I may have made a mistake on the first contact with WF.
I went to the place on the website that said (homeowner) "I no longer want to stay in my home"
I spoke to a guy named Chris that said they have to first try the HAMP Program in order to be considered for a short sale at WF.
Well, I did not try for the HAMP because these people have already been through WF's mod of their payment which was about 150 less than the normal payment and they have not been able to afford that.
So, they hired me to SS their home because the payment will return to the normal payment in a few months and they are already behind at this lower payment. (WF modified their payment for 12 months and it's soon to revert back to their original loan payment.)
MY QUESTION: Is there a way to just get to the SS/liquidation Dept. OR do I really have to go through the process of HAMP first with WF?
This Chris guy is totally cold and black & white. He says these people need to sell their cars & motorcycle before he would agree to pass this along to the short sale dept.
Sellers DO own 1 car, 1 truck, 1 motorcycle. But are upside down on all three AND the motorcycle that's actually worth something that might sell is the cheapest payment of $150 and the seller will not sell it because that is the only vehicle they know they can afford. (Also, the car is not running because it needs repairs.)
But they need 2 vehicles because they both work. And this guy Chris/WF is saying they need to sell them before he will work with them.
Can you guide me please?
Their hardship is their income has been lowered by 30% at the moment & will continue to go down for the next 6 months to nothing due to their type of employment. (seasonal yet they still have to go to work. When business drops off they just make no money) Both have trieed for side jobs to no avail.
Please throw me your advice in a hurry! They are already 2 months behind so time is short.
Tags:
No panick here really. I've done quite a few SS as well as closing them. I just got thrown off guard when I tried to research with the WF people where to go for this SS & this guy, right off the bat was insistent that they keep this house.
My people are through. They agreed to go through the process of SS but won't talk to this guy coz WF already showed them they aren't worth their word. ie. When the seller originally got their payment reduced...WF told them they would reduce it to a much lower amount. They didn't. Seller couldn't afford the reduced payment. Now, it's going back up.
I also have another listing that just slipped from regular resale to SS both are WF so that's where maybe a little urgency shines through.
I've never dealt with WF before and I need to get up to speed quick since I have two of them.
First you should know that HAMP is the precourser to being able to participate in the HAFA program. Your clients have already been through a modification which did not work, so if you just fill out the paper work for HAMP and then indicate that you want to go into the short sale (HAFA) program that drops you directly into HAFA. If they do not accept you in the HAFA program (there are certain conditions that have to be met) they will move you to the standard or default WF short sale program. Your biggest problem may be that with the WF (under instructions from the investor ) may not extend your foreclosure date even if under short sale contract. As far as this guy not participating, call the WF short sale people directly and tell them that you participated in a loan mod which does not work for your clients and you want to move forward with the short sale and could they help you out? This should get you to some one who can help with either the HAMP/HAFA programs or the WF default short sale program. And yes WF negotiators often have very bad days.
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