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Wells Fargo 1st Mortgage

Posted by Barbara Perry on December 17, 2013 at 6:09am in Short Sale Discussions

Wells Fargo denied short sale because it didn't meet investor guidelines? Any experience with this type of denial? Also the borrower owns the property as an investment property and has not been late? But the property is no longer worth the value. Borrower owes $205 and homes are selling for $55K in neighborhood?

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  • Barbara Perry December 18, 2013 at 12:27am

    So I got an email from the processor on the file which said:

    Hi Barbara, the file was declined due to listing agreement has above 6% on it.

     

    Thanks

     

    Shay Burwell 
    Loan Adjustor Specialist 

    My listing agreement started off as a regular listing which states 6% in commission but not less than $3,000. with $600 to be paid to realtor whether a ready willing and able buyer is produced or not.

    The $600 is used to cover advertising fees and processing fees on the file, even if the listing is not sold.

    So they completely kicked the file out for this????? I called back and they said yes, that's what happen, the lady answering the call didn't know why, but said I could resubmit the file and change the listing agreement! She was very nice and understanding but couldn't give much more info. 

    I emailed the processor back that emailed me and asked her to call me or let me know if I could re-open the same file and simply adjust the Hud-1 and listing agreement, but no response....

    • Bryant Tutas > Barbara Perry December 18, 2013 at 10:47am

      Don't wait to hear back. Just change the listing agreement and resend them the package. Do you have a single point of contact that can assist?

  • Jonathan Katz December 17, 2013 at 8:58am

    Barbara,

          You need to ask specifics in why they were denied for a short sale. It could very well be that they are current on their mortgage. Many investors do not see a benefit in letting the borrowers short sale when they are still making their payments on the loan.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

  • Bryant Tutas December 17, 2013 at 8:29am

    He will get a different answer once he is delinquent. Getting an investment short through when he is current will probably not happen.

  • Wayne Brooks December 17, 2013 at 6:13am

    What is the investor's hardship, and his overall financial picture?

    • Barbara Perry > Wayne Brooks December 17, 2013 at 6:19am

      Never been late, but is over extended on primary and child support. He was trying to preserve credit and has used all of his savings to do so...

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