Comment

Comment by Ava Anderson on January 24, 2011 at 2:37pm

Final got approval on Wells Fargo Short Sale that was submitted 10-26-2011. 

Comment by David Dee on January 13, 2011 at 7:59pm

Anyone has success with loan mod for Wells Fargo? I am helping a family and just received word that the loan was denied due to insufficient income. The reason being that the son is contributing to the mortgage payments BUT the INVESTOR on the loan (Wells Fargo is the servicer in this case) only takes a % of the son's contribution amount. This is rather LUDICROUS!! He is helping with the mortgage payments and the bank won't take the FULL contribution amount and reiterates that it is the INVESTOR"S guidelines for the loan mod. They refuse to accept the full amount and thus denied the loan. Folks, if I were in Texas, I would say "that really chaps my hives". What gives when banks (err... investors) refuse to act with reason. This is the first time I've heard of any banks taken a portion of the amount. I can see where they would take a % off of a rental income but a contribution amount from a son? It appears the banks lumped them all in the same group?? 

Comment by Kevin - Greenville, SC on January 8, 2011 at 4:36pm

I recently had Wells Fargo tell me that the borrowers expenses i.e., credit card bills, car payments could not be used if they did not appear on their credit report even if the borrower could prove it by other means i.e., bill or statement.... Of course I told them that this was absurd.

 

Any one else run in to this?

Comment by Lynsey Clark on January 3, 2011 at 11:35am

I had been working on a short sale with wells fargo since the begining of October and i was let know today( after calling them) that the foreclosure date would not be postponed due to offer value. We have back up offers also, We were never coutered and the foreclosure date is tomorrow. Does anynone have any sugestions on what i can do to get this back on track?

Comment by Stephanie Greenberg on December 30, 2010 at 5:00pm

I just started a Wells Fargo short sale.  I faxed the info on the 27th of Dec.  On the 28th, an agent called to do the BPO.  Wells Fargo called today the 30th to give me an update that they have everything they need, the BPO has been ordered and all I need is an offer.  I hope I get an offer soon and it goes this fast and smoothly.

Comment by julia hwang on December 24, 2010 at 5:10am

Thank you very much for your reply, Mike.

Comment by Mike Horton on December 24, 2010 at 5:01am

Julia, usually the buyer selects the title/esrow company in the purchase contract for a short sale transaction. However, it is negotiable and some listing agents prefer to use their title/escrow company for various reasons, such as they may already have an escrow opened, etc.  Depending on the situation the title and escrow companies could be different, but thats another story. :-)

Comment by julia hwang on December 24, 2010 at 3:56am

Hi, I have a question regaridng title company.

 

Could you let me know if the buyer can choose their title company? Wells Fargo said buyer need to fill in title company name at the arm lenghts form. Thank you very much!

Comment by Jim Schneider on December 22, 2010 at 7:50am

was Tiffany's deal on an fha mtge? I don't see that in the comments.

Comment by Mike Horton on December 22, 2010 at 6:50am

Tiffany, FHA BPOs are regulated by the Preforeclosure Sale Program Mortgage Letters 2003-19 and 2008-43. In the procedures section they use a form called a Information/Disclosure form HUD-90035. You can ask for that and it should have been mailed to the seller by WF. FHA says the lender should have sent that so ask your seller if they got a package with that in it.  Also it does state that the appraisal must contain a AS-IS condition and that is used for Fair Market Value. FMV is used to determine the net that they will accept. The appraisal is good for 6 months and distress sales may not be used for evaluation unless they represent the only comparables within reasonable proximity of the subject property. Your challange will be on the AS-IS portion of the appraisal and show the appraisal was flawed. You might call 1-888-297-8685 the National Servicing Center to see if they can get an exception based on your AS-IS value reductions.  

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