I have a strange situation in that my ss clients have a first with Central Mortgage with $175,000 owed on their loan. They are foreclosing for non-payment.
The second and third are with WF for appx $180,000. The home is worth $325,000-ish, and WF is fooling around!!
I wrote a VERY stong letter to WF about it being a win/lose for them. Winning about $100k, with losing being ZERO!
He seems very lackadaisical. Should I escalate to a supervisor? If so, who and how?
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I would have started WF off at 10% and then gone up. You can do this sometimes before they order a BPO (as a 2nd).
I would call the guy and tell him to close the file because he is not willing to be reasonable and the auction is approaching. He will call back.
Bryant - The borrower is working with a BK attorney and has been since before I took the listing. Lucky me that I don't need to worry about that at all. The BK attorney is waiting for the ss to complete or for the lender to foreclose before filing.
Justin - Cental Mortgage is not involved in the ss - they will be made whole, easily. They can complete the process in about 4 weeks and have the home back. Wells Fargo has everything, the processor has completed the file and sent it to the negotiator about 10 days ago. He approved a $20,000 price reduction and I need $45,000 or $50,000 to move it quickly. Central Mortgage has absolutely no incentive to delay the foreclosure if I don't have a buyer - which is unlikely.
Also, I was just told today that if Central Mtg. forecloses and there is extra money left over after the sale, the extra money goes to the 2nd lienholder. I did not know that. I thought the junior liens were wiped out completely. I did know that if there was additional money after a foreclosure and NO junior liens, that the bank gave the excess back to the homeowner that was foreclosed upon. But didn't know about the banks. So WF will get $$ either way.
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