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Dear Valued Realtor:Please login to https://www.equator.com to complete a task or review a message that has been assigned to you for Short Sale processing. To reply or contact Wells Fargo via email, please log in and go to the Messages section. Thank you for your cooperation.

The message above was sent to me via Equator so that I could complete a task.  I've gotten a ton of messages from Equator from the good folks at Wells Fargo.  They want me to think they actually care about me and my clients.  The truth be told they really don't. 

Tuesday, August 2nd, is Foreclosure Tuesday here in Texas.  Foreclosures happen here on the first Tuesday of every month and only on that day.  So if I can get any of my pending short sales past that date,  I've got it made.  I have been using Equator for years and I'm very familiar with how it works.  All my files are under control with the exception of two.  They are going to be foreclosed on Tuesday despite the fact that they are both under contract with good offers and qualified buyers.   What is the problem?  Both of these files are Wells Fargo loans and the left hand doesn't know what the right hand is doing especially when it comes to Equator.    

One of the files is a VA loan and I was instructed to put it in the Equator  system.    I was given 8 tasks to complete and I completed all of them in record time.   At no time did they ask me to put in a 3rd Party Authorization.  Some nameless person using the "System" login was giving me numerous tasks to complete.  I answered their message and replied that, "Yes, we had an offer."  The offer was entered along with the estimated HUD 1, the buyer's prequalification and the buyer's proof of funds to close.  I did my job.   Then, Voila,  they disappeared.  I've had no contact since the 27th.  In fact,  everything I've put into the system has been deleted and says "file missing."   I have emailed every anonymous contact on the file including "Generic Negotiator at Wells Fargo.com"  That address bounces back as non-existant.  

My other  problem file  is a convential loan with Korean owners who do not speak English.  I usually bring a translator with me when we meet to facilitate the language problem.  This file has been in Equator since the 13th of July about the time I was notified that Wells Fargo was using the platform.  I again did what I was told.  The documents have been both faxed and input into Equator.  On the 16th we were instructed to have the Seller call in to discuss HAFA.  That's when this comedy of errors multipled!!!  Despite the fact that my clients already had a denial letter for a loan modification no one seemed willing to accept the fact that they wanted to do a short sale and attempt to preserve their credit history.  I made 2 visits to their home to help get us out of "active" loan modification.  We have all been calling for 2 weeks.  At no time when I was present did Wells Fargo offer to put on their own translator despite being told on every occasion that my clients do not speak English.   We have informed them over and over that the client wants to do a short sale and not a loan modification.  Wells Fargo was asked to pospone the foreclosure and we were told that it wasn't close enough for them to ask for a postponement. 

During this whole fiasco,  Wells Fargo implemented a "1 person contact"  policy for all their files.  This would make things simpler if we only had to reach 1 person instead of constantly being shuffled from contact to contact and then accidentally disconnected.  I was delighted to get her name and phone number.  I called her and left a message.  She called me back the next morning and asked that I fax all the documents to her, all 98 pages.  I did it,  and again no contact or response.  On Wednesday I called the Wells Fargo Foreclosure department and was told to fax in all the documents again because they couldn't help me delay the foreclosure without having the documents in their system.    They apparently can't see the documents I faxed to my "1 person contact"  I again asked for a postponement on the foreclosure.  I was told that as soon as the documents were in the system  they would request it.   They did request it. 

So here's what happened.  On Friday afternoon at 4:30, I called in to see the postponement had been granted.  I got a nice surprise fromWells Fargo.  The postponement was being denied because the request was within 10 days of the foreclosure.   I pointed out that the documents were in Equator since the 13th,  they had been faxed, refaxed and faxed again.  I was told by some moron in the Foreclosure Department that they couldn't accept the Equator documents.  ....and guess what?   All the documents have now disappeard and each one says "file missing."   I was even told by that someone, that Equator was not what they looked at. 

Wow!!!  So does Wells Fargo value me?  I think not!!!  If they did,  they would respond to repeated phone calls and system emails.  If they did,  they would treat me like I was a valued realtor instead of giving lip service to the subject. 

Two loans..each with a diffferent Lender.  I have received BOTH approval letters.  COE is 5/27.  Buyers' money in the bank, inspections done, buyers on their way to Palm Springs..BOOM!

My cell rings..

"Hello, this is Kim"

"Yes, Kim, this is Bob, your closer for your loan #______"

"Hey Bob, great to hear from you!  What a surprise!  We're all set up to close on Friday."

Silence.

"Uh, well, actually, I just talked to the Investors and they saw that your Buyers are contributing $3200 to the 2nd lien and their new guidelines won't allow that..."

"Bob, I don't want to interrupt you, but you specifically told me when I asked you, that the Buyers could indeed contribute to the 2nd."

"Well, I did, but I was wrong.  They have new guidelines and now won't accept ANY cash contributions from ANY source to the ANY outside lien."

Well, call me crazy, but it would've been less illegal to not break our contract and finish this deal, then post the new Guidelines for future Short Sales..Nope.  These Investors want another $10,000 to buy the house and I had to figure out how to get the 2nd their money and not show it on the HUD.  Oh, and get it done to close by Friday.

I'm still working on this one, but talk about unfair, unscrupulous and just plain WRONG.  After 5 years in the Short Sale solution industry, you'd think I'd have a thicker skin.  Nope.  This curveball caught me off guard, but as usual, I'll scramble and run numbers and use my creative abilities and see if I can get it done. 

Are you kidding me????  Any wonder who's running the economy into the ground???  I don't.

What????  Yes, first time in 5 years of doing loads of Short Sales with different Lenders, different types of Sellers, various emotional situations..pretty much everything I thought....

Retired Broker who was not representing herself, but did insist on showing her property herself.  Yikes..alarm bells should've gone off.  But..she was referred by a friend, and really, how bad could it be???  Primary residence, condo, well kept, only one loan with Chase.  Slam dunk, right???

Buyer #1 withdrew their offer after the BPO came in too high.  Not surprising.  Seller was pretty good about getting me financials and did qualify for hardship.  On to the next Buyer.  Here begins the problem.  No offers come in, I keep reducing, and I also keep getting e-mails stating that the Buyer did not want to deal with the Seller!  Not once, but several times.  I keep pleading.."please let me show it.  I think it might be too close to your heart."  No!

Monday another Realtor showed it with his client.  Realtor calls and says he loves it and is writing an offer.  Then it all went down hill.  What happened?  I'm not sure.  But again, I receive a call saying, "Buyer doesn't want to deal with your Seller." 

 I had tried to fire myself twice before, but got talked into staying as List Agent.  We're at about 8 months with a List Price of $125,000 and this time, I stuck to my guns.  Listing is cancelled. 

I had to throw in the towel, admit that I was just spinning my wheels.  I know it was the right thing to do, but I still feel like a schmuck-a quitter I am not!  Good luck to the next Agent...