This SS is a conventional loan with Wells Fargo Financial a different division apparently than the bank or mortgage department. The short sale is not processed through Equator.
The seller has provided all of the documents needed twice to the Wells Fargo Financial reps. We started with a borrower advocate who got the file assigned to a document processor who then assigned to a SS negotiator. All docs in to negotiator who promptly denied SS approval. The advocate says that perhaps the reason for the reject was that the sellers were only 30 days late in payments so we resubmit this week as they will soon be in imminent default at 90 days.
The sellers had relocated over 50 miles away for a new job obtained after being laid off and jobless for several months. Seller took his retirement from old job and put the funds in savings. So would the reporting of $14,000 in savings be the reason the SS was denied? There is a history of declining savings as they have been paying bills out of it.
I do not find anything on SS superstars about the Financial division.
Thanks for any help you may provide.
Kathy Fuhriman
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Replies
Kathy,
Do you happen to have some contact information for the Wells Fargo Financial department? I'm just starting a SS with this department.
Thank you!
Anna Parker
Do you know if it's an old Wachovia or World Savings Bank Loan?
The loan was a re-fi in 2005 with Wells Fargo Financial Utah and as far as I have learned they are still the servicers of the loan. This is not a Fannie, Freddie, FHA or USDA loan. This was a conventional ARM loan and their current interest rate is in the 9% range.
Can you send me the property address? - kevin@kevinsellstheupstate.com
Kathy,
Wells Fargo financial is a small sect of Wells Fargo. My first piece of advise would be to find out who the investor on the loan is. Secondly, I would escalate the file until you had a clear reason on why the short sale was denied. It sounds like your negotiator isn't too sure of himself.
Brett@ishortsalenow.com
www.ishortsalenow.com
310-564-6389