Replies to This Discussion

Permalink Reply by Kent Dills on April 17, 2010 at 4:26am

Sean, it sounds like the Wells Fargo negotiator is jerking your lawyer around (no surprise there)!

Every promissory note that a client of mine signs IS NEGOTIATED before the closing or there is no closing. And they all have been for at least 10 years.

If you're willing (as you stated) to give them a lump sum of $15K up front, they really ought to be willing to settle for about 50% ($50K) total, and have the balance of $35K payable over the 10 years at 0% interest.

That would really be a no-brainer for a second lien holder and the negotiator would be considered A HERO by their boss. Of course, it would be an acceptable outcome for you too.

Why don't you try talking directly to Wells Fargo yourself about this. Doesn't seem like your lawyer is being much of a help to you!

Permalink Reply by Sean Wilson on April 17, 2010 at 4:34am

Thanks so much for replying. My Lawyer advised me to tell them no, that we are going to foreclosure and see what move they make.

It is good to know that there is no "Letter of Intent to Pay" without terms. That is the way Wells severed it up. We want to do the right thing, but I don't want to get hit later on.

Have you ever seen the second take an all or nothing stance? What is the most you have seen a 2nd really require to close?

Thanks again,

Sean



Kent Dills said:

Sean, it sounds like the Wells Fargo negotiator is jerking your lawyer around (no surprise there)!

Every promissory note that a client of mine signs IS NEGOTIATED before the closing or there is no closing. And they all have been for at least 10 years.

If you're willing (as you stated) to give them a lump sum of $15K up front, they really ought to be willing to settle for about 50% ($50K) total, and have the balance of $35K payable over the 10 years at 0% interest.

That would really be a no-brainer for a second lien holder and the negotiator would be considered A HERO by their boss. Of course, it would be an acceptable outcome for you too.

Why don't you try talking directly to Wells Fargo yourself about this. Doesn't seem like your lawyer is being much of a help to you!

Permalink Reply by Sean Wilson on April 17, 2010 at 4:48am

Question: Does it matter that the home involved in the short sale is no longer our primary residence? We live in OH and the old house is in NJ. We just bought the new home.

Thanks

Permalink Reply by Ben Benita on April 17, 2010 at 5:40am

Sean, they are called "negotiators" for a reason. The dummy your attorney is talking to is GIVEN A SCRIPT TO READ FROM!!!!!

All he is doing is reading from the script when he talkes to your attorney.
Have your attorney escalate the file (go over your negotiator's head) and get some no BS answers.
If it were me, I would have you sign a letter saying:
"I agree to pay $xxxx at 0% interest, no prepay penalites over XXX years"

and fire it off.
Actually, if you were working with me, would tell Wells to stick it and see what they said first......that's just how we roll......
Hvae your attorney contact the Wells Fargo legal department, he will have MUCH better luck therer versus dealing with loss mit......insider secret, legal CAN negotiate and make decisions on short sales....most however will not speak to you unless you are an attorney.

Permalink Reply by Cathy Baumbusch on June 16, 2010 at 1:29pm

Wow, that is SO INTERESTING! My negotiator on the 2nd lien told me that Wells Fargo Home Equity NEVER does a promissory note for the 2nd!