Troublesome Wells Fargo Counter offer
Wells Fargo denied my client the HAFA program based solely on the fact that they were never officially denied the HAMP program. Anybody ever heard of that? I have not. I have had plenty of people get the HAFA program who were never denied by the HAMP program and who had never even applied for it.
Then they proceeded to counter offer our offer by asking the seller to pay $8000 at closing in order to avoid a deficiency judgment. Mind you this is a $95000 house sale. Then they said they would only pay 6% of the 2nd lien on the property but the 2nd lien on the property is a City lien put on all the properties in the area when they added sidewalks to the streets. This lien must be paid in full to close and the City will not negotiate. Anybody have any ideas. My client is willing to let it foreclose but I am not.
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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Some Servicer's and/or Investors will require a HAMP review prior to HAFA.
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Permalink Reply by Corinn on
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Not sure if this will help, but it's a lifeline from the US Treasury...I learned about it from a webinar. I've used it before with BofA, and it helped my file get on the right track and we closed with a HAFA approval. Send an email to [email protected]. Include the borrower name, address and loan # and include an Authorization Form in the email. Explain the trouble you are having. This lifeline is here simply to be sure servicers are adhering to HAFA rules. I do know that some servicers require the borrower to go through HAMP before they can be approved for HAFA, and some do not. Good luck!!!!
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