Wells Fargo Home Equity -Denies HAFA when first Approved?

Have first approval from Bank of American - they also approved HAFA and giving $8500 to 2nd - Wells Fargo Home Equity 

Got a call today stating that Wells denied HAFA and wants bank of america to change??? Said it was due to seller showing to high in financials, but again 1st saw same documents and bank statements and approved?? Has anyone has this happen before? 

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Replies to This Discussion

Permalink Reply by Jim McCormack on March 12, 2013 at 11:05am

What is the outstanding loan balance on the Wells Fargo 2nd?

Permalink Reply by Theresa Ramos on March 12, 2013 at 11:09am

$42,879.47 - so they are basically getting 20%!!

Permalink Reply by Jim McCormack on March 12, 2013 at 11:45am

What program does Wells Fargo want BofA to change to?

Permalink Reply by Theresa Ramos on March 12, 2013 at 11:49am

they either want to go traditional short sale or co-op - co-op is maybe though. I called the first and they said they have never had this happen either - said they approved and 2nd should follow? 

Permalink Reply by Jim McCormack on March 12, 2013 at 11:51am

Wells Fargo wants more than 20% because this is a home equity loan.  They probably want 50% or more and they cannot get that with HAFA.

Permalink Reply by Theresa Ramos on March 12, 2013 at 12:28pm

Thanks Jim. I am going to try to fight it and escalate it....I'll let you know how it turns out!

Permalink Reply by Jim McCormack on March 12, 2013 at 4:37pm
I recommend that you find out how much the want first and then find out if there is a way to get it to them.

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