Wells Fargo (ASC) spent weeks getting MI approval for short sale. 7/25/11 letter good til 7/29/11.

ASC hold the first.  Coastline Credit Union holds second.  The first took weeks waiting to issue approval letter because, supposedly, waiting on MI company approval.  They have cut our fees, I work for a real estate law firm as a short sale negotiator, cut commission, cut HOA fees.  We recive the short sale approval letter on 7/25/11 good until 7/29/11.  July 29th was great when the buyer's lender was ready, but the buyer's lender expired the loan, FHA.  The buyer had to basically start all over and there is no possible way to then close on 7/29/11.  The second is willing to extend, the buyer is willing to continue with patience, but ASC said that they cannot extend beyond 8/4/11 "because all ASC files are required to close within 90 days from when approval was given which was 5/6/11."  That prior approval of 5/6/11 was when the second wouldn't cooperate at the amount they would allow to the second.  At that time, we had sent them a HUD with all of the figures back up to full commission, etc., $20,000 to the second (because that is what they said they wanted to participate after frustration with us), and a message stating that this was it, take it or leave it because all involved were prepared for this property to simply be foreclosured upon.  The seller is deceased with an estate of no value, property vacant for some time and a buyer excited about this purchase.  Some of the 90 days is not the fault of ASC directly.  But, they took so long with MI company and we informed them of the 7/21 deadline for the new lender to have a short sale letter, that we couldn't have the buyer's loan ready in time.  They know that all involved want to close by the end of the month - don't we all?!  So, they won't extend.  Buyer has asked me to offer them per diem to extend, but the buyer doesn't really have $38/day for their mortgage company to begin an FHA loan, again.  And, I really don't trust these ASC negotiators that I am dealing with, anymore.  Sounds questionable to me.  Anyone have any insight or contacts for someone at Wells Fargo/ASC that can think outside of the box long enough to try to solve what seems like a foreclosure-about-to-happen?

 

Thank you so much!

Kristy

Views: 137

Replies to This Discussion

Permalink Reply by Cody Lampariello on July 28, 2011 at 6:56am

Hi Kristy,

My company processes hundreds of shortsales and this 90 day thing is the norm with many approvals. The main problem is the values that were used with the investor in order to get the approval expire and they need to resend them. Wells Fargo gets a little tough at this stage but I have had them work it out for me with out re-submitting the entire file. Talk to the negotiator and see if they will keep the file open and re-order the BPO then re-submit the settlement statement to the investor with updated BS & Paystubs. It is not going to completely save your approval but it may save you some time if the negotiator agrees. This will be an uphill battle for you with Wells though unfortunately.

Permalink Reply by Robin M. Willis on July 29, 2011 at 4:41am

Kristy,

 

If your negotiator will not work with you, I recommend calling Wells Fargo's Executive Resolution Department.  Explain to them that you are having difficulties with a short sale and give them a brief synopsis of the challenges you are facing.  They will have someone high up in the short sale department give you a call within 24-48 hours.  That person should be able to think and take action.  The number is (800) 853-8516.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************