Comment

Comment by Joyce Shafer on August 21, 2012 at 6:30am

I have had the Wells 2nd negotiator contact the 1st and get the file moving & approved.  They can do that, just ask.

As for HAFA & Wells, it has taken them an average of 2-3 weeks just to evaluate if the file is HAFA eligible.  They will not do anything on the file until that is determined.  They have changed from last year and it is for the worse!

Comment by Bill Iannelli on August 21, 2012 at 5:26am

Not me.  Been in Hafa review since June 12th and I told them seller won't qualify.  Can't get anyone to do anything. 

Comment by Esperanza Agbayani on August 20, 2012 at 12:51pm

I listed a property with Chase First and Second loans plus a judgement and closed it in less than 60 days. And it is a HAFA. It was amazingly smooth dealing with the initial negotiator assigned, then the investor's negotiator who sent the approval and then the closer! Lender paid including the judgement and got a full commission as a dual agent plus $3000 to seller fro relocation. Thanks God!

Comment by Jimena Paridee on August 20, 2012 at 12:27pm

@Stephanie, that's great, I unfortunately don't have that luck, they all have been in for at least a month and I can't even get a negotiator assigned.  Time to escalate them I guess.

Comment by Jeanne Dufort on August 20, 2012 at 12:27pm

I got my first HAFA approval from Wells Fargo on Friday - no offer yet, but we have 120 days. I initiated the file on 6/25, and on 7/13 we got kicked over to the HAFA team - at which point the file was yanked from Equator. They told me 3-4 weeks, and we got approved on 8/17.  Only trouble is that the net we are approved for seems a bit high to me - ah well, at least I can advertise "approved SS".

 

Comment by Stephanie Greenberg on August 20, 2012 at 12:24pm

Jimena, Wells is really quick on the HAFA short sales, at least on my last two.  Had written approval after two weeks of the appraisal being done so it took about 3 weeks all together.  Very impressed with them on these.

Comment by Jimena Paridee on August 20, 2012 at 12:14pm

Wells Fargo does not seem to be processing HAFA short sales in Equator anymore.  Does anyone know how long the process is taking?  I have 4 short sales with them know and they are just taking forever.

Comment by Robin Mitchell on August 16, 2012 at 11:36am

@Jason.  I am working on a Wells 1st and 2nd loans.  I have received approval on my 2nd but not the 1st.  The gal handling the 2nd couldn't believe that I don't have approval on the 1st.  It is the strangest system!

Comment by Michael Hayley on August 16, 2012 at 9:58am

Wells has different business units working for 1st and 2nd liens. They are autonomous and sometimes I get the feeling they dont even like each other. Also, Wells is often only servicer for the real investor, and the investor is likely different entities on the 2 loans, with different interests and negotiation strategies. Lastly, Wells has a corporate culture of being highly aggressive negotiators; its not past them to do it on purpose.  

Comment by Jason on August 16, 2012 at 9:45am

@Kim the letter only has one loan number on it.

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