Lost HELOC, can't close!
Help! I have a short sale that has been approved by WF and we are set to close on March 17th. The foreclosure sale date is March 24th.
Lien search turned up a HELOC that the seller neglected to tell me about because he thought it had been satisfied when he was discharged from bankruptcy.
Both the seller and I have contacted WF and have been told that no second lien exists. However, a 50k Business Equity LOC was recorded by Wachovia and no release has been recorded.
I've reached out to Randall Saffel ast Wells but he cannot find a second either, just unsecured loans.
What can we do now? How can we move forward to close? Are we SOL?
Replies to This Discussion
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Permalink Reply by Short Sale Connection on
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Ana, we just had a similar situation with a Citi Financial HELOC 2nd. We couldn't get anywhere with Wells and then we had trouble tracking down the 2nd. Apparently it was tied up in Legal at Citi. Turns out it was part of a DOJ settlement and is being dissolved. Our seller just got the letter Friday from Citi releasing that 74k loan. Sounds to me like your situation but I'm not sure where you'll need to check to see if your 2nd is included. I know it effects a lot of 2nds with many lenders. Good luck and hope this info helps.
Ross, Short Sale Connection LLC
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Permalink Reply by Madeline Soto on
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You have to negotiate with the Heloc department totally separate, Is like dealing with a second lien and of course Wells Fargo will need to approve the requested amount. If he file a chapter 7 it will be wipe out , but if was a 13 he/she will still responsible for the unpaid balance. you will need to see the house title work
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Permalink Reply by Ana Huffer on
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Ok, I was finally able to locate the loan. It's with the "Credit Management Group" since it was charged off.
I've been dealing with Brian Fullkerson in this department who told me the he doesn't do short sales and that in order to release the lien they have to get a dismissal of the Final Judgment from the court.
I was able to speak with Brian twice. Since then I have not been able to reach him and he's vaguely responded to two of my emails. The seller has tried calling as well and hasn't gotten a response. This has been going on for about a month now.
I've tried to get a hold of his supervisor but everyone I speak to refuses to give me their name or telephone number.
The negotiator that I've been working with for the first loan (which is already approved) has tried to get a hold of him and hasn't had any luck either.
I feel like I'm hitting a brick wall. I can't get any information from anyone and the buyer is starting to worry that we won't be able to close this.
Anyone have any suggestions on what I can do to get this resolved?
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