Comment

Comment by Kris Lindahl on May 13, 2012 at 3:35pm

@ Jessica, I just received an approval on Friday and the manager told me the same thing.  Here is the verbiage for the new Wells Fargo (Non FHA/Non HAFA) approval letter.

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With the exception of a Home Affordable Foreclosure Alternative (HAFA) closing, nothing in this Demand Statement or in the release of the mortgage shall waive the right to seek a deficiency under the loan documents or any of its other rights thereunder, and the obligations evidenced by the note shall remain in full force and effect until paid in full.

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Here is the manager's response to my email. 

Kris,  I am certainly well aware of the verbiage you are referring to in our approval letters. This is a change by our legal department to comply with National Servicing Standards requirements. The letter cannot be altered or amended and I assure you that you are not the first to comment. The change was to better clarify the investors rights that have always existed. So at the end of the day nothing has changed.

 

Please let us know if your sellers would like to proceed as approved.

Thank you,

Brett

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I will escalate it to the executives on Monday.  This doesn't look that promising. 

Comment by MBanwart on May 10, 2012 at 1:28pm

Thank you!!

Comment by Sheila Vardakis on May 10, 2012 at 12:13pm

1-800-7FANNIE

Comment by Sheila Vardakis on May 10, 2012 at 12:12pm

Boy that situation is a mess MB.  If the boyfriend was on the original loan then the bank has the right to ask for his financials.  the problem obviously is that he is long gone and no way of getting a hold of him.  I question who is wanting the financials, Wells or Fannie?  I personally would call Fannie Mae and let them know about the situation in full and see what they recommend you do.  
i have seen these banks tell you that Fannie or Freddie won't do something or don't agree to a certain term and when you call them directly, they have no knowledge of that being said. Many blessings!

Comment by MBanwart on May 10, 2012 at 12:03pm

Does anyone have advice for this situation: last October WF told the seller to have her co-signer sign over the property on a quit claim deed. The co-signer (ex-boyfriend/fiance but not husband) moved out of the house and out of state - he told her he would do it but that was the last help he would provide. Seller and seller's agent have have been working with WF since September, and have had all of the offer packet in since March 15. The negotiator told the seller's agent today in phone call #1 that he would give her an answer on the approval before the end of the day; and then called back within 5 minutes and told her no, instead he wanted boyfriend's financials, including having him fill out all of the paperwork, sign the contract, etc.  Boyfriend is long gone and there is no way to reach him. What do you recommend? The house goes to foreclosure May 31, and all the paperwork has to be in by May 21.  Advice? Help? Recommendations on how/where/who to escalate to? Investor is Fannie Mae (only one mortgage).

Comment by Kelly W. Maynard on May 9, 2012 at 9:26am

Thank you!

Kelly

Comment by Jimena Paridee on May 9, 2012 at 9:23am

Yes Kelly the agent's signature is all they want.

 

Comment by Kelly W. Maynard on May 9, 2012 at 9:19am

Wells Fargo's Short Sale Affidavit (Arms Length) asks for Buyer's Broker Signature, is it alright to just have the agent sign, or does it have to be the Broker?

Comment by Jeff Struchen on May 8, 2012 at 2:23pm

Try office of the President (Mortgage Division) 800-853-8516. This is there "Executive Complaint" division. They have done a good job for me in the past. Use it sparingly though please. Not every deal needs this call!!! Good Luck.

Comment by Jimena Paridee on May 7, 2012 at 5:33am

@Jessica, mine didn't ask for a contribution either, it wasn't until I told them that the seller would not close without the deficiency being released that they came up with the cash contribution request.  Unfortunately I don't have any good numbers for escalations at Wells Fargo, maybe someone else on the board can help you with that.

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