I have a strange situation in that my ss clients have a first with Central Mortgage with $175,000 owed on their loan.  They are foreclosing for non-payment.

The second and third are with WF for appx $180,000.  The home is worth $325,000-ish, and WF is fooling around!!

I wrote a VERY stong letter to WF about it being a win/lose for them.  Winning about $100k, with losing being ZERO! 

He seems very lackadaisical.  Should I escalate to a supervisor?  If so, who and how? 

 

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I wouldn't  assume that WF will get nothing if it goes to foreclosure. They may have insurance on the loan. Plus it's my understanding that while the mortgage line will be wiped out at foreclosure the note isn't. The borrower may still owe the money. The borrower needs to seek legal advice.
Where are you at in the process with Wells Fargo and Central Mortgage? If you call them, are the missing anything or what is their response?

I would have started WF off at 10% and then gone up. You can do this sometimes before they order a BPO (as a 2nd).

 

I would call the guy and tell him to close the file because he is not willing to be reasonable and the auction is approaching. He will call back.

Bryant - The borrower is working with a BK attorney and has been since before I took the listing.  Lucky me that I don't need to worry about that at all.  The BK attorney is waiting for the ss to complete or for the lender to foreclose before filing.

 

Justin - Cental Mortgage is not involved in the ss - they will be made whole, easily.  They can complete the process in about 4 weeks and have the home back.  Wells Fargo has everything, the processor has completed the file and sent it to the negotiator about 10 days ago.  He approved a   $20,000 price reduction and I need $45,000 or $50,000 to move it quickly.  Central Mortgage has absolutely no incentive to delay the foreclosure if I don't have a buyer - which is unlikely.

 

Also, I was just told today that if Central Mtg. forecloses and there is extra money left over after the sale, the extra money goes to the 2nd lienholder.  I did not know that.  I thought the junior liens were wiped out completely.  I did know that if there was additional money after a foreclosure and NO junior liens, that the bank gave the excess back to the homeowner that was foreclosed upon.   But didn't know about the banks.  So WF will get $$ either way. 

 

 

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