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Permalink Reply by Thomas Otis on July 22, 2013 at 1:04pm

I am trying to use the discussion search tool, but it keeps giving zero results.  

I went to HUD site, and it says they will pay up to $2500, but goes into no detail about lien release at closing or must be release prior to closing.

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Permalink Reply by Thomas Otis on July 22, 2013 at 12:54pm

That part of the problem, they never gave us a ATP even though they did an apprasial last fall. It would be nice if we new their numbers, but they just keep denying because of title issue (that being the second)

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Permalink Reply by Short Sale Superstars LLC on July 22, 2013 at 1:00pm

Thomas,

        I'd begin by escalating the file with wells' fargo. Also, why can't you receive a settlement letter from the 2nd lien? If that can not provided i'd provide a letter of explanation showing that the difference between what HUD guidelines will give towards the 2nd (1,500 + seller incentive) and the judgment will be covered. Even if that is not really going to happen, you need your file to move forward.

I don't have all the details of your transaction, but from what you provided I don't see any reason why this file couldn't move forward.

If you have any questions feel free to reach out to me as my door is always open.

[email protected]

310-564-6389

www.ishortsalenow.com

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Permalink Reply by Thomas Otis on July 22, 2013 at 1:15pm

I have the policy letter from second stating principal balance and amount they will accept. It has been provided in 3 different versions to Wells Fargo. It says they will release the lien for a payment of 2500. Wells Fargo will not accept this letter or tell us what they want.  The just keep claiming title issue for rejection, but will not tell me they will or will not accept at closing release. I have been very suspect when they did not or have not issued a ATP. I have no evidence that this loan was ever submitted to HUD, and have no case number. Seller called into HUD and he was told the loan was sold from Wells Fargo, but Wells says that is incorrect, they still have it.  

Wells Fargo will not provide guidelines so that we can fix the problem...of course other than paying the second off so there is a lien release to provide with the offer.

I have escalated the file, many times, and it goes no where, they just keep coming back to the same place. 

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Permalink Reply by Short Sale Superstars LLC on July 23, 2013 at 7:59am

Thomas,

        If you are unable to get anywhere with this I would love to take a stab at it with my team. We worok daily with  a high level and very capable escalation rep at Wells Fargo who should be able to tell us exactly what the problem is on Well's Fargo end so we can speak a potential solution. We have ran into many complicated title issues with Wells Fargo in the past and most are able to be resolved.

Warm regards,

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Permalink Reply by Alexis Adams on July 23, 2013 at 7:48am

At this point I would recommend filing a complaint with the Consumer Financial Protection Bureau (www.consumerfinance.gov) and be very thorough in your explanation. Wells Fargo is very responsive when it comes to formal complaints. It is a HUD guideline that a homeowner can be reviewed for their ATP regardless of any approvals from subordinate lien holders. The basis of the complaint should ultimately be that their hardship and financial situation needs to be reviewed for the ATP. It states right on the ATP that the $750-$1,000 in seller incentive can be used to satisfy subordinate liens so at this point this shouldn't be an issue. Other than filing a complaint, I would call HUD directly and run the scenario by them and see what they have to say or if they have any input. Chances are they will give you a ticket # and call you back with some more feedback.

Either of those options should give you the answers you need. 

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