Need advice - Wells approval expired
Have been waiting for six months for a short sale approval on a home here in Tampa. The home has a 1st and 2nd both thru Wells Fargo. The owner has a lawyer handling the shorsale. A approval letter was issued by Wells on the 1st a month ago, it expired on 8/13. I was told that the 2nd would be approved prior to the letter expiring but it was not. Now I am being told there is a legal issue with the 2nd as it is filed in the wrong county (I verfied this on the county's website). How long does it take to get a new approval letter on the 1st? Wells Fargo is saying they need updated approvals from the investor and MI before they can issue a new letter. Who dropped the ball on this the lawyer handling it or Wells Fargo? Fustrated by the lure of almost crossing the finish line to now be back in limbo!
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Sometimes Wells' second is handled by their charge-off department, which could have caused a delay, but there should have been coordination to handle this (either by Wells or more follow up by attorney). It's usually not a problem to get approval extensions, and now that they seem to be aware of the urgency of getting the second's approval, you'll hopefully be all set soon.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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As Wendy said "now that they seem to be aware of the urgency of getting the second's approval", I think Wells now realizes they have filed docs in the wrong county. The attorney (being an attorney) should have known that from the beginning. Sounds like (s)he never pulled copies of the docs that were filed - even I do that !
If the attorney is handling the short sale, is the attorney the only one speaking with the bank ?
Good luck !
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