Comment

Comment by Catherine Myers on March 6, 2012 at 4:34am

So I've just had my first Wells Fargo short sale denied, ever (since 2006 doing short sales).  They say the MI company feels the seller can continue to pay.  They won't tell me who the MI company is (it is lender placed MI).  As for the seller continuing to pay... she's already 6 months delinquent!  Moved out of state for an involuntary job move, is upside down income vs. expense, and it is located in a complex she can not rent to others due to max owner occupancy met.  How they came to the conclusion she can continue to pay when they're about to file the first foreclosure notices is beyond me.

Any ideas?  Without knowing the MI company my hands are tied even on appeal.

Comment by Victoria Frieberg on March 5, 2012 at 6:45pm

yep..I don't seem to run into these type of negotiators on wells files that are not on equator..so they must use it as a training ground .. the offer is really quite clean, rural houseing, 3% seller paids...thats it...seller paids denied with only the explanation that the investor does not allow.  so why did it take a month if that did not fit a standard guideline..and they needed full buy side figures before sharing that they did not allow seller paids anyway..kind of weird..if the rest of the file was approved quickly the 5% would not even be that big a deal..

Comment by Judith Sailors on March 5, 2012 at 6:34pm

I greatly appreciate all of your help...thanks for always teaching and sharing the knowledge...

Comment by joe beauchamp on March 5, 2012 at 6:27pm

Victoria, the 5% can well indicate WF as investor - that is their standard (and there are different investor departments at WF, can be very different).  The investor sets the guidelines.

Generally I give the negotiator whatever silly thing he wants - I can't tell if you have issues of substance or just regular "who is this joker negotiator" stuff.

Especially at WF, you don't want to rock their little boats -they kill deals on whims - there is little management and they get away with it.  A bad environment.

Remember, as their negotiators too frequently prove, the bank does not have to do a short sale. They have every right to just say "go away." Likely the only thing you could get them on is clear discrimination. Is there some very particular segment of agents which they allow 5% commission and not 6%? (And then hope that you aren't dead before you get some court results..)

Otherwise, they can just point you to their mortgage/note which says "payment in full" is expected at sale.

Comment by Victoria Frieberg on March 5, 2012 at 5:10pm

so, wf on equator..all set up, offer comes in..wells says investor does not allow any seller paids..a month into reviewing the offer.  they will pay title and owners policy and taxes..but 0 seller paids and only 5% commission.  the hud is backwards, they want buyers title and settlement fees on the sell side, so investor can see..but a 'real hud' for review..prior to approval. soooo frustrating.  i emailed that 5% is a violation of respa, interfering with client relationship..no answer

Comment by Kevin - Greenville, SC on March 5, 2012 at 5:01pm

Judith Sailors - call me 864-485-9283

Comment by Judith Sailors on March 5, 2012 at 4:59pm

Is there anyway to postpone a FHA short sale 24 hrs prior to a sale date. My client has been trying to get approval to participate in the FHA program and now the sale date is 3/7. They never told us he need to contact this department until Friday 3/2. He never received anything in writing stating he needed to this as well. Does anyone have a contact with HUD or FHA for help...?

Comment by Cindie Schulz on March 2, 2012 at 7:30am

I would initiate now. This way you will find out who the investor is and then you will be able to proceed from this point.

 I would also list and market the property as well.

Hope this helps

Comment by James Lockard on March 2, 2012 at 7:02am

Thom,

So in your experience would you wait to inititate the file until you get a contract or start it when you get the listing?   

 

Comment by Cindie Schulz on March 2, 2012 at 6:23am

Yes, Wendy is right.

Also, make sure you know who the investor is. I had a file that we wanted to initiate a HAFA shortsale and Wells Fargo asked me to initiate in equator and I told them I had an offer. They told me I needed to wait for a task after I initiate to proceed.

This is very different from BAC. As soon as I initiate in equator for BAC it automatically gives me a task to upload the ATR.

Anyway, I received the task to upload the offer and all supporting documents. I completed the task and a couple of days later they closed the file stating that because I had an offer that the investor will not allow a HAFA shortsale.

I thought this was strange since there is two types of HAFA programs and when I spoke with the wells fargo contact supervisor, she said per the investors guidelines, if we have an offer they will not be considered for HAFA short sale.

I explained to her that I was told to initiate in equator even with an offer. She told me well I'm not sure who told you that (I gave her the name,she didn't respond) but this investor will not consider the borrower for a HAFA shortsale if they have an offer.

So I'm waiting a couple of weeks before I resubmit. This time I will submit without on offer and see what happens.

 

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