Comment

Comment by Celeste ODea on February 12, 2014 at 9:20am

I will certainly have her do that, Wendy! Maybe I'll call FHA too. The file reviewer wants to close out the file and I just got an offer. Is your property being marketed or are you waiting for the ATP?

Comment by Wendy Smith on February 12, 2014 at 8:58am

Wells Fargo is the worst with FHA short sales.  Have your borrower write a brief explanation why their expense is high.  This file I am trying to close now they did the same thing, I had the borrower write a brief note for each item that was over.  This file has been on going since July - still no ATP.  Our only hiccup now is that Wells Fargo insists that any person on the Note has ownership and, of course, that is not so.  Fortunately, I have an outstanding FHA specialist helping me.  I don't think I've ever had a negotiator fight so hard to not move toward closing.  

Sorry to ramble, perhaps you should request FHA help & have your borrower explain the expenses that are considered excessive.  

Comment by Dean E Eshelman, CPA, CDPE, IRES on February 12, 2014 at 8:53am

@Celest  What kind of expenses are they requesting -- Copies of receipts for repairs; receipts for verifcation of homeowners living expenses? Don't follow your comment.

Comment by Celeste ODea on February 12, 2014 at 8:14am

I have a WF FHA which they've had since Oct'13 and we still haven't received ATP. In addition, bank is requiring copies of all receipts for expenses that exceed the IRS Allowable Expenses. Has anyone dealt with this before? Those Standards were set up for tax purposes. If you look at the chart, no one would be able to live on the max amounts they allow. Any suggestions around this? Was told it was based on the new HUD Guidelines that they use the IRS Allowables.

Comment by Rick Tannenbaum on February 12, 2014 at 6:27am

Can anyone help with this one.  Sellers is doing HAFA short sale.  ASC has the 2nd mortgage and has issued approval letter.  Chase has the first and is saying they do not like the language ASC used in the approval letter.  From all the approval letters I have seen, ASC used very standard language.  Has anyone had issues with this in the past?

Comment by Maria Hass on February 10, 2014 at 7:44am

HELP! Wells Fargo declined the offer saying Freddie Mac is requiring a full payoff on the property and to contact customer service to obtain payoff. Now what? What does it take for Wells to reopen the file? Do you have upper management contacts to overrule this decision? Any similar situation?

Comment by Smitty on February 8, 2014 at 7:03am

Does wells have a NON-GSE affidavit?

Comment by Tyra General on January 7, 2014 at 11:31am

Anyone have proven escalation methods for Wells Fargo? I haven't had problems with them in the past, but now really need to push this one forward. 

Thanks in advance! 

Comment by Ismael Medina on January 2, 2014 at 4:33am

In retrospect I guess I should had just done the contract again.  But the things that go on now in days, I just did not want to do that.

Comment by Chad Gelsinger on January 2, 2014 at 4:28am

Unfortunately if you find a buyer in less than the required 5 days (including a weekend), the seller is not allowed to accept it. You must rewrite the contract showing that the property was "active" for at least 5 days. The lender may ask for proof of the active status. If it was listed as anything other than active, they will deny the offer as well.

You could try contacting your Senator/Rep to see if they can assist with pulling some strings to get the Sheriff Sale postponed. This is a possibility if your offer meets the BPO value on record. 

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