All Discussions Tagged 'Wells' - Short Sale Superstars2024-03-29T02:29:34Zhttp://shortsalesuperstars.com/forum/topic/listForTag?tag=Wells&feed=yes&xn_auth=noWells Fargo "failed quality review"tag:shortsalesuperstars.com,2015-07-01:3468065:Topic:3660042015-07-01T09:50:13.049ZDarren Bellhttp://shortsalesuperstars.com/profile/DarrenBell
Has anyone recently having any problems with wells fargo lately. I use to love getting Wells deals, but within the last couple of months they have been impossible to deal with. Most recently, I had four deals fail quality review. No one can give me answers. Any help appreciated...
Has anyone recently having any problems with wells fargo lately. I use to love getting Wells deals, but within the last couple of months they have been impossible to deal with. Most recently, I had four deals fail quality review. No one can give me answers. Any help appreciated... Wells Fargo "failed quality review"tag:shortsalesuperstars.com,2015-07-01:3468065:Topic:3661352015-07-01T01:07:47.527ZDarren Bellhttp://shortsalesuperstars.com/profile/DarrenBell
Has anyone recently having any problems with wells fargo lately. I use to love getting Wells deals, but within the last couple of months they have been impossible to deal with. Most recently, I had four deals fail quality review. No one can give me answers. Any help appreciated...
Has anyone recently having any problems with wells fargo lately. I use to love getting Wells deals, but within the last couple of months they have been impossible to deal with. Most recently, I had four deals fail quality review. No one can give me answers. Any help appreciated... Wells Fargo Won't Put One Of The Sellers Name on Approval Lettertag:shortsalesuperstars.com,2013-09-15:3468065:Topic:3324592013-09-15T22:33:19.378ZTerry McCarleyhttp://shortsalesuperstars.com/profile/TerryMcCarley
3 sellers involved (one is a married couple and other is a friend) and Wells Fargo says they will only put the names of the married couple on the approval letter as they say the third owner is not on the mortgage.<br />
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All 3 owners documents were submitted to Wells Fargo and now that we are at approval stage this issue comes up. I have now obtained copies of the mortgage and the note and all 3 parties signed both.<br />
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The loan was sold a few times over the years so something obviously got messed up…
3 sellers involved (one is a married couple and other is a friend) and Wells Fargo says they will only put the names of the married couple on the approval letter as they say the third owner is not on the mortgage.<br />
<br />
All 3 owners documents were submitted to Wells Fargo and now that we are at approval stage this issue comes up. I have now obtained copies of the mortgage and the note and all 3 parties signed both.<br />
<br />
The loan was sold a few times over the years so something obviously got messed up somewhere along the way. Wells Fargo told me to just have the title company that is closing it have the 3rd party sign the closing documents.<br />
<br />
All 3 sellers are on the deed, the mortgage and the note so I firmly believe I need all 3 on the short sale approval letter. Has anyone ran into anything similar to this??? Wells Fargo Unwilling to Contribute Funds to Judgments on Titletag:shortsalesuperstars.com,2013-07-10:3468065:Topic:3226792013-07-10T01:07:49.270ZRyan Smithhttp://shortsalesuperstars.com/profile/RyanSmith
<p>I just received an approval from Wells, the problem is they are not willing to contribute funds to either of the two credit card judgments on title. The negotiator said their policy is not to pay any unsecure judgments. The seller and buyer do not have the funds to pay the judgments. One will settle for $4800 and the other will take $1500. Any help or suggestions would be greatly appreciated. </p>
<p>I just received an approval from Wells, the problem is they are not willing to contribute funds to either of the two credit card judgments on title. The negotiator said their policy is not to pay any unsecure judgments. The seller and buyer do not have the funds to pay the judgments. One will settle for $4800 and the other will take $1500. Any help or suggestions would be greatly appreciated. </p> Electronic Signatures - NAR Discussion 3-21-13tag:shortsalesuperstars.com,2013-03-21:3468065:Topic:3043522013-03-21T03:46:18.203ZKevin - Greenville, SChttp://shortsalesuperstars.com/profile/KevinMWillson
<p>I just received this message from Docusign -</p>
<p> </p>
