EVERYTIME I CALL WF THEY SAY THAT THEY CANT DISCUSS ANYTHING WITH ME BECAUSE THE FILE IS UNDER LITIGATION AND ALL THEY CAN DO IS REFER ME TO THEIR FORECLOSURE ATTORNEY. FANNIE MAE IS NOT THE OWNER OF THE LOAN NEITHER OTHER GSE, WITH THAT SAID WE HAVE A FORECLOSURE SALE DATE SCHEDULED FOR DEC 3RD. I ALREADY ESCALATED THE CASE BUT WASN'T LUCKY, ALL THEY SAY IS CALL OUR ATTORNEY. THE ONLY OPTION THAT I GET IS THAT SELLERS NEED TO GET THEIR OWN ATTORNEY TO MOVE THIS. WELLS FARGO FORECLOSURE ATTORNEY SAID THAT OUR SHORT SALE WAS DENIED BUT WE NEVER HEARD ANYTHING FROM THE SERVICER REGARDING THE SUBMITTED OFFER. WHY WERE WE SKIPPED IN THE PROCESS AND HOW EVERYTHING JUST WENT TO LITIGATION AND WE WERE NOT EVEN COUNTER OFFERED OR DENIED BY THE BANK? DO I HAVE ANOTHER OPTION AS A LISTING AGENT? PLEASE SUGGEST, THANKS.
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Suggestion #1--Stop using ALL CAPS.
Do you know who the investor is?
OK sorry for the caps. It's not owned by Fannie neither Freddie. What would be another option for me to see who else owns the loan? Help please. Thanks.
It's not owned by Fannie neither Freddie. What would be another option for me to see who else owns the loan? Help please. Thanks.
Based on my experience, it sounds like this borrower filed some sort of Answer or Motion or Discovery AT SOME POINT during the judicial foreclosure. Even though judgment has been entered, lenders are sometimes being extra cautious and still consider the file to be 'in litigation' until the foreclosure sale actually occurs. The case truly isn't closed until sale - there are often post-judgment motions trying to prevent the sale from occurring.
If your borrower had an attorney, I suggest the attorney speak to Wells Fargo's attorney regarding the short sale and make sure it's being reviewed. To my understanding, lenders are required to review loss mitigation post-judgment as long as it's still a certain number of days before the scheduled sale (I think it's 15 days but I won't swear to it).
It may be the lender was never provided a 'full package' for consideration - if no full package is received, I do not believe a denial letter is issued because technically, the review didn't even start (and would not until a full package is received).
Yes I am from Florida, we are a recourse state
Wayne, I dont have anything to proof track of the communications with the lender because we submitted everything on Equator and right now there are no files, I asked the servicer why was there nothing on equator and they said that its because the file is in litigation. We only heard from the lender foreclosure attorney that the short sale was denied. But we never heard anything regarding to the submitted contract for purchase from the servicer.
We submitted the short sale package twice and this is what we got in response,from Wells Fargo by email from the equator system,
"The property at (erased address) is now in unavailable or sold status. You will no longer be able to use Equator messaging for this property. If you have any questions or inquiries regarding this property, please contact customer service at 866-903-1053. "
So after we calling Wells Fargo they were always referring us to their foreclosure attorney because they said that they couldn't discuss anything with me.
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