Replies to This Discussion

Permalink Reply by Nolberto on September 17, 2013 at 6:43am

E-mail all the executives 'til you get an officer. It could be that you get a call from the OOP to work with you.

[email protected], Srn EVP General Counsel
[email protected], EVP controller
[email protected],
[email protected], SRN EVP whole sale banking
[email protected], Senior EVP, Chief Administrative Officer
[email protected], Snr Consumer Lending
[email protected]

Permalink Reply by joe beauchamp on September 17, 2013 at 9:02am

Register a complaint with OCC. If Maria is just low level person on the phone, yeah, you can get any negative answer. Calling back should get you to an analyst, but I don't know if you just had a pinhead analyst in your case. Point out the facts: $67K owed, WF demands $42K above what is owed which is also $34K above highest appraisal (do you have the appraisal?). That is not a short sale, that is blatant stalling to continue payment from Freddie to "manage" the file for as long as possible - does the taxpayer really want to keep paying to ultimately get this back with more fees and less value? Only WF is profiting from this tactic. Let them know that a complaint is filed with the OCC - that might get someone to think you are serious.

You may have a problem with the $24K HOA - investors have cutoffs for how much they will pay per year of HOA fees, so be aware that you need to negotiate that down and/or probably have someone come up with the difference.

To push this harder, the next "easiest" path is probably to go to a state senator with the facts. They are pretty clear, I think. Some people have been having luck when a state senator calls.

Permalink Reply by Nolberto on September 17, 2013 at 9:26am

Agree with Joe. You may want to chop the big branches first as the HOA. Try to settle the law suit with less amount. 

Permalink Reply by L Alexander on September 17, 2013 at 9:53am

HOA will not negotiate, tried that.  They realize that they win in foreclosure and short sale. 

How much does Wells Fargo get paid for delaying these files? Or how can I find out?

Permalink Reply by joe beauchamp on September 17, 2013 at 2:58pm

Although Freddie is a fed bailout and the "investor" is now the unwilling taxpayer, I'm sure that they aren't going to tell you what we are paying. Servicing the mortgages is the whole point of the servicer and what he is paid to do. Every (short) sale that fails means that the servicer gets paid for servicing the loan the following months until it is finally sold or paid off. I've read that the servicers get big bucks for every step that they take in a foreclosure. I don't know if that means they get 10 times what an attorney would bill or what, but I've heard the Chase employee deposition on the net stating that management told him, "we are not in the loan mod business, we are in the foreclosure business."

After a foreclosure, the property goes to the servicer's REO dept where they continue to be paid to "maintain the file". If they have a nice high price, the property obviously will stay with them longer as they slowly drop the price until someone buys the property. Any of this seem like a punishment to the servicer for not trying to sell the property to maximize the return for the investor (tax-payer)?