Seller Filed Chapter 7BK & Discharged 1 yr ago., now the bank wants a Promissory Note to do the short sale!!! Any advice?
My Seller filed BK - 7, and it was discharged including the house over a year ago. The lender is Wells Fargo, and they have countered the offer with a new amount, and a Promissory note of $43,000. The seller still is on social security, doesn't have any funds, and cannot afford the prom note at all.
His BK attorney is stating that Wells Fargo is breaking the law in requesting funds from a discharged bk in which the lender was named.
The BK attorney is getting involved, he has asked that i put it in writing to the lender that they are violating the law, and request them to rescind the Prom Note request.
I did this, and the lender came back with $21,000 in a prom note instead. I am Shocked......I was wondering if anyone else has run into this.
Thanks
Replies to This Discussion
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Permalink Reply by Smitty on
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If the house was put into the BK as far as I know, WF cannot ask for a prom note period. Have HIM put it in writing. You should't have to do that. Then I would submit the letter from HIM and then escalate the file to upper management for review.
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Permalink Reply by Carrie Baty on
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Just got word from the lender, they are back peddling like crazy. The BK attorney is getting involved, it is against the fair debt act.
They cannot ask for compensation from the seller.
It was confirmed today.
The PRom Note is being dropped, and we are moving forward with closing.
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