Comment

Comment by Tara Polley on February 17, 2012 at 10:08am

Sorry, just have to jump in to point out that the "Robo-signing settlement" is state to state and initiated by the Attorney General of those states, and not Obama or Congress. Additionally, Fannie Mae and Freddie Mac loans were not included in the settlement. The settlement is not a source of slow-down, in fact, it will provide incentives for lenders to speed up short sales. Cindy, you can escalate to Freddie Mac by calling 1-800-Freddie or emailing [email protected]

Comment by Cindie Schulz on February 17, 2012 at 10:01am

freddie mac

 

Comment by Kevin - Greenville, SC on February 17, 2012 at 9:53am

Cindie,

Who is the Investor?

Comment by Cindie Schulz on February 17, 2012 at 9:46am

You are so right. I'm experiencing the same thing. Just today, my shortsale was declined due to not enough time to process the shortsale.

This property came off active BK status on January 23 and they scheduled a sales date for February 21. They wouldnt look at our file until February 1st, told us the file is being review for HAFA shortsale. On February 14 they gave me a task in equator to upload our all cash offer and supporting documents.

Today they declined our file stating that according to the investor, they don't have enough time to review the offer and that the property will be going to foreclosure.

When I esclated the file to the supervisors, they tell me there is nothing they can do when the investor has certain guidelines they need to follow.

What I don't understand is that if they knew this investor required a certain timeline for short sale review, why did they schedule a sales date so close to the timeline?

I don't get it.

Comment by Kevin - Greenville, SC on February 17, 2012 at 9:21am

Wells Fargo picking apart paperwork is certainly nothing new.  They have been doing that for years...

Comment by cat gellatly on February 17, 2012 at 9:14am

Has anyone noticed since Obama and congress signed the agreement that Lenders would not be held accountable for these bad loans and the robo-signing that these lenders are on PAUSE?! It's a fact. I was working with Wells Fargo/Wachovia on their fast track system they were trying to get rid of all the pick-a-pay loans. Now they have decided that they are not going to worry about them and the rush to do them has diminished.

I have noticed over the last 3 weeks that they are picking apart contracts for addresses and names not matching exactly. The way WF works is that these files in equator do not even get to a negotiator until Work Flow process is complete, which means uploading every single document individually needed for that file.

Quite unlike the BOA process where the negotiator is assigned and determines what documents are needed.

 

Comment by Sabrina Simpson on February 12, 2012 at 10:09am

Sherri - Since there is an escrow involved on the property, the insurance company should write the check out to the escrow company for this particular sale.  Then it can be handled through escrow.

Comment by Sherri Wellborn on February 12, 2012 at 9:29am

Hi Thom, The listing agent has the check.  He wanted to take it to a local Wells for endorsement but they say the system shows it is a short sale and can't be endorsed until "someone" at Wells approves it.   The negotiator has passed it on the several different people at Wells but still no answer.  The check has not been released to Wells.    

Comment by Thom Colby CA Brkr 888-391-5245 on February 12, 2012 at 9:20am

Sherri - Where is the check ?  Has it been handed over to Wells ?  Another option might be to Amend the Purchase contract showing the Lender / Seller pays for the roof to be replaced at their cost and add to the HUD.

Comment by Sherri Wellborn on February 12, 2012 at 9:13am

Hope someone can help!  We have an approved Wells Fargo FHA short sale ready to close.  With the exception that Wells WILL NOT endorse the insurance claims check to have the roof replaced.  This was part of the accepted offer that Wells agreed to.  According to the listing agent, Wells doesn't say that they won't endorse it, but they keep passing the buck and saying they will get back with him.  The check was issued in December and the file even received HUD approval three weeks ago.  The buyer has no choice but to give up and walk away if this can't close soon!  Any ideas of HOW to get Wells to simply endorse an insurance claims check that was part of the accepted contract?

• ‹ Previous
• 1
• …
• 91
• 92
• 93
• 94
• 95
• …
• 220
• Next ›
• Page