Comment

Comment by Aida Gonzalez on June 8, 2011 at 10:27am

I'm having bad experience with a file with Wells Fargo, I have the approval for the 1 loan, but the 2nd, was sent to a Law firm, and the 'negotiator in there sent me an stipulation letter asking:

1-  10% of the total debt, which is aprox. $4,500. the 1st lien is paying the most and the balance which is $750, seller is bringing it to closing. but...

2-  The difference is aprox $41k and they want that my customer signs an agreement to re pay back this deficiency at almost 9.00% interest rate!!!!

I explained several times to this'negotiator' that she can't afford this monthly payment and that the property was selling for $55 k how she will pay $41 k.

she says that Wells Fargo is requesting this amount and  1st lien negotiator can't do nothing about it.

Do you have any experience or have heard that second loans needs to be negotiated with a Law firm?

Comment by Tara Polley on June 8, 2011 at 7:38am

Definitely push back, however, what they mean is that Wells Fargo is the Investor and Bank of America is the Servicer. The Investor can dictate whatever they like.

Comment by Thomas Zdanowicz on June 8, 2011 at 7:28am

I think the most important thing to know is who the investor is.  Fannie and Freddie will not cut you down below 6%....unless you have a listing that asks for over 6%.  Then they can try to cut you down.

Comment by Kevin - Greenville, SC on June 8, 2011 at 7:20am

Wells Fargo 'tried' on a 2nd HELOC and said they could only pay 4%. Closing with 6% next week.  Push back.

Comment by Pamela Ann Zyski on June 8, 2011 at 7:17am

I just closed on a Wells Fargo short sale with them holding both the 1st & 2nd.  We got 6% commission...they never tried to cut any of it.

 

 

Comment by Sean Barrow on June 8, 2011 at 7:01am

Has any one had any experience with a Wells Fargo loan being serviced by BAC?  I just received a counter on a BAC 1st, and of course they countered the commission to 5%, only this time the reason stated was that this is a Wells Fargo loan, and it is a Wells Fargo policy to pay 5% commission.  This sounds....incorrect.  Has anyone here dealt with this situation? I may post this in the BAC group as well.

Comment by Jim Schneider on June 3, 2011 at 9:27am

Just had negotiator assigned by Wells Fargo. Marcia Tate, has anyone dealt with her??? Any experience?

Comment by Kathleen Lordbock on May 25, 2011 at 2:14pm

yes- I waited to list it until we had that and then listed at their suggested price.

Comment by Kevin - Greenville, SC on May 25, 2011 at 2:41am

Katheen,  Did you have an Approval to Participate at the time of offer?

Comment by Kathleen Lordbock on May 25, 2011 at 2:10am

Another WF- FHA/HUD approved and going to close. This one took 3 months from offer to approval- offer above net needed, now well above. They reduced the seller incentive because approval took so long- like this was the sellers' fault!

Onward!!!

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