the OCC which the Seller has and to FNMA. Ridiculous!

Comment by Renee & Randy Wickowski on December 16, 2010 at 3:11pm

Thanks Sharon!  If I am able to get someone that can help or I find the website you are referring to, I will let you know.. 

Comment by Sharon Molnar on December 15, 2010 at 4:31pm

I am sorry to report, that Flagstar just works at their own pace. Having a contract since March, and Flagstar having all the paperwork since then, they have put the seller through the displeasure of submitting and resubmitting all the paperwork about a hundred times. Finally, last Friday, Flagstar decided that they had all the paperwork and would now proceed. Monday I was notified that they had ordered the appraisal - on top of being with Flagstar this is an FHA loan. Appraiser was supposed to be out today, time will tell.

 

We have never been able to have this file esculated and hold time on the phone has always been over 30 minutes to up to over an hour.

 

There is supposed to be a website that you can report these types of lenders whom just take their sweet old time, but I can't remember it, or I'd have used it. Good luck.

Comment by Renee & Randy Wickowski on December 15, 2010 at 3:55pm

I have been working on a short sale with Flagstar since September and I am extremely frustrated at their lack of communication, and their process.. I have tried to escalate only to be told that there is nobody to escalate to. My complete short sale package was submitted back in September with original contract and all I got was the run around for 90 days only to find out that we have to start the process all over again.  When I call I am on hold for a minimum of 30 minutes before anyone even answers the phone.  I have completed many short sales over the last few years, but this is my FIRST with Flagstar and they are AWFUL to deal with.  Is anyone else experiencing this problem with Flagstar and does anyone have an good contacts at Flagstar I can escalate my file to? 

Comment by Sharon Molnar on October 4, 2010 at 11:45pm

Well Flagstar is still being a pain. Faxed letter over requesting the CEO's help, however have not heard anything back. Played phone roulette and haven't been able to get anything going on this short sale. We are not in October.

Comment by Sharon Molnar on September 10, 2010 at 2:06pm

Mark stepped down as of the beginning of the year, but I found his replacement, so I presume that the fax will be the same, just different name. I'll update when I know something.

Comment by Sharon Molnar on September 10, 2010 at 1:22pm

Thanks, I will try that. I appreciate your input.

Comment by Jill Eastman on September 10, 2010 at 1:21pm

Hi Sharon,

Flagstar can be a bear, however I have gotten 3 short sales approved and closed with them in the past year. Mark Hammond was the ceo the last time I did an escalation. His direct fax is 1-248-312-6700. Flagstar's email is: first name.last name @flagstar.com. I did not email Mark, however you can try it.

My prayers go out to your seller, I had 2 organ transplants myself in 2005 and the stress of this market is not helping anyone one right now.

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