I have a Freddie (investor) file that is being serviced by Wells Fargo. They are saying my client doesnt have a hardship which he clearly does and they declined the short sale. When calling Freddie they tell me to call Wells .. when calling Wells they tell me to call Freddie. Do these institutions not take responsibility for anything? If anyone has a name/email/number of a higher up i can call at Wells, I would appreciate it.
My client is an investor and has a couple properties; most are vacant because he cannot get them rented out. Even if they were rented; he cannot get enough in rent to cover the mortgage. Has had to dip into his retirement to sustain the mortgage payments. He finally let the payments go because he couldnt do it anymore. Not sure how that isnt a hardship.
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In my opinion, Wells Fargo is the worst lender for short sales out of the 8 large banks. I recommend filing a complaint against the bank. You can visit my site at http://www.endingforeclosures.com/bank-and-mortgage-company-help-an... and find more information on that. In the past, I have gotten some results with this, but it will take up to 2 months to get anything done so I recommend doing it ASAP.
AnaLee--while I will agree that WF certainly leaves a lot of room for improvement, and some of their new doc requirements border on the ridiculous, I would definitely disagree that they are the worst of the 8 large banks (whichever those are). Equator certainly makes WF easier to deal with than the other banks that aren't on Equator (although Chase is coming to Equator soon), and they have a very good escalation system, one of the best that we've found. Send an email to Diane Fox ([email protected]) in their escalation dept describing your problem. She is wonderful to work with, and produces very prompt and effective results. Good luck!
If the borrower is not 31+ days late .. it is not considered a hardship by Freddie Mac guidelines. (that is changing in November). They often can't/won't tell you that is the reason.
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