Comment

Comment by Barbara J. Rice on May 24, 2011 at 4:55am

Good job, Jennie! Way to step out and take care of the client!!!!

Comment by Jennie Blackburn on May 24, 2011 at 4:53am

Michael, I just went through a similar situation with Freddie. In addition to $3k from the 1st (Freddie), the 2nd wanted $1,000 from seller at closing in order to release the lien and forgive the debt. 

Freddie's guidelines to loan servicers state MAX $3k to 2nd, regardless of source of funds. I went around the servicer to Freddie Mac and got an exception.  Approval letter revised by 1st to indicate that $4k was going to the 2nd.  We had to reflect that on the HUD so the seller paid the $1k to the 1st and the 1st paid the 2nd $4k.

Comment by Maynard Wagner on May 24, 2011 at 4:46am

Michael, same exact scenario my client is in and same explanation I received from Wells Fargo.  Very interested in hearing what others have to say.

Comment by Michael Schneider on May 24, 2011 at 4:39am

Can someone provide experience with this?  Here is the situation:

Freddie 1st, with a Wells 2nd, both serviced by Wells.  This is not HAFA.

Wells will release the lien from the 2nd for the consideration from Freddie.

But, my client wants full-settlement at time of closing, negotiated with the transaction.

Wells is stating that Freddie policy prohibits Wells for having this discussion prior to closing. Rather, the discussion must take place one week after closing, as a settlement of the deficiency.

I haven't run into this problem in a long time (1st prohibits 2nd from additional payment on HUD).

Is this really Freddie policy?  Or a Wells interpretation of Freddie policy? Or not policy at all?

Any help greatly appreciated.

Comment by Barbara J. Rice on May 24, 2011 at 4:09am

Yes, Bill Garrett, I have done a WF reverse short sale and it IS done just like a regular short sale except they have only specific negotiator's able to handle these. Contact the usual SS # at WF and ask for someone who can assist you with a Reverse short sale. Good luck!

 

Barbara Rice, REALTOR, Short Sale Specialist, Las Vegas, NV

702-523-7907

Comment by Bill Garrett on May 24, 2011 at 3:35am

REVERSE MORTGAGE QUESTION:

I have a SS with a Wells Fargo reverse mortgage.  It appears to me it would be handled as any other SS but before I dive in thought I would test the Superstar waters.  Has anyone else had one of these?  Thanks.

 

Comment by Gabe on May 23, 2011 at 6:46am

Appears WFHE is "trying out" a new call handling process where we are routed to our negotiator through the main line (866-970-7821) unless we are initiating a new file.  It seems they are trying to reduce call center volume by diverting us to the negotiators.  Since the negotiators are (at the moment) generally uncommunicative and unlikely to answer, you can get around this and be routed to the call center by selecting 1 (option to initiate a new file).

Comment by Myra McCaskill on May 20, 2011 at 2:40am

Thank you Robin!

Comment by Robin M. Willis on May 18, 2011 at 10:41am

I usually just call.  It's faster.  (800) 853-8516

Comment by Myra McCaskill on May 18, 2011 at 8:07am

Does any one know the official mailing address to the Office of the President for Wells Fargo?  I need to escalate a short sale file. Any help would be appreciated.  Thank you

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