Comment

Comment by Tom Walker on May 7, 2012 at 3:13am

What is Wells Fargo doing with out of state job relocations?

Comment by Lane Hansen on May 5, 2012 at 1:21pm

@Joe, yes, I see your point. Thanks a lot for those info. They helps.

Comment by Lane Hansen on May 5, 2012 at 1:21pm

@Jan, Seller's wife is in a different state. Seller has to sell to move, but property is way underwater. We got rejection from WF

"Due to the sellers hardship and the fact that he is current on his current mortgage, this does not qualify for a short sale due to Investor quidelines.  As we can not negotiate a short sale, please have the seller contact Customer Service."

Comment by Jessica Eisenhauer on May 5, 2012 at 7:25am

@Jimena, I escalated it to my negotiators supervisor who told me there was no way around it.  They didn't even ask for a cash contribution.  He said that management is working on it right now, but they aren't allowed to change the verbiage for the investor in the meantime.  So I am not sure what to do..  Is there a better escalation path than what I have taken..  I went to the supervisor, but is there a contact for president of short sale/DIL like BOA has?  This is Wells Fargo Home Mortgage 1st and not ASC.

 

Comment by Jimena Paridee on May 4, 2012 at 9:37am

@ Jessica, I would escalate the file, I just got a Wells Fargo approval this week and it had the deficiency release.  It can be an investor specific issue but it is not a Wells Fargo policy.  A lot of the times they do it to try to get the seller to give a cash contribution, I had another deal approved last week where the seller had to come in with $500 to get the deficiency released (Wells originally wante $9802).  I would ask what would it take to get the deficiency release, you may be able to work out a deal.

Comment by Jessica Eisenhauer on May 3, 2012 at 1:42pm

@George yes it is a 1st lien and no it is not owner occupied.  Although my client also works for Wells Fargo as a loan officer.  Sort of an interesting story, but this has nothing to do with it.  They gave it to us on the exact same offer net amount just a couple months ago.  But because of litigation the HOA was having the buyer couldn't get financing, so we had to find a cash buyer which we found in 1 day, resubmitted the file immediately and the bank has sat on that offer for almost 2 months to come back today and accept it with the deficiency verbiage this time around.  I think she should just let them eat it, they can't come after her anyway in a non recourse state unless they choose to sue her, which she has nothing for them to take..  So dumb.

 

Comment by George Isaacs on May 3, 2012 at 12:57pm

@jessica - check out the Foreclosure Fairness Program from the WA Dept of Commerce. If they still occupy the home they could get a face to face mediation with the bank and deficiency waiver is on the table at those mediations. Is it a first lien?

http://www.commerce.wa.gov/site/1367/default.aspx

Comment by Jessica Eisenhauer on May 3, 2012 at 12:43pm

Wells Fargo is saying their policy changed and they are no longer waiving deficiency for short sales unless they are HAFA or FHA/HUD.  I have closed many short sales with Wells Fargo and just had written approval on this exact same file a couple months previous with the deficiency verbiage waived, but when I asked for it to be waived this time because WA is a non recourse state I was told their policys have changed since the last letter and he can't waive it.  Is this happening to anywone else.  Sadly it is worth it for my client to just let it foreclose then.  I don't get it.

Comment by Jan Sanderlin on May 3, 2012 at 8:20am

Why are the owners having to move out of state...illness, divorce???  More information is needed to give you an alternative...

Comment by Tara Polley on May 3, 2012 at 7:51am

It is typically only considered a "hardship" if the reason for the out of state move is a job transfer.

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