Replies to This Discussion

Permalink Reply by Michael Ackerman, CRS, SFR, on April 4, 2011 at 6:20am

Rob,

 

Hmmm...   Someone here is confused and it may be the negotiator on the first hasn't seen the fees...  I'm in a similar situation and my WFB negotiator understood immediately and gave me approval with payoff instructions of what they'll allow the second.  Something isn't quite right.   Have you already spoken with the second lien holder yet?

 

Mike Ackerman

Zephyr Real Estate

415-307-5850

Permalink Reply by Kari A. Battaglia on April 4, 2011 at 6:25am

I would call back Wells Fargo and speak with the negotiator is possible to explain to them that the net is going to be below their payoff and to issue approval with allowance for 2nd lienholder.  The negotiator you spoke with is probably so busy they did not realize the net is below their payoff.

Permalink Reply by Rob Regan on April 4, 2011 at 11:39am

Thanks MIchael & Kari - glad to learn I'm not crazy.  Funny that I just received a fax from the 2nd - also WF - with two interesting items.  First, they define what a short sale is - and by their own words this is short as you both confirm - the key sentence "sales price less closing costs". 

 

The 1st WF lien, in their original email response saying that we are n"ot short" said I should order a payoff - so I did again, and thanks to late fees, another missed payment, etc, we're another $11,000 shorter then the HUD I previously submitted, and now the payoff and purchase price are neck and neck with purchase price just a bit above the payoff.  I'll report back on how the negotiator responds.  Thanks again.