<p>Kevin, I am meeting tomorrow with NAR, Fannie, wells, chase, FHA, and others at an e-signature summit. Your stories over the past few years have fueled the activity at NAR and have served to give context to the problems we seem to be having with acceptance. Any updates or recent stories you want me to relate to the group during my lunch keynote tomorrow?<br/> </p>
<p> </p>
<p>Ken</p>
<p>I just received this message from Docusign -</p>
<p> </p>
<p>Kevin, I am meeting tomorrow with NAR, Fannie, wells, chase, FHA, and others at an e-signature summit. Your stories over the past few years have fueled the activity at NAR and have served to give context to the problems we seem to be having with acceptance. Any updates or recent stories you want me to relate to the group during my lunch keynote tomorrow?<br/> </p>
<p> </p>
<p>Ken</p> WELLS FARGO-Seller informed a 1099C wont be issued?...it was his Primary Residence..MI Issue?tag:shortsalesuperstars.com,2013-03-20:3468065:Topic:3042322013-03-20T17:37:17.095ZSeth Russellhttp://shortsalesuperstars.com/profile/SethRussell
<p>I was recently approached by a past client who informed me that the short sale of his primary residence in 2012 was not going to receive a 1099C from Wells Fargo..BTW-this was a Fannie Mae backed loan.</p>
<p>Apparently Wells Fargo informed him this was due to some issue with private mortgage insurance (Genworth) on his loan? The Approval Letter simply addresses the terms of acceptance- nothing regarding the 1099c filing (not unusual)..It seems to me that the completion of the short sale…</p>
<p>I was recently approached by a past client who informed me that the short sale of his primary residence in 2012 was not going to receive a 1099C from Wells Fargo..BTW-this was a Fannie Mae backed loan.</p>
<p>Apparently Wells Fargo informed him this was due to some issue with private mortgage insurance (Genworth) on his loan? The Approval Letter simply addresses the terms of acceptance- nothing regarding the 1099c filing (not unusual)..It seems to me that the completion of the short sale requires filing the 1099C by W/Fargo with the IRS regardless of PMI..Am I off on this position?</p>
<p>I've never heard of this happening unless the home was an investment property..Have any of you experienced this? As this was a F/Mae loan- is there any recourse against the servicer?? Any advice as to how to correct this with Wells Fargo would be appreciated.</p>
<p> </p>
<p>Thanks in advance, I truly appreciate your feedback on this..</p>
<p>Seth</p> Wells Fargo Denying Short Sale for NO Appraisal 10-days prior to Auction!tag:shortsalesuperstars.com,2013-03-12:3468065:Topic:3021932013-03-12T22:58:19.291ZE. Jaz Pincahttp://shortsalesuperstars.com/profile/JazPinca
<p>Has this ever happened to anyone? Wells Fargo processor told me that she is denying the short sale because she cannot submit a foreclosure date postponement. She said, in order to submit foreclosure date postponement, she needs a complete file (which she has) plus the appraisal submitted 10 days prior to the sale date. Since she does not have the appraisal back yet, she cannot request postponement and its the 10th day prior to the sale date of March 22, 2013. First of all, according to the…</p>
<p>Has this ever happened to anyone? Wells Fargo processor told me that she is denying the short sale because she cannot submit a foreclosure date postponement. She said, in order to submit foreclosure date postponement, she needs a complete file (which she has) plus the appraisal submitted 10 days prior to the sale date. Since she does not have the appraisal back yet, she cannot request postponement and its the 10th day prior to the sale date of March 22, 2013. First of all, according to the appraiser the appraisal was returned back to Fannie Mae on March 7th. Apparently Fannie Mae ordered it but why are they not giving it to Wells Fargo so Wells Fargo can request postponement to them. We have the complete file with an all-cash offer. This doesn't sound right. Does anyone have a way to postpone auction date beyond the investor so we can continue negotiating short sale? Thank you.</p> Wells Fargo WAIVER OF RIGHTS AND PROTECTIONS AFFORDED UNDER THE SERVICE MEMBERS CIVIL RELIEF ACTtag:shortsalesuperstars.com,2013-01-09:3468065:Topic:2891792013-01-09T22:06:14.598ZChuck Wartmanhttp://shortsalesuperstars.com/profile/ChuckWartman
<p>Can anyone give me a good explanation that I can pass along as to the benefit of the service member signing this waiver? I sure cant get a good one from Wells Fargo</p>
<p></p>
<p>The form is attached.</p>
