NEED HELP WITH WELLS FARGO HOME EQUITY
We have an approved short sale with Wells Fargo Home Equity. The seller purchased the property with his wife. They divorced 5 years ago and have not spoken since. She deeded the property to him, but her name is still on the mortgage that is now being short sold. The approval letter is set up for both of them to sign it. Despite many attempts, we have not been able to get in touch with her. The negotiator is telling me that we can close and only have the seller sign the approval letter. She explained that she will submit the incomplete approval letter to her supervisor's supervisor with a copy of the Quitclaim Deed and Divorce Decree, and that he will then issue an exception for them to accept it. She will not tell me this in writing, though, and she cannot guaranty that it will be accepted (though she doesn't expect any issues with it).
The closing attorney will not do the closing without either the ex-wife signing the approval letter OR Wells Fargo Home Equity providing something in writing that only one signature will be sufficient and that they will still release the lien on the property without the ex-wife signing.
Does anyone have any suggestions or escalation contacts that might be able to help out?
Replies to This Discussion
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Permalink Reply by Donna McClelland on
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Melanie,
I am surprised you even got approval with only one lien holder on your paperwork when two are on the loan. Sounds like maybe your Wells people are new and overlooked that little detail. I'm afraid I can't help you with an escalation contact. I'm on here looking for a heloc contact myself and that is how I came across your posting.
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Permalink Reply by Melanie Yarberry on
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The approval had both lien holders on it. The problem is that one of them deeded the property to the other and is no longer on title. They divorced 5 years ago and we cannot find the ex-wife to get her to sign the approval letter.
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Permalink Reply by Short Sale Superstars LLC on
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Melanie,
Have you reached out the executive office or spoken to any supervisors on this transaction? We have some great contacts at Well's Fargo that work with our company. Keep pushing and get a hold of someone with more power and push to get what your closing attorney needs to close this transaction from Well's Fargo. You should send in a letter of explanation. The truth is that just because the borrower is not on title, she is likely needed to sign the approval letter, but it may be possible to get around this.
310-564-6389
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