Comment

Comment by Ben Benita on March 26, 2011 at 8:43am

Craig - you just need to talk to the right guy at Wells....or, find out who the Investor is and explain the situation.....

Comment by Steele V. Propp on March 26, 2011 at 7:02am

A number of lenders will consider a short sale before the hardship situation begins.  You must show it is coming, however.

 

Worth asking the question.  Worst they can do is say no.

Comment by Craig Tindall, LMC/SFR on March 26, 2011 at 5:34am

I've heard that recently WF will consider a SSA prior to the borrower defaulting?      I have a $2M loan on a beach front property that is probably a SS but the borrower won't default until Oct... when they will effectively be insolvent. Any thoughts? 

 

Comment by Victoria Frieberg on March 21, 2011 at 1:04am

Setting up a new WF short sale this morning, will include the prior listing for the house, showing it did not sell for over 200 days at the price I am afraid they may try to hit..and why I will list at the lower price with my own cma..anyone else try this, or has WF been too picky on the initial package?...it has been about a year since I have done a Wells, sure like GMAC's use of Kazork for the last one of theirs!

Comment by Alan Remigio on March 17, 2011 at 7:24am

Jim, the Seller needs to act on this with an attorney. There may be an impropriety here, even one that is a fair mistake, that may categorize this particular loan as a "fraudulent" loan. With the limited information given, I don't know whether it is or not. A paper trail must be constructed and only the seller can do that. Not all attorneys are equipped to do forensic audits on home loans.

Bright side (reason WF is throwing this deal in no man's land), the seller may get monies returned to him and possibly more. Part of the down side is, the buyer may lose the opportunity to purchase as a short sale.

As we speak, WF may also be doing their own audit to identify and correct the situation. With all their ducks in a row, they can now move forward. So it's a foot race that can last for some time. Since it is the seller's problem, only (he) can move the process forward.

Comment by Jim Stewart on March 17, 2011 at 7:05am

Unfortunately, Wells Fargo table funded the loan and did all of the docs.  There was no attorney involved.  WFC says the property is in the "foreclosure process" though no date has been set.  I don't see how they can foreclose at all.

Comment by jennifer mullen on March 17, 2011 at 5:23am

I'd try the attorney who did the assignment.

Comment by Barbara J. Rice on March 17, 2011 at 5:20am

Jim: I'd have the seller contact a lawyer. This looks like a prime example of "the banks" not taking the appropriate legal steps. My personal opinion is that the original loan holder has to legally assign to WFC, but the lawyer will tell you whats what.

Good luck!

Comment by Jim Stewart on March 17, 2011 at 5:16am

I have a weird situation.  I am trying to do an FHA short sale with WFC. WFC has been servicing the loan for the last year but the assignment of the loan was never done from the mortgage broker who originated the loan.  Because of that WFC will not start a FHA short sale but they aren't doing anything to resolve the title issue either.  The broker who originated the loan won't do anything and says WFC has to do it (which makes no sense to me).  Any thoughts??

Comment by BETSY ONEIL on March 15, 2011 at 6:13am

On one HAFA SS file WF agreed to pay 1% of the original loan amount towards delinquent HOA fees. On another HAFA SS file, they are telling us the maximum they will give  towards delinquent HOA fees is $2,000.

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