After dragging my short sale request out for almost ten months on a 3 family house, and after telling me they were going to order an appraisal they rejected my short sale request. The reason they gave me "Occupancy or Rented more than 18 months PFS/DIL requirement not met". Its a BS reason.
I am fighting it through the executive escalation team. Unfortunately because of my job I cannot miss payments on the mortgage to pressure the bank. This property is ruining me financially and mentally. I would love to hear ideas on any other options I might have to get Wells to reverse their decision. Does anybody have some contacts at Wells that have some decision making ability?
Thanks,
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This is terrible and exactly what we are afraid of. We would like to start a short sale process with Wells Fargo but they can't manage to answer simple questions on the phone so i am unsure if they are capable of giving us honest information that will not drag the process along
I am basically done for. FHA wont approve it because its an investment property and my credit score is to high. Thankfully I have a partner so I am not eating the entire loss if and when we sell it. Love how banks get a bailout but the middle class gets a big FU.
Can't generally get around this without a really solid reason for a variance. Being current on the note doesn't happen either. You can try to open a case at HUD to see if that helps. Tough circumstances due to HUD guidelines.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com