Comment

Comment by Scott on April 10, 2014 at 10:20am

Unbelievable Kevin!  I feel for you!

Comment by Kevin - Greenville, SC on April 10, 2014 at 10:11am

so Wells Fargo sends me and the Homeowner a letter (valid until 4-15-14) stating that if they received a certain net they will ACCEPT the offer on a Short Sale. Today I receive a counter $30,000 more....

Comment by Kevin - Greenville, SC on April 10, 2014 at 12:55am

Ismael,

have them clarify what requirement specifically.

"The seller was not eligible for relocation assistance based on not meeting requirement required by the investor"

Comment by Kevin - Greenville, SC on April 10, 2014 at 12:54am

Mary,

what type of loan?

Comment by Mary Wilcox on April 10, 2014 at 12:41am

Could I get an escalation phone number and if you have a good contact name (if you've had good results with anyone in particular.)

Sooo frustrating... My Negotiator keeps stringing me along. Since 10/2013.  The last 3 times we've had contact I thought he would either approve the sale or counter our buyer...

This last time she contacted me she asked if she could remove it from Equator because she was having a difficult time getting a certain document uploaded.  I said I didn't mind.  That was a month ago.  I keep emailing her asking for updates with no response.

Can yu assist me please?

Comment by Ismael Medina on April 9, 2014 at 4:33am

Other than a Freddie Mac, I do not have any other info.

By the guidelines, just the fact that it is Freddie Mac he should had gotten the assistance.  I just dont know how my client was disqualified.

Comment by Sharon Burgos on April 9, 2014 at 4:25am

Ismael, the investors can have their own requirements and they can differ from WF's requirements. Who is the investor? I am getting close to closing one with WF and they reduced the relo assistance to $750 from my $3,000 request. Depending on the type of loan, FHA or conventional, year the loan was originated (after 2010 may not be eligible for any assistance), etc. the amount your sellers qualify for will vary. I always tell my sellers that we will not know the amount they qualify for until we see the short sale approval letter.

Comment by Ismael Medina on April 9, 2014 at 3:13am

RELOCATION ASSISTANCE DENIED:

After obtaining a counter offer from Wells Fargo/Freddie Mac and requesting clarification as to why the seller was not being granted a Sellers Relocation Assistance,

I got this email today from Wells Fargo on a Freddi Mac Short Sale:

"The seller was not eligible for relocation assistance based on not meeting requirement required by the investor"

My client has a -2,383.16 per month so is not the DTI, he has no funds in his bank account and currently occupies the home.

HAS ANYBODY COME ACROSS THIS ISSUE?

Comment by Amy Ball on April 8, 2014 at 2:21am

Scott did you have success getting to a manager to speak with? I have a similar situation, this one was rejected due to surplus of funds. There is no surplus of funds. I still did not get an accounting of where or what numbers they used to determine the rejection. This was a gross miscalculation on their part. I did receive a call from the negotiator I could hardly understand her because of a bad connection and her inability to explain her determination. Cannot get anyone to call or email back and her rejection has locked me out of Equator. FHA is the investor so I also opened a ticket with HUD. I have purchase contracts since September. The homeowner has relocated to a different country to care for ill parent and now has employment there. More than frustrating. I do not think they looked at this file over the last 5 months at all. I was told I had to re-apply start from the beginning??. I am trying to get a manager to respond. Nothing :(

Comment by Scott on April 7, 2014 at 9:53am

I've been working a WF short sale.  I phoned last week and was told the file was being "reviewed".  I phoned a few days later and discovered the had been removed.  After about an hour on the phone, I escalated the call to a manager.

 

She was completely disinterested.  After about 15 minutes, she read the internal notes on the file.  It showed that the processor declined the file because of the contract sales price . . . it was insufficient.

 

I asked her why they did not contact me to let me know, or counter the contract. Instead they closed the file.  She said the processor stated in her notes that they reached out to the 3rd party.  THAT WAS A BLATANT LIE . . . I am the 3rd party.  The manager didn't care and she would not reopen the file.

 

I"ve never had an issue like this with WF.  Any suggestions would help.

 

Thanks

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