I currently have a listing where the homeowner moved out without telling me for 4 months even though we chat every week.  

 

When she moved, she stopped making payments.  We have had 4 offers and finally one seems to be moving forward to closing.

 

Here's the challenge: When I contacted Wells Fargo to get a payoff yesterday, I was told that I had to speak to the attorneys in Dallas who were no help.  The attorneys directed me back to Wells Fargo.  Huh???

 

Of course, the homeowner says she has never received anything from Wells Fargo.  I asked her to review all her mail for the last 90 days.

 

What can I tell the homeowner to do so the home is not foreclosed before we close?

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I would tell the homeowner to take a flyin' leap.  

 

Honestly, I would let her know in no uncertain terms that she is not treating you as a professional, and that keeping you in the dark is a great way to lose her home. She needs to take responsibility and play an active role in her future.

 

I'm not sure I would entirely trust what she says, but she needs to start helping herself. Ask her to request copies of any and all communications Wells Fargo claims to have sent to her, either via mail or electronically. 

If she can't or won't produce them, I think you have your answer about what kind of person you are dealing with. 

 

Thanks Bev.  

 

I asked her yesterday to get everything Wells Fargo claims to have sent her so she can do what is necessary to prevent foreclosure.

Kenneth  - is this a short sale? If it is, you really do not need the pay off - just submit the offer through equator.com or fax it to 866-922-8551 - Also, when I first obtain the Authorization Letter I always put the name of the closer and Title Company so they can call and get info. Sometimes they have better luck. But I don't understand why you can't get the pay-off amount, try getting your title company to get this for you.

 

I just had a homeowner do the same thing, she moved out and 4 months later it went to foreclosure and she hadn't opened her mail since she moved. And she blamed me!!! We can't help homeowners that won't help us. Sounds like you are getting the run around.

Wells Fargo has been the easiest of all the banks I have had short sales with, you probably got someone that really didn't know what they were doing. I would call again as yoiu will alwayss get someone different.

 

Good Luck!

 

Thank you Cindy!

She needs to open a dialog with the lender immediately and find out just what stage things are at.  Foreclosure these days is a lengthy process so there is probably at least a couple of months (or more) before the house could be taken back.

 

But she needs to find this out right away.

 

These days most banks don't even start the process until 3-4 payments are missed.  So even if it has you would probably be in the very early stages.

 

Steele

That's exactly what we're praying for -- of course, Texas is a short foreclosure state.  The good news for my client is that most firms are far behind in processing paperwork.

Thanks for the replies.  So everyone knows, I took this because her cousin referred her to me just 2 weeks after we closed on his new home.  He was stunned when she moved out, calling her loco en la cabeza.  LOL

 

As it stands, it is not a short sale yet.  There is just no money to do any repairs.  The potential buyer wants the seller to replace the aluminum wiring to copper and also level the foundation, each item costing about $10,000.  Unfortunately, she has no money to do the repairs so the buyer accepted what as-is means.  All I hope is that we can set aside the foreclosure until after we close, thereby preventing it totally.

depends upon a lot of factors...the state you are in..whether it is judicial or non-judicial foreclosure. In most states foreclosure takes a minimum of 9 months so you have time.
In Texas, it's non-judicial

I don't deal with WF that much as the servicer any more.  Almost entirely BOA, so ANYONE else is heaven to deal with.  WF used to be one of the best for short sales.  You might actually find someone who cares about the investor there.  Assuming that there is no burning reason that WF wants another property, you could have someone with a brain on the other end of the phone line when you explain the situation.  They will be looking at the cost of foreclosure and REO (BOA never looks 1/2 that far ahead).  Since the wiring is probably not needed to pass code, that won't fly, but you can point it out as a problem.  If you get someone to see where you are coming from, you should be able to talk through the different scenarios and understand what might work.  Can they make/save money by going through foreclosure instead of working with you?  If you have a good deal, you should be able to show them how they will be better off bending around to meet your needs.

 

That would be my approach.  Although, I've heard rumblings that WF is not as good as they use to be..?  (Then, again, if I compare them to BOA, well, they keep going higher, relatively...)

Yes, I would get help from title or escrow. Since you have an offer, I assume escrow is opened.  Let escrow and title do their job.

A happy ending for the seller -- buyer actually closed last Friday, 3 weeks before auction!

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