Just received an approval from Wells Fargo it seems they now have new verbiage which states, "With the exception of a Home Affordable Alternative (HAFA) closing, nothing in this Demand Statement or in the release of the mortgage shall waive the right to seek a deficiency under the loan documents or any of its other rights there under, and the obligations evidenced by the note shall remain in full force and effect until paid in full."
Seller refuses to close unless we obtain a "FULL WAIVER OF DEFICIENCY"!!! I called the Final Negotiator and requested such, however, she told me this is the new language and not her nor her supervisor or anyone else for that matter can change this verbiage; WF legal department is aware of this. Is there anything that can be done????????????HELP!!!!!!!!!!!!!!!!!!!!!!!! In the meantime we have an approval but the seller will not proceed!!!!
Any suggestions will be greatly apprecaited!
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Has anyone seen any softnening on Wells Fargo's recent deficiency stance? As it stands, I have yet to find an example of them waiving deficiency on anything other then Fannie/Freddie, govie and HAFA.
Any feedback would be appreciated.
Wells Fargo approval dated today states "Compliance with this Demand Statement coupled with release of the mortgage shall waive the bank’s right to seek a deficiency under the loan documents or any of its other rights there under, and the obligations evidenced by the note."
Thanks for the feedback...by any chance, do you know if the loan was owned by Freddie or FHA/VA or if it was an outside investor?
I would not close until they put the waiver of deficiency in writing (or the seller accepts the risk in writing). period.
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