<p></p>
<p>Thanks</p>
<p>Can anyone give me a good explanation that I can pass along as to the benefit of the service member signing this waiver? I sure cant get a good one from Wells Fargo</p>
<p></p>
<p>The form is attached.</p>
<p></p>
<p>Thanks</p> arms length--any exceptions?tag:shortsalesuperstars.com,2012-12-10:3468065:Topic:2834462012-12-10T01:19:01.631ZJill Fordhttp://shortsalesuperstars.com/profile/JillFord
<p>The buyer for a short sale was brought by his sister, a local broker.</p>
<p>The lender is WFB--is there any way with full disclosure that this deal can be allowed to happen?</p>
<p></p>
<p>The buyer for a short sale was brought by his sister, a local broker.</p>
<p>The lender is WFB--is there any way with full disclosure that this deal can be allowed to happen?</p>
<p></p> What % of your Short Sale listings came from homeowners who were APPROVED for a mod???tag:shortsalesuperstars.com,2012-09-25:3468065:Topic:2681342012-09-25T15:38:50.160ZEdwin Baloloyhttp://shortsalesuperstars.com/profile/EdwinBaloloy
<p>I keep hearing several agents saying, "<em>this is the END of short sales..</em>." after the (2) big game changers: 1.) Robosigning settlement and 2.) Homeowners Bill of Rights.</p>
<p><strong>Here's my take: until the market reaches 2006 prices AND the economy stabilizes, there will still be short sales. </strong></p>
<p>In many markets, more homeowners purchased a home or took cash out from 2004-2006 than any other 3 years in Real Estate history. Many of those upside down loans still…</p>
<p>I keep hearing several agents saying, "<em>this is the END of short sales..</em>." after the (2) big game changers: 1.) Robosigning settlement and 2.) Homeowners Bill of Rights.</p>
<p><strong>Here's my take: until the market reaches 2006 prices AND the economy stabilizes, there will still be short sales. </strong></p>
<p>In many markets, more homeowners purchased a home or took cash out from 2004-2006 than any other 3 years in Real Estate history. Many of those upside down loans still remain out there.</p>
<p>Additionally, prior to the (2) game changers mentioned above, approximately 50% of my short sale listings sold were <em>already on modified loans</em> -- some of them as low as 2% over 40 years combined with generous principal reductions. </p>
<p>In one case, I remember a client who lucked out as one of the rare HAMP 2MP (2nd lien extinguishment) approved loans along with a 2.5% rate on the existing 1st. They still ended up doing a short sale. </p>
<p>When going on these listing appointments, I wasn't surprised at the amount of homeowners that wanted to sell after some of their payments were cut in half. As someone who had lost a home in the 90's (and later filed BK at a young age), I know EXACTLY what they're going through. Here's some of the reasons why selling becomes the best option:</p>
<p><strong>1. After 2 years of not making ANY mortgage payment, habits develop and you adjust your spending accordingly.</strong> There's a common theme for most homeowners who haven't made a payment in a long time: <em>they have almost nothing in the bank -- even while staying employed during the delinquency period.</em></p>
<p><strong>2. Some homeowners have compared the cost of renting vs. owning.</strong> Even after a generous principal reduction, one analytical homeowner had a cost breakdown where it would take at least 5 years for his home to appreciate to his principal amount. He pointed out that he can purchase again in 2-3 years, and that scenario would end up favoring him by $50k.</p>
<p><strong>3. Some homeowners want to "move on" from a difficult situation</strong> - a homeowner once told me, "<em>that home was an everyday reminder of my failures, bad marriage and bad luck. I wouldn't care if the bank lowered my payment to $10 a month. It was time for a new chapter in my life."</em></p>
<p><strong>4. Young professionals who will move back with family</strong> - some recent college graduates described their home ownership experience as "too early." Some clients in that group felt the landscape in the job market doesn't offer a salary they were expecting and chose to obtain an additional degree while they live at home with their parents. </p>
<p><strong>5. Home ownership isn't for everyone</strong> - in an ideal world, everyone would own a home. In reality, there are some people who prefer that someone else take on the investment risk, maintenance, taxes, etc. </p>
<p><span style="color: #ff0000;">What % of your listings have existing loans that were modified? What are the reasons you're encountering?</span></p>