Tags:
I found a link to Fannie Mae Borrower Outreach by googling it.. when I told them what happened - I got a call and email from a very senior person that seemed to be a bit upset when I explained that the short sale offer was CASH and above my BPO value... but Wells kept holding it up think it was part of a bankruptcy - even though the home was an exempted property... it took a month to explain this... I had the buyers convert from FHA to ALL CASH and we got proof of funds to Wells... then the listing and contract were close to being expired so Wells again refused to submit - but it took us DAYS to find out why they would not submit... same day we were told we had new addenda extending listing and purchase contracts... resubmitted... then it was the seller financial docs were not over 60 days... so we went and got those... then it was they needed a new hardship letter... so we went and had them resign the same damn letter and re-date it... submitted that... then it was the short sale would not be submitted because the auction already happened - we explained it was in redemption - they checked - and then told us that it would not be submitted because redemption was over in a week... and no way to approve it by this time... ARRGGHH - so they held up the submission to the investor for over 2 months and killed the deal...
Fannie Mae and Freddie Mac are getting hosed by their servicers...
I lost the deal and a competing REO broker now has the listing - we are resubmitting the offer to him (lower listing price than our offer!).
It sucks that we could not help the seller with the short... and now the investor is losing more as they are paying for excessive management fees and such to RELS and other entities affiliated with Wells Fargo default resolution services...
Personally - I think it looks like Wells and many others are more apt to NOT process a short sale because it will end up lining their pockets more by letting it turn over to their pre-negotiated asset management and reo disposition groups they also own or are affiliate with... thus providing them more revenue than completing a short sale...
I would like to see government investor owned loans handed to someone OTHER than an affiliate of the original or any servicer associated with the loan... then penalize that servicer for not processing negotiated settlements when offered as per the terms of their license to sell the product in the first place - i.e. PULL their ability to sell any more FHA, Fannie or Freddie loans until they figure out how to process sales...
Wells Fargo has been the most tedious, frustrating lender of any I've dealt with the the past three years of doing short sales. I will probably RUN from the next seller who tells me their loan is with Wells.
The funny thing is, before I took the listing, I asked about them in other short sale forums and heard nothing but encouraging things. Boy, am I disappointed.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.