Replies to This Discussion

Permalink Reply by Sailor Roy on September 28, 2011 at 3:58am

As stated in earlier posts, the previous owner was victimized in the WAMA subprime mortgage shuffle & WF finished him off.  Poor guy tried to fight in court, to no avail.  He exhausted all resources, & has nothing left, including a desire to cooperate w/one of the banks that did him wrong.  He was perfectly willing to pay his mortgage as agreed.  It was when WF got into the pic & tried to take him for more $$$ that he sought relief.  These situations often send good folks into clinical depression, bankruptcies & even suicide.  I can't blame him for not coughing up personal information (that I've never encountered being required in any of the purchases I've made since my 1st short sale in the 1980's), so I have cut my losses.

 

No, Joe, I'm not hiding anything here, though I've left out some irrelevant personal details of others in this situation. Perhaps what is missing in your analysis is empathy, though I read lots of judgment here.  Please note that money itself can be a poor motivator, & I do not continue to do this with a primary motive of financial gain.  I'm of the age where preserving a neighborhood & helping out a neighbor take precedence over $$$.  If nothing else, the property is in better condition than when I took possession, & I can find satisfaction in that.  I have also taken pains to document structural problems with the lender & the county so that if the eventual buyer is not moi, he/she is less likely to be stuck with massive unforeseen repairs.

 

 

Permalink Reply by Sailor Roy on September 28, 2011 at 4:27am

 

Borrower adhered to the note until WF raised payment (not according to note) an extra $400 mo.  No explanation.  Ever, even in court.  One blue-collar worker is not equipped to take on a behemoth organization, but he tried.  Please don't anyone argue that this was an adjustable rate, because it was not.

It happened, & it is not the 1st time.  Institutions are by nature rigid & powerful, but we've beat this topic to death.  My quest here was information & thoughtful advice, but now I'm done w/the deal & this thread.  Next topic?

Permalink Reply by joe beauchamp on September 28, 2011 at 7:13am

But, you are saying that this guy is so beaten that he won't lift a finger to simply supply you with paystubs, bank statements and a 4506-T to even help you get some of your money out of this?  No, that isn't burnout, that is something else.  I deal with this all the time - I deal with BOA and they destroy people right and left and I don't know if I have ever run into any seller who would not at least do that extremely little bit to help you out unless he thought you took advantage of him - or he's off of his rocker.  I've dealt with a lot and this is in a class all by itself.  He fought the bank before but to just supply a few papers is way too much?  Hmmm.

Permalink Reply by Sailor Roy on September 29, 2011 at 1:40am

The insinuations have been flying fast & far, & I don't seem to be able to reassure you the only hinky thing that's happened is that a good & decent man got caught in the subprime WAMU debacle & is trying to maintain a shred of privacy & dignity.  I thought I could contribute to the discussions here, but the hostility has been less than inviting.  I hope everyone can go on to other discussions now, as I will no longer be following this thread.

Permalink Reply by Jeff Payne on September 29, 2011 at 5:30am

Harry, I agree with you.  Red Flags are not always an indication of illegal activity but they are red flags for a reason. 

Sounds like the seller is just not up for a fight and will just let the property go, happens all the time.   Seems easy enough to just hand over the financials and get it done but for some reason he does not want to.

I too think that the quit claim can be a HUGE issue, even though a due on sale clause is rarely enforced, especially in a short sale situation when the note can be due but the seller has no means to pay it.

 

Permalink Reply by Jeff Payne on September 29, 2011 at 5:25am

Sailor Roy, no need to take it personally, we work in a crazy time in real estate and have seen and heard it all so it is natural to be sceptical.  While he may be a good & decent man, not giving up financials in my experience has most always been because they are hiding something or don't want the bank to see something.   Maybe that is not the case and this guy is willing to burn down his house to prove that he is homeless.

I would love to know more about what WAMU did to this guy with a subprime loan.  Why was the payment raised? Insurance, taxes?  Did he let his insurance lapse and they put a lender issued policy on him.

You seem very sincere so please don't take this a me bashing you but when dealing with sellers like your guy, remember that there are 2 sides to every story and the truth usually lies somewhere in between.  Desparate sellers will say and do desparate things.

Permalink Reply by Pamela Lester on September 30, 2011 at 7:27am

 Wells Fargos short sale approval terms are at best unreasonable and unrealistic.  Good luck Sailor Roy!

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