Comment

Comment by Michael Schneider on April 17, 2011 at 5:40am

In my experience, Wells Home Mortgage treats their own 2nd's pretty must as thought they are from a different Company.

You must handle each separately.  In your case, it seems that Wells has transferred control to a collection agency.  Generally bad news to all.

I handle them by pretty much making the best possible offer my client is willing to make for release and full satisfaction of the debt.  Then, escalate that "best offer" to the parent company.  Be prepared for a time-consuming fight, which in my experience can often be won, if the offer is reasonable (eg, 15%)

And, if that fails, the mortgagor must "find another alternative", meaning stay in the property for as long as possible, or file BK.

If the 2nd is underwater and they are thinking full-repayment, they are smoking something, unless the mortgagor has considerable net-worth IMHO.

You might be able to crack the citadel here, as $40K may not be worth pursuing.

Comment by Aida Gonzalez on April 17, 2011 at 2:53am

I already get approval letter on 1st lien with Wells Fargo, but there is a Line of credit also with Wells Fargo. The problem is that the second was transferred to an attorney office. I sent the 3rd party authorization with the approval letterl then i called, no answer for several times, after a week, finally I could speak with thelady handling the file. She asked me to fax again because she has nothing, she wait on the phone, and asked also, tax returns, bank stat, paystubs, contract,Plre Hud. (full pack as usual) when I mentioned to her that i was faxing 54 pages she was very surprised and said... 54 pages???? noooo stop that fax, what are you sending me?? I answered: well, I'm faxing all documents YOU requsted.. she said: ah okok,  This was highly surpirsed to me. Then she told me that: debt for second is aprox $40 k so borrower needs to bring 10% at closing and make a pyment arragments for aprox $400/month until the deb is paid in full. I explain that my customer can't do that arragment because she is in really hardship. By the way, the sale price on this condo is $58 k,

Any suggestion on this case? with this law office lady 'experienced' in short sales?

Comment by Kay Mann on April 14, 2011 at 6:16am

I just did a short sale with Wells Fargo, did not go thru Equator.  It was six weeks from beginning to closing.  Jake Rodgers @ WF was very gracious and expedient in assisting me.  The only problems I had were with my seller not being mindful of time with getting documentation required.

Comment by Michael Schneider on April 14, 2011 at 5:23am

Wells is an absolute nightmare to deal with via Equator.  And, its not Equator, its Wells.  They have no clue how to manage a short sale process.  And moving to Equator is just making the issues with their existing process more apparent.

My image for Wells today is a mountain climber, trying to save his life, on a sheer rock face, stopping the climb, waiting, doing nothing, because of a slight stain on the sleeve of his shirt.

sigh....

Comment by justin.hanke on April 9, 2011 at 6:19am

Jim, does the homeowner's monthly mortgage statement come from Wells Fargo? If they collect the payments, they are servicing the loan in some capacity and should be the one you are working with. One option that comes to mind is the written correspondence they referred to. It sounds worthless, but by law, they have to respond within 30 days. See this: http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea10.shtm and this: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ra...

There are details and sample letters there. If they don't reply within 30 days, file a complaint or get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357)

Comment by Michael Ackerman, CRS, SFR, on April 9, 2011 at 6:10am

$11k from the commission... OUCH!  

Comment by Thom Colby CA Brkr 888-391-5245 on April 9, 2011 at 5:09am

Kimberley,  At least you found out before it closed !  I had one (Buyer) last year on a short sale andit was the same situation.  First was BofA and 2nd was unrecorded Chase HELOC.  Both were purchase money finaced through the builder.  For us, we had been told about this "Unrecorded 2nd" so we put language in the contract that it had to be approved as a short sale.  Long story short, the Title company tried to close / record the sale without satisfying the 2nd - we had to get an attorney and stop the recording when we found out at the last minute that it had not been approved.

The bad part was the sellers didn't care (bitter divorce and they wanted to hurt each other).  It took 2 additional months and $11,000 from the commission to get it done.

 

Best of luck,

 

Thom Colby

Broker

Newport Beach CA

Comment by Kimberley Kelly on April 9, 2011 at 3:28am

I am so furious at Wells right now.  Have a WF short-5 months now.  Two PML's with the 2nd being a HELOC PML in Calif.  Was told from the get-go that "there is only the one loan" and that is what the Prelim says.  No recording of the 2nd at all. I get the short sale approved and literally yesterday was told the 2nd was in the charge off dept. and "they should have told you from the start!"  Shame on me for not KNOWING they were not being up front.  Now have submitted all to their Charge off dept., but have also asked the 1st for an extension of COE and also extension of Sale Date.  Why do they make it even harder than it should be??  What a dumb question...

Comment by Jim Stewart on April 8, 2011 at 5:38am

The title company that closed the file closed their doors shortly thereafter.  Crazy deal.

Comment by jennifer mullen on April 8, 2011 at 5:37am

Jim, have you tried the title insurance company? 

 

• ‹ Previous
• 1
• …
• 132
• 133
• 134
• 135
• 136
• …
• 220
• Next ›
• Page