Comment

Comment by Gordon K on February 20, 2012 at 9:26am

Does anyone have an escalation contact? Our seller is being rejected for a short sale because of a one month income surplus, when he is in a short-term employment contract and has been in a 3 year financial hardship that has put him in a HUGE hole. We sent a lengthy letter explaining the hardship and the WF negotiator is being stubborn and rejecting because of a one-month income surplus of a few hundred dollars. This does not make up for 3 years of financial hardship, including entire quarters and half-years of $0 income. Any help with a contact I can call and plead our case?

Comment by cat gellatly on February 17, 2012 at 4:10pm

I agree that their focus is definitely somewhere else. And I don't believe they are crossing their t's and dotting their i's in the back room training to make it right for homeowners. Our office does refi's and these lenders are doing the same sloppy paperwork with packages that they were doing before. They know less about doing the new HUD's than the closers in our office. What ever is going on isn't good for us or homeowners and until somebody creates some noise will it get back on track again.

 

 

Comment by Jan Sanderlin on February 17, 2012 at 11:36am

Refi's are the life and blood of most if not all mortgage lending banks..The fees are sweet and fast, these monies go into their pockets...Shortsales are usually handled by the servicers and not their main source of income.  So it makes sense that they would shift their focus and personnel.  Just means that shortsales are on the back burner again...until they are not... 

Comment by Tni LeBlanc (805) 878-9879 on February 17, 2012 at 11:00am

It is easy to villainize the banks because they make it easy.  

I don't see sufficient penalties being handed out, and losing incentives that have failed to motivate you hardly seems like a penalty.

I am also experiencing a slow down and similar issues popping up that weren't, so something is a brewin' in my opinion and I am interested to know if others are experiencing the same thing.  

It's one thing to have your own experience, but I very much appreciate hearing about the real time experiences of other short sale agents as well.

Comment by Victoria Frieberg on February 17, 2012 at 10:57am

just had lunch with a Wells employee..whose theory on the slowdown is ..processors and underwriters, support staff,  have been moved from all departments to get all refi loans applied for in January to closing prior to March 1 deadline.  A fee is being added to all refi's after that date to help pay for the extension of unemployment that was approved..all refis will have that tacked on beginning March 1...it was placed as some background condition of another bill passed .  add the other changes taking effect march 1..you would almost think it was intentional sabotage of an already chaotic system..and not necessarily by the lenders

Comment by Tara Polley on February 17, 2012 at 10:28am

I know short sales are a source of frustration, and one more cook in the kitchen of already difficult transactions, but keep in mind that it's easy to villainize the banks and suspect shady motives because there have been plenty of reason to. The reality is: there are an avalanche of changes they are required to follow under all of the new programs and guidelines investors participate in. It makes sense things would slow down on their end right now as they try to process new changes being implemented from March - May to the Making Home Affordable Programs and Robosigning Settlement, and train staff on how they are supposed to be handled. They are being penalized for mistakes, and incentives are being taken away when they don't perform to standard, so there is pressure to take the time to do things right.

Believe me, I've had my share of crappy transactions, misinformation, and nonsensical delays, however, it pays to educate yourself on what is happening, who it affects and how you should handle it, because the easier you can make it on their end by doing it right on yours, the less you're going to run into problems. Just my 2 cents. :)

Comment by Tara Polley on February 17, 2012 at 10:18am

Good Luck!!!

Comment by Tni LeBlanc (805) 878-9879 on February 17, 2012 at 10:18am

Still interesting -- there does feel like something is cooking in the back room...

Comment by Cindie Schulz on February 17, 2012 at 10:15am

Thank you Tara, I'll let you know what happens.

Comment by Tni LeBlanc (805) 878-9879 on February 17, 2012 at 10:11am

I'm having that same experience on a Wells & a CHASE file right now too.  

Wonder if there is something to it.  Maybe they are stalling trying to figure out what they can get away with next....

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