Comment

Comment by Kylee Roe on July 31, 2012 at 4:35am

Nice post Jan! 

Comment by Jan Sanderlin on July 31, 2012 at 4:33am

Ladies, I have seen and read the comments about Wells Fargo, Equator, and the issues that everyone has been having. I have to tell you that I processed a Wells 1st and 2nd in 90 days after being turned sown for a HAFA at 30 days.  Processed a WF 1st in 30 days non-HAFA to approval. There were lags in processing but WF_Help on Twitter seemed to move things along when those stalls occurred.  Maybe I have been lucky, but I have had the best negotiators with WF.  Prompt, courteous, and knowledgeable and I tell them so at every opportunity. 

Comment by Elva Branson-Lee on July 30, 2012 at 4:07pm

@Nancy Fung Martin, I am in that same limbo now, trying to submit an offer for exactly 1 month with no task, no response to countless Equator messages, empty promises for "prompts" etc. from WF telephone reps. Please share your contact inof for Mr. Delgado and does Cathy have a last name?

Comment by Cathy McAlister on July 19, 2012 at 5:52am

Just had a first.  We are handling a short sale with WFB first.  We have received email contact from LPS (property preservation services).  They are requesting verification that the property is continuing to be maintained (understandable), However, they are also demanding a copy of the listing agreement OR they will proceed with lock change/winterization procedures in the next few days.  Validation of the care of the property is not enough - they insist they must have the listing agreement.

These are my concerns:

.The initial contact is coming from LPS, they are a third party vendor and NOT a party to the listing agreement. The listing agreement has already been provided to the short sale department.

. I have requested LPS to provide proof of the assignment of this work including the requirement for delivery of our listing agreement.  In the absence of this proof I do not have the right to release my clients listing agreement to this company.  (If our seller wishes us to release, we will)    

.  They have threatened to take action on a property that is being maintained.  Hence no abandonment.   I sense the real focus is obtaining the listing agreement.. 

.  LPS is directly involved with the eventual disposition of REO's. Why in the world would we want them to have the exact details of the listing agreement.   They are a competitor.   If they need the listing agreement - they should retrieve it from the lender.

And, finally as short sale brokers/agents we do cooperate with BPO's and appraisers as it will facilitate the closing of the short sale and we will do everything we can to assist that process.  In my opinion this type of request pushes the limits. 

Comment by joe beauchamp on July 17, 2012 at 9:54am

Catherine, my very recent experience with another bank gave me the impression that they make the logical step to 1st position mode. This negotiator is complaining that the sales price is too low, etc. I've been after them since maybe Dec. to work on this and they made me restart it maybe 3 times - real braindead people (CCO Mortgage). I kept telling them that only they are being shorted so we aren't talking 6% from FNMA to them and every day means they get less. Never sunk in. But it looks like we somehow got someone with a brain and a calculator. Not having the same experience with BofA in the past, I found this interesting to watch. So, I'd say expect them to operate as if they are in 1st position and that money for the real 1st is simply a lien on the property.

Comment by Catherine Myers on July 17, 2012 at 9:26am

Joe, thanks. That's what I plan to do, just curious if they will treat their approval differently knowing the second will not be short. Guess we'll see.

Comment by joe beauchamp on July 17, 2012 at 8:55am

Catherine, there is no approval letter for the first. Send them the HUD-1 and the payoff letter from the first. Tell them that the first is not being shorted, although they should figure that out from the payoff letter and the HUD-1.

Comment by Catherine Myers on July 17, 2012 at 7:12am

What is your experience with Wells Home Equity approval of short sales when the first lien is not short?  The first is NOT with Wells.  Only the second is short and we are offering them 10%.  It is a recourse second in California .  Any advice?  They've asked for the approval letter on the first.  I have to now tell them they are being made whole.  What will this do to their approval process? 

Comment by Nancy Fung Martin on July 16, 2012 at 2:19pm

Twitter did not work for me. I tweeted WF but no one answered. My file was in limbo in Equator since April with a buyer threatening to cancel; I was able to get the WF executive office number and talked to Cathy. She escalated the file.

Thank you also to Jason Ellis for Tony Delgado. I emailed Tony and he called me. Tony said he only works with portfolio loan but he was so kind to look at my file to see if he could help. He couldn't because I had a VA but he said he sent to someone who could. So I don't know if it was Cathy or Tony but I had approval in 2 days.

Here is the WF executive offices number: 800-853-8516

Comment by Glenda Brass on July 11, 2012 at 5:48am

@Sue... Deep stuff! I have been warned and will retain my power:-). @Kim, thanks so much for the information. I sincerely appreciate it. I'll move forward but will be back! Stay blessed and thanks to everyone for answering!

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