Comment

Comment by Wendy Rulnick on July 5, 2012 at 7:33am

Does anyone have the most very recent Wells Fargo short sale package? Thank you!

Comment by Cindy Kidd on July 3, 2012 at 6:29am

@Mark, sounds great. Where do you find trustworthy note buyers and is that a conflict of interest?

@Sharona, I'll contact him right away. Thanks for your help.

Comment by Sharona Byrnes on July 3, 2012 at 5:53am

@Bill - I have the same situation - 1st with WF and 2nd with WFHE.  Call 866-970-7821 - the WFHE recovery department. You will end up faxing in a package to them. WF will usually allow 10% of the outstanding loan balance to be paid to the 2nd lien, and WFHE will usually accept it. Hope this helps!

Comment by Sharona Byrnes on July 3, 2012 at 5:51am

Cindy - I have a contact at Wells Fargo that sometimes can help with portfolio loans (mostly loans that were Wachovia or World Savings). His name is Marc Souza - email him at [email protected].  Give him the loan number so he can check it out to see if it qualifies. Otherwise, if it is a HAMP/HAFA type property/loan, I recommend escalating to the HAMP Escalation team. Check it out at www.hmpadmin.com.

Comment by Cindy Kidd on July 3, 2012 at 5:37am

I have my 3rd offer into Wells Fargo on a property. Each time they have let things slip through the process and the buyer finally walked. Contacted them last night about the current offer and they have taken it out of short sale status. They said we had 15 days to get all the paperwork in but they took it out of short sale status at 8 days into the process. It now has to go back to the liquidation dept. The person assinged to the task is not  returning phone calls. Any suggestions? The buyer is now sleeping on the floor at her daughter's apartment.

Comment by Bill Somerset on June 30, 2012 at 3:33am

I need help with Wells Fargo home equity.  Both 1st and home equity are with Wells Fargo.  I was given incorrect advise from initial negotiator on 1st lien that both 1st and home equity could be negotiated on the same file!  I now find out I need to negotiate the home equity separately. 

Please help!  How can I get a assist request in order to escalate home equity negotiations?

I am several months into negotiations on the first and now realize this is the reason why I do not have approval letter for the first.

Comment by joe beauchamp on June 28, 2012 at 2:40pm

Lisa, check out your comps, make a request for the rules or a form for a value dispute. I have not done FHA at WF, others in the office do those, so I can't be more specific. Be careful of the rules, they often have dumb ones like you cannot mention the subject property, you cannot compare numbers, you cannot talk about a class of property, etc. - All those things that you would naturally say when you think their number is nutz. If you violate their rules, they simply deny your dispute and throw it away. (Childish, in my mind, but they can do what they want - nobody is going to stop them.)  Good luck!

Comment by Lisa Woolverton on June 28, 2012 at 10:13am

Ok, my 3rd SS on my own and I think I am toast on this one.  Any help would be appreciated!  I got an ATP on June 6th with a min. net of $491K and an appraisal of 556K, which was way too high. I had already submitted an offer.   I actually got to speak to the negotiator (one and only time) and he told me we had to be within 2% of the min.net for the 1st 30 days.  I did tell him the appraisal was too high, but I didn't ask for a re-appraisal because I was focusing on the min net price.  Frist buyer walked and I have another offer in hand.  I just got a counter from the bank on the first offer for 556K!  I am in shock at the moment and not sure where to go from here.  Any suggestions?

Comment by Sameer Punjani on June 28, 2012 at 7:57am

Hello, just received 4 tasks from equator, the listing info / marketing plan I can do, but on the financial info and hardship reasons, do we just download the wells fargo hardship package from here, send to borrower then just transfers the numbers from there? 

Comment by Kelly W. Maynard on June 28, 2012 at 4:53am

Hi Sheila and Esperanza,

It is wonderful to have a format in which we can encourage one another and share our experiences and get help, if needed.  I have gone to classes in the past where the fear of God is put into you, usually by a lawyer, as to why, as a Realtor, we should not be doing short sales.  I have noticed, at least in the Phoenix area, that the amount of lawyer's doing short sales has decreased dramatically.  Too much work for too little money.  It is hard work, but, as you both know, well worth it!

Thank you for your comments!

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