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I need help on an ASC/Wells Fargo First Deed on a Short Sale

By Susan Manning

Real Estate Agent with Realty Executives

June 19, 2008 09:25 AM

Sending out an SOS to all my fellow AR'ers who have worked with ASC/Wells Fargo. I've been faxing my work out package in since June 6 and again and again receiving my fax confirmations each time. I have come in late at night to send the fax in so that if my fax was being kicked out during the day it would have a better chance.

Today is June 19, sixteen days later. Loss Mit still does not have our package. Our sale date is set for June 26. My seller is an elderly man in his late seventies and desperately needs the short sale break versus a foreclosure on his credit and for his peace of mind.

I have spoken to the initial person and the "escalted" CS person, but obviously this isn't the right avenue for us. There is ONE fax number for all of ASC loss mit!! ONE! You cannot email the package over, and overnighting the package is not recommended by the CS people who say it will take longer to be assigned.

I cannot believe in this day and age that a bank will only have one fax number to receive these packages. They then turn around and scan them and input them into the system. Who is running this company? This is insanity!! I cannot believe how jurassic this system is!!!!!!!!! I just makes no sense. Can anyone please help me out? Thank you so much for your time.

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Anonymous

Steve

I worked with ASC on a previous transaction and had the same experience. I had 3 offers on the property and it ended up going to auction depsite never being reviewed. I did learn a couple things:

1) No Handwritted account authorizations.

2) No full SS#'s on the authorizations -just the last four digits.

3) Have client call and authorize you over the phone (even thought they will often tell you that you may only do that on one occasion)

4) Request an "interjection to auction" -Even though ASC turned me down; all other servicing companies and banks have accomodated -especially with offers.

ASC never acknowledged recieving my offers and went REO, at which time I referred the buyers to the agent and they had the deal closed in 30 days :(

Jun 21, 2008 08:00 AM

Susan Manning

Realty Executives - Temecula, CA

Wow, thank you everyone for your great tips!! I am not giving up on this short sale. My 78 year old client was poorly advised to make this purchase and the foreclosure may mess up his ability to have decent credit to do some of the things he enjoys in life. I really appreciate the support!!

Jun 22, 2008 01:30 PM

Susan Manning

Realty Executives - Temecula, CA

Hey every, check this out guys!! Check this out. My 78 year old client who mistook the short sale for a "reverse mortgage" when when of the bank's telemarketers called him had apparently at some point inadvertantly for a DEED IN LIEU! Of course he had no idea what he was doing. Anyway, the system could not intake my short sale package because the deed in lieu was set up and was just denied last Friday, June 20 which is the reason why my workout package is just now showing up.

So be fair warned, if your short sale package is not going through, be sure to ask the bank and your client if they have signed any deed in lieu paperwork.

Jun 23, 2008 11:07 AM

Susan Manning

Realty Executives - Temecula, CA

Oh, but wait, there's MORE!! I almost forgot!

So I was checking my listing online and just checked what the sale date was showing I dunno, just for kicks. June 24th is the date that is posted, but ASC has been communicating to me that the sale is supposed to be June 26th.

So if my sale date is tomorrow, in all reality I am probably not going to get the package in to an AM and get the sale postponed. If I can get someone from the bank to communciate with someone from Cal Western Reconveyence then I may still have some sort of chance.

I really hope this is going to work out for me, can I get an AMEN??!!

Jun 23, 2008 11:12 AM

Susan Manning

Realty Executives - Temecula, CA

PS - Lynn, thanks for the moral support today!!

Jun 23, 2008 11:13 AM

Anonymous

Sarah

Wow, all of your comments have been really beneficial to me for I am in the same boat and would not have known what to do in addition to what I have already done. I learned alot from your problem, so thank you and also thank you to the probelm solvers on this one to, you may have just saved my alot of heartache.

Jul 17, 2008 10:03 AM

#11

Susan Manning

Realty Executives - Temecula, CA

Sarah, you are welcome, but be sure to read my latest blog today regarding CW's new "triage" system. Its a deal killer for sure.

