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In the past, I've been successful at having my seller contact the bank directly to request the investor's identity. However, this may not work all of the time, but it's certainly worth a try. Additionally, as Wendy suggested, try Fannie Mae's & Freddie Mac's website (be sure to have the last four of your client's social).
Good luck!
Do you know their BPO/Appraisal value? What is the offer? Are there any 2nd liens or PMI? Are you sure it's an investor or is this simply a negotiator fighting you on the numbers? 2nd level escalations are normally unsuccessful when it comes to numbers since they aren't usually in a position or have the knowledge to make changes. If the numbers are good this can negotiated and closed. Closing the Short Sale is all about the numbers and how they are conveyed to the bank.
The commission is a joke, I have had them try to negotiate this with me but on every Short Sale I ever closed on the listing side I was paid a full 6% by end of negotiations.
There are other resources to find out investors, have you tried these?
Wells Fargo is difficult. Have the seller request the investor info....they will probably have to do this by phone I DON"T like HAFA...this program puts the price decisions in the servicers control. They are not Realtors,,,,they refuse ro regonize realistic property values in a declining market. I had one file with WF for over a year due to an unrealistic BPO.
You need to know if you are speaking with the processor or the actual negotiator with WF.....the nego makes decisions then it goes to the underwriter for final approval....the processor is just assembling the file....but some of them have the autonomy to make decisionns before it gets to the nego. You have to get to the negotiators supervisor. Is this what you mean by 2nd level?
You can complain to HAFA if you feel the servicer is not following the designated guidelines.
Most of all... do not give up.
One thing that seems to be missing here is that the servicer is not REQUIRED to take immediate action. Sure, they could tell you the name of the investor, but if they've already blown it off, they're not likely to tell you, especially since you are at an impasse and they won't want you to go to the investor.
"Not later than 60 days (excluding legal public holidays, Saturdays, and Sundays)" which means three months minimum.
you can read that here
You can try calling back and hoping to get a more agreeable individual, or having the seller call customer service. You might call the loan originator or mortgage broker they got the loan through, they could probably tell the sellers who the loan was sold to originally. Certainly you should certified mail in a QWR at this point so that if Wells kills this contract, you'll have the information you need next time.
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