Comment

Comment by Jessica Eisenhauer on May 15, 2012 at 6:44am

@ Thom I am from WA state and the letter was the same.

Comment by Jessica Eisenhauer on May 15, 2012 at 6:44am

@ Kris same here, I have worked short sales for the past 4 years and have closed hundreds of them and this is a 1st for me too.  Especially since WA is a non recourse state.  The sellers will just let the homes foreclose then.  And I agree they should if the bank does this.  Hopefully their policy changes, I am sure it will. Please keep me posted and I will do the same.

Comment by Thom Colby CA Brkr 888-391-5245 on May 15, 2012 at 3:13am

@Kris -

Thanks for sharing this letter for Minnesota properties.  It will be interesting to see what letters regarding properties in other States will look like - for example, California has a No Deficiency Law for all Lender Approved Short Sales.

 

Comment by Kris Lindahl on May 15, 2012 at 3:02am

Here is a copy of their new letter.  Still working on getting resolution to this.  

New%20Wells%20Fargo%20Approval%20Letter%205-1.pdf

Comment by Kris Lindahl on May 14, 2012 at 5:14pm

This new letter went into affect May 1st.  I have been in contact with multiple Wells Fargo  executives today.  It seems they are all on the same page that they cannot not waive this deficiency.   This is the first time in the 50+ Wells Fargo short sales I have done that they will not satisfy the deficiency.  They won't even look at a seller contribution to change the wording.  They told me that it cannot be changed.  

I have tried everything.  

It appears others just started having the same problem.  

http://forsalephoenixhomes.com/featured/wells-fargo-now-refusing-to...

The news about this new letter is just starting to come out. 

Comment by Karyl Moore on May 14, 2012 at 12:08pm

I received an approval letter which did not waive the deficincy and the negotiator said it could not be changed.  Then a couple of days later, the Sellers received a letter in the mail from Wells and this letter stated the deficiency would be waived.  You might ask your Sellers if they've received any letters from Wells.  I'm not sure why they would do it this way, but that's what happened to me.

Comment by Jessica Eisenhauer on May 14, 2012 at 10:31am

Kris, My negotiators supervisor was also Brett.. =(  He said the same thing, and when I pushed it they closed the file out and I get to start all over again.  If the verbiage said they "waived their rights to pursue deficiency" then the new letter is NOT the same.  It isn't better clarifying it is completing changing it. As we all know.. =) Keep me posted on how yours turns out.  My plan is to start over, 3rd times a charm.. LOL  I think my seller should just let it foreclose, they will figure it out eventually.  BOA and Chase tried doing this too a while back ago.  They all figured it out.  Now Wells Fargo is trying it.  Stupid....

 

Comment by Jimena Paridee on May 14, 2012 at 10:13am

This is the wording I got on my Wells Fargo approvals:

When Wells Fargo Home Mortgage receives the required payoff and all required documentation, we will arrange for the mortgage of record to be released. Wells Fargo Home Mortgage will notify the mayor credit bureau(s) to reflect "account paid in full with less than full balance” which should appear on the credit report within 60-90 days the date of notification, however, Wells Fargo Home Mortgage is not a credit bureau and cannot control how or when the report will reflect information to other users of credit reports. Compliance with this Demand Statement coupled with release of the mortgage shall waive the bank’s right to seek a deficiency under the loan documents or any of its other rights there under, and the obligations evidenced by the note.

On the owner occupied properties, I got this from the beginning, then I had an investor property that they required a $500 cash contribution to change the wording to match this.

 

Comment by Kris Lindahl on May 14, 2012 at 9:49am

From Senior management:

I reconfirmed with my managers we cannot make any exception to current approval letter wording. Collective Issues with the approval letter are with senior management and have no time frame for resolution. So at this time it stands that we cannot make any alteration, amendment or exceptions to the approval letter at this time.

Comment by Kris Lindahl on May 14, 2012 at 6:47am

I found out this is a mortgage backed security loan.  Still working on answers...

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