Comment

Comment by Lillie Handy Dominguez on November 4, 2011 at 5:37am

Jeff,

thank you for the tip on Jigsaw.com.    I used it to email 3 WF executive....John G. Stumpf, [email protected], Ms. Patricia [email protected] & Ms.Carrie Tolstedt- [email protected].  These are 3 I was able to get.

WF denied the cost  to eliminate the bacteria in the well water.  $1,200. 

Can anyone help on this.  Buyer was signing today.  No one wants to pay the cost yet.  WF said...sold as.  

Any suggestions?  Thank you. Lillie

Comment by Joshua Holt on November 3, 2011 at 8:40am

Does anyone know if WF has a presence on Twitter like BOA for short sales?

 

Comment by Jim Schneider on November 2, 2011 at 3:29pm

@Marcy, do you know who the investor is? Did they say? If the investor is Fannie or Freddie, you can read their guidelines for yourself, then quote it back to the negotiator, chapter and verse. If it's not Fannie or Freddie, find out who it is and call them! Ask if this is their actual policy and if they can grant a variance.

Good Luck! Don't take no for an answer!!!

Comment by Marcy Moyer on November 2, 2011 at 12:15pm

I was told by a processor at Wells today that this particular investor will not look at a file that has not missed a payment.

Comment by Justin Berry on November 2, 2011 at 11:40am

We have pushed the Freddie Addendum issue very hard and just received this gem from our title company.  It is very interesting and certainly sheds light on the issue.

 We have run into a couple title companies that are not willing to sign it, some that will sign with an indemnification from the parties and brokers, and another that has absolutely no problem signing it.  BTW - we have seen this with Citi and BofA but this is the biggest discussion on this site I could find.  

My favorite part is: "Freddie Mac officials have indicated the requirement won’t be removed unless the problem becomes a larger industry issue."  I personally expect this will become a large, industry-wide issue.  I give this addendum a life of just a few more months before they realize their deterrent is going too far and hindering their closings.  

 

Thoughts?

 

ALTA%20Freddie%20Issues.pdf

Comment by Michael Schneider on November 2, 2011 at 7:57am

@ Susie and @Jeff.  You do need to be 30+ DPD for an FHA SS approval.  Guidelines say 30+ DPD  "at closing", but Wells and others interpret this as "at approval", in my experience.

Comment by Jeff Payne on November 2, 2011 at 6:47am

Susie, sorry I have to disagree, I have done PLENTY of Wells short sales and the homeowner was current.  You have to get to the right people and people that tell you NO are not the right people.

Marcy Moyer, you need to escalate the file to Wells Fargo and also to the investor. Go to jigsaw.com and find a current email for every Wells exec and start bombarding them with escalation emails

Comment by Susie McLaughlin on November 2, 2011 at 6:44am

It has been my experience w/ Wells that you MUST be late - even one month late - on a payment to qualify.  Keep it on hold, and on the 16th of the month - when they are 1 day late - resubmit.  Good luck

Comment by Marcy Moyer on November 2, 2011 at 5:11am

I could use some help on a Wells Short Sale Denial. Wells said my clients do not qualify for a short sale.  They are going to get divorced and are both still living in the house. They have not missed payments yet.  Once they are able to sell the house they can formally separate and neither will be able to afford the payments on their own. Is there someone I can talk to at Wells who can give some guidance on what they should do. Right now the plan is to move forward with the divorce and stop making payments, then try again. What do you think? 

Comment by Jeff Payne on October 27, 2011 at 10:20am

I don't think that anyone is asking for them to indemnify Wells of anything, it is simply advising them of the rules and asking them to sign if they know of no violations.  If they do know of something wrong and still sign, then they could have issues.  I guess that attorney is going to lose some business, too bad for them

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