Comment

Comment by Teresa Keeler on July 10, 2013 at 6:37am

Anna, you need to find out who the investor is. If a value dispute is needed you can go right to Fannie or Freddie and dispute the value and then just resubmit it after that is complete. If it is not a GSE backed mortgage just knowing who the investor is, (it may even BE Wells!) will help you in determining what to do next.  It sounds to me like you just ended up with a crappy negotiator who would rather be part of the problem. They're not all like that. 

Comment by Anna Parker on July 10, 2013 at 6:20am

Have a file in with WF - one lien.  Had fee appraisal done prior to listing that showed value at $130K, buyers originally offered $125K, but came up to $130K following a counter from WF/investor at $142K & asking for prom note of $588/mo for 120mos! Seller unable/unwilling to pay that - but offered $1000 cash at closing.  Rec'd a message this morning from negotiator that investor has denied offer.  Sent him message that this fee appraisal is a material fact required to be disclosed to all potential buyers - and is good for 6 months.  Any one have any thoughts/recommendations as to how to move forward? Negotiator says file will be shut down in EQ in 24hrs?!

Comment by Elvira Quiray on July 10, 2013 at 6:15am

Hi Joe,

Had a similar situation with a credit card judgment on one of my short sales. Pressler & Pressler applied a judgment on the seller. Of course, seller does not have the funds to pay it off, and Pressler is one of the credit collection agencies really hard to deal with. The short sale fell through. I have to start the whole process again.

Comment by Ryan Smith on July 10, 2013 at 3:24am

Thanks for the info Joe and Angel! 

Comment by joe beauchamp on July 9, 2013 at 4:16pm

Ryan, don't forget that you can try to pay a lot less to just have them remove the lien w/o releasing the debt.

Comment by Nolberto on July 9, 2013 at 4:11pm

Ryan,

 Usually they will take 10% of the UPB (unpaid principal balance) but we start negotiating them at 2 or 5% of the UPB. We start low leaving some room to negotiate for cases such as this. My suggestion will be to re-negotiate with credit cards and start dealing with managers who are the decision makers. Also, ask the agents to be flexible with you if they want to close this transaction.

Regards,

Comment by Ryan Smith on July 9, 2013 at 2:03pm

Just received an approval from Wells, but they are not contributing funds to either of the credit card judgments on title.  One will settle for $4800 and the other will take $1500.  Any way to get Wells to contribute?  The seller and buyer do not have the funds to pay these.  Any suggestions or help is appreciate. 

Comment by Wendy Smith on July 7, 2013 at 2:48am

Gosh, sounds like Fannie Mae.

Comment by Paula Bachman on July 2, 2013 at 10:32am

Here is the escalation #:  800.853.8516.  I didn't find them at all helpful, maybe you'll have a better experience.  What did work was emailing the Negotiator with a cc to all of her supervisors.

Comment by Rochelle Castro on July 2, 2013 at 10:28am

Does someone have a number to escalate a file with WF? 

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