Has this ever happened to anyone? Wells Fargo processor told me that she is denying the short sale because she cannot submit a foreclosure date postponement. She said, in order to submit foreclosure date postponement, she needs a complete file (which she has) plus the appraisal submitted 10 days prior to the sale date. Since she does not have the appraisal back yet, she cannot request postponement and its the 10th day prior to the sale date of March 22, 2013. First of all, according to the appraiser the appraisal was returned back to Fannie Mae on March 7th. Apparently Fannie Mae ordered it but why are they not giving it to Wells Fargo so Wells Fargo can request postponement to them. We have the complete file with an all-cash offer. This doesn't sound right. Does anyone have a way to postpone auction date beyond the investor so we can continue negotiating short sale? Thank you.

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  • Dirk is spot on.  We have seen this played out a lot recently.  Escalate within WF and go to Fannie directly.  Utilize the SS Homepath Escalation tool.  WF should be sending escalations/requests to Fannie directly to complete the value before just denying and going to sale.  If Fannie doesn't respond to WF's requests, I have found they can bend the rules and postpone. 

  • Jaz,

    Were you lucky enough to get the card of the Appraiser? Contract the appraiser and verify the date of delivery to FNMA.  Then give the negotiator's email and phone to the appraiser.  Have the appraiser call and send a copy to the negotiator with a statement that the principal (FNMA) recieved the information on that date and it has been available to the negotiator since that date. 

    Meanwhile, send an email to the negotiator, tell them the exact date the appraisal was recieved by FNMA. Tell the negotiator that as the negotiator is in contact with FNMA and acting as thier agent, that the negotiator has had access to it since that date. Phone the negotiator and tell them that you have sent an email to them and to pcall you within one hour.

    After the hour unless the negotiator agrees in writing to stop the sale and sends it immediately, then escalate...all the way up. Be sure and get names and emails..send copies of your email to the negotiator to every person.

    Technically once FNMA recieves the file thier agent(s) are considered to have instant access under law. Thier "rule" is not applicable where they failed to handle thier responsibility and failed to perform thier duty. Think good faith to begin with.Then many other requiremnets follow. 

    This link may help you understand the concepts and consequences:


    And this is the pertinent information, it specifically states that the principal MUST (this word makes it mandatory) deliver all relevant information regarding a transaction to the agent (there is in this implication that it must be made in a timely mannner and I am sure many cases at law to uphold it):

    In return, the principal must make a full disclosure of all information relevant to the transactions that the agent is authorized to negotiate and pay the agent either a prearranged commission, or a reasonable fee established after the fact.

    I hope this helps you out a little. 

    • Dirk, thank you so much for the reply. I did talk to Wells Fargo's processor that both appraiser and BPO agent confirmed they submitted their reports on March 7th, (5 days prior) but the processor said it is not showing yet in their system.

      She told me, in her own words, that "It is a vicious cycle" where the investor requires the appraisal & BPO with a complete file submitted before asking a foreclosure postponement but the investor (Fannie Mae) can take sometime to review the appraisal (sometimes for weeks) before it even shows up in the servicer's (Wells Fargo) system.

      She told me that she is denying it because even if it gets to her today, which is the 10th day prior to the auction date of March 22nd, that it is still not enough time to submit for foreclosure postponement.

      I will however try and email her that as Fannie Mae's agent, they should have instant access to pertinent information the day their investor had access to it under the law. I will let you know what they will say.

      Great advice!

      • Sounds like another episode of "Fannie Mae prefers REO not short sales". Fannie Mae is manipulating the short sale by holding on to the appraisal until after D-day.

  • Well's Fargo has the 10 day rule for a complete package prior to a foreclosure sale date. From experience than rule is not written in stone. We get sale dates postponed with Well's Fargo last minute all the time, but it takes having the proper contacts. FNMA is being a pain right now with their values and not wanting to postpone without an approval letter, but it is possible to get it done. In regards to your question there are companies out there who work with the trustees to postpone sale dates, but I am unable to endorse any for you.

    Hope this helps.




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