Comment

Comment by Joanne Finochio on January 24, 2013 at 10:12am

Thanks Kevin,  I sent that to the negotiator and her response was

"Please be advised that the documentation you provided me does not apply to reverse mortgage short sales as this is for the conventional side of loans. The guidelines in which we allow fees differ from the conventional side which the document provided applies to.  Please note that as the servicer (Wells Fargo) we have the right to not allow certain fees which are not reimbursed by the investor such as attorney/settlement/escrow fees on reverse mortgage short sales.  With this being a reverse mortgage, certain fees will not be covered or allowed and approval will not be granted as long as they remain on the HUD."

Comment by Kevin - Greenville, SC on January 24, 2013 at 9:57am

http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf

Comment by Joanne Finochio on January 24, 2013 at 9:43am

I am working on a Wells Fargo reverse mortgage short sale and Wells Fargo will not pay the settlement fee.  We are located in NY and cannot close without an attorney.  The invester is FHA.  I continue to be told by the negotiator that this is not an allowable fee.  Does anyone know where I can get what is allowed on reverse mortgages.

 

Comment by Brenda Swigert on January 18, 2013 at 11:29am

I have seen the same thing as Steven Angelil and Pattilynn Guilford are reporting.

Good luck to you though.

Comment by Steven Angelil on January 18, 2013 at 10:00am

I know this is a Wells Fargo thread but Select Portfolio has the same restriction as Wells.  They will not postpone a sale date due to expense.  SPS will not even issue an approval letter within 30 days of foreclosure sale date.  So it is up to the seller to go to court and get another delay.

Comment by Pattilynn Guilford on January 18, 2013 at 9:39am

In FL - WF is not postponing sale dates 30 days out due to the expense of doing so and then the SS may not close. They advised that the seller has to request a postponement through the court and they will 'not stand in the way of the postponement' - hope that helps.

Comment by joe beauchamp on January 18, 2013 at 9:34am

I have not run into the sheriff sale deadline for a while, however, I found very frequently, a call to the foreclosing attorney will work. If you have some decent reason, they often "lose" the paperwork for a month for you.

Comment by AnaLee Schnell on January 18, 2013 at 9:14am

Vincent, In my experience with getting the foreclosure sale date postponed; a lot of banks will wait to the last minute to do a postponement. You can ususally get a postponement thru the servicing bank. However, If they will not or you do not hav confidence they will.. you can go directly to the investor..some of the servicing banks will not give you the investor information.. not sure why.. but if you run into that problem you just do a mers search.

mers-servicerid.org .. that will take you to a page where you have to type and match the letters so they know you are a person. Then you click on Search by Property Address/Borrower Details then click on Search by Property Address Only

From there you enter the property address and check the box that says "expand street search" and the mortgages held on the property will show up. If they are delinquent on the payment it will say inactive, but you will know the wells fargo one is the right one. 

Under the bank information you will see "if you are a borrower on this loan, you can click here to enter additional information and display the investor name.. click on that blue hyperlink and it opens a new window..select the investor for individual borrower option. you just need the sellers last name, social and check the box under where you enter the social. The investor information will pop up and you can start bugging them about a postponement. 

Hope that helps.

Comment by Vincent Donaldson on January 18, 2013 at 8:53am

Hi SSSSs. New to the system. I just got a SS denyed due to the BPO not being forwarded to the WF agent by noon. In the note he sent, it said if I got the foreclosue postponed, I could reinitiate a SS and the offer docs I just sent in. I sent back asking for advice on how to get the sheriff sale pulled. After all I thought they were the ones with those strings. It's set for the 29th of January. I got the following that he wasn't sure himself. Does anyone know who at WF to call about getting a Sheriff sale postponement?

Email From WF agent:

I’m not entirely sure how they are able to do, but some Agents have received postponements and then they normally let us know that it’s been postponed so we can work the file again.

Comment by Jen Hill on January 18, 2013 at 5:18am

Never trust what the bank says, Leslie.  Confirm with the Foreclosing Attorney and the County Public Trustee to make sure everyone is on the same page.  :)

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