Replies to This Discussion

Permalink Reply by Deborah McGraw-McCormick on October 4, 2010 at 4:54am

wow! This is the opposite of what the 7 Minute video is saying. That is, it apprears there has been f raud involed with the servicer to get thse homeowners to the auction , "faster'. Sounds like the govt investigation is siting the lawyers as well for excessive fees. ( foreclosure attorneys) It appears that the forclosures halted in 23 states, is all about the servier and lender, NOT doing everything they can to help the homeowner. THIS wasnt mentioned in the 7 min video. anyone else have any ideas or comments about this recent move of Wells? thanks!

Permalink Reply by Cindy LaPeer on October 4, 2010 at 8:28am

I had my seller call Wells to do a Deed in Lieu b/c there is no way we can get a contract and close it by Nov. 2. We had one at $88k, but Wells wouldn't take less than $88k. Anyway... he was told that it was too late to do a DIL. Is that right?? We have almost 30 days til the sale date.

Permalink Reply by Joe Green on October 7, 2010 at 9:40am

I spoke with my Wells Fargo rep today, he says this is a rumor. They have no interest in collecting properties into their inventory.

Permalink Reply by Jeff Payne on October 11, 2010 at 5:31am

+1, I agree with Joe, I too have talked with the superiors at WElls and they told me the same

Joe Green said:

I spoke with my Wells Fargo rep today, he says this is a rumor. They have no interest in collecting properties into their inventory.

Permalink Reply by Virginia Reddy on October 14, 2010 at 6:17am

I've been trying to sell my property in Avondale since May. Wells Fargo has twice turned down 2 investors. The last investor offered $70,000, but WF wants $85,000 for an area that's going for $55,000 in Avondale, AZ. My realtor told me that for each foreclosure the govt is now giving $$$ on top of what is received from a foreclosure auction. So in fact, they will get $85,000 if not more for this property. This makes the foreclosure investigation a joke and it's right before an election.

Permalink Reply by Jeff Payne on October 14, 2010 at 7:15am

Sorry Virginia, your realtor does not know what they are talking about in regards to govt giving banks incentives to foreclose. Sounds to me like your realtor may be the problem if that is the kind of information that they believe, sorry

Virginia Reddy said:

I've been trying to sell my property in Avondale since May. Wells Fargo has twice turned down 2 investors. The last investor offered $70,000, but WF wants $85,000 for an area that's going for $55,000 in Avondale, AZ. My realtor told me that for each foreclosure the govt is now giving $$$ on top of what is received from a foreclosure auction. So in fact, they will get $85,000 if not more for this property. This makes the foreclosure investigation a joke and it's right before an election.

Permalink Reply by The Good Home Team on October 14, 2010 at 8:35am

Jeff - Are you seeing that WF will postpone if we the borrower is 2 weeks away from foreclosure and just now starting the SS process?

Permalink Reply by Oma S Hoffman on October 22, 2010 at 5:56am

help someone, wells fargo negiotator Wendy Schemling, is killing me. My seller performs shut down jobs for a Houston company and shows a surplus in income, and she i denying the sale. Tried explaining to her while he is making a paycheck today, that is subject to change, even got his company to write a letter. However, company states, that their employees are temporary and are on call, not guaranteed work, and Ms. Wendy refuses to accept explanation. She wants company to show end date. Tried asking for her manager a Jeffrey Rhodes's help but I'm not getting anywhere. They would rather forclose on Nov 2nd, rather than work with a buyer we have procured for the property. According to Ms. Wendy, the current client can keep the home and she sees no reason for them to have moved, even though they were denied a modification. Wells needs to have us agents train their people instead of offering us training. Anyone with a higher up # or name I can escalate too?

Permalink Reply by Victoria Frieberg on October 22, 2010 at 12:45pm

fannie, freddie?