Jul 17, 2008 10:59 AM

Susan Manning

Realty Executives - Temecula, CA

http://activerain.com/blogsview/597364/CW-Triage-Killed-my

Jul 17, 2008 11:01 AM

Nancy Neilen

Hartford Escrow - Rancho Mirage, CA

I am an Escrow Officer and I have yet to have any problems with Wells Fargo/ASC. I, thanks to my Listing Agents, have received Approvals from them within 30 days of opening Escrow. I did check with them to see if they had any helpful hints. I was told to be sure your are Faxing to the Short Sale Dept. Attn: Loss Mitigation and that it is the correct fax number for that department. Also be sure that EVERY page is numbered in sequence AND that their loan number is also written on EVERY page. Writers Cramp for sure!

Best of Luck!

Jul 21, 2008 11:35 AM

Susan Manning

Realty Executives - Temecula, CA

Hi Nancy, if only it were that simple for me. Those are great tips that everyone should be following though, thanks for the input!

Jul 21, 2008 02:46 PM

Nancy Neilen

Hartford Escrow - Rancho Mirage, CA

Susan,

You bet! Hey, I think just closed one for someone in your Office on Friday. How's that for coincidence? Nice to meet you.

Jul 23, 2008 10:48 AM

Susan Manning

Realty Executives - Temecula, CA

Nancy, Nice to meet you here too!! I think we've got a majority of good people here. I hope the transaction was a success!! The real question is, was it a short sale?!!

Jul 23, 2008 05:10 PM

Nancy Neilen

Hartford Escrow - Rancho Mirage, CA

Actually we had a small delay but it was not a Short Sale, it was Indian Leased Land. Sometimes I'm not sure which is worse *lol*

Jul 24, 2008 04:59 AM

James Thornton

NextRE - Gladwyne, PA

Susan,

Your elderly client may want to have a change of mind set. If Wells Fargo will not respond in time for a sale to occur the next best step is to have the client speak with an attorney regarding a bankruptcy. It will take up to two years for the foreclosure to occur. Your client can save the monthly fees he would pay on the mortgage. Maybe within a year or two they will approve the short sale and the worst that happens is your client lives there for free and withdrawls the bankruptcy. If the lender is unresponsive then it is time to go on the offensive to help your client, expecially since he is in his seventies. Good Luck

Jim Thornton

Jul 24, 2008 07:08 AM

Julie Burks

Riverpoint Realty - Sacramento, CA

Sacramento CA, e-Pro, SFR

Susan, thank you for opening the dialogue on this particular thread. Thanks to all who have shared their info and stories. Again, I am amazed at the amount of information to be gleaned by reading in the Rain. Great stuff!

Jul 24, 2008 02:54 PM

Anonymous

Carlos Hernandez

Susan,

I had previously heard so many bad things about ASC/Wells Fargo and now I agree with all the comments regarding their primitive way of handling sensitive cases like yours. I also have a deal pending with them and couldn't believe either how difficult it is for a packet to get through them. I'm in the West coast, short sale for ASC is in the East coast, I began calling them at 5 am my time just to get some attention, had to call many times to confirm receipt of faxes, definately get a Supervisor's name and the Supervisor's Manager's name.

Hopefully you get a good outcome out of all this.

I also have learned something here today.

Jul 29, 2008 12:47 PM

#21

Susan Manning

Realty Executives - Temecula, CA

Carlos, glad you learned something because I certainly did too!! That's what makes this site great!

Jul 29, 2008 01:07 PM

Gloria Bumanglag

CENTURY 21 Superstars - Rancho Santa Margarita, CA

GRI

Surprisingly, for this particular property, ASC/Wells Fargo assigned a mitigator eight days after I sent in the short sale package. EMC, who held the second, had me send extra "required" items before they would assign a negotiator (or even talk to me). When I called back a day later to confirm, they informed me that the file was transferred to FASLO!

Aug 16, 2008 07:54 AM

Joseph Alfe

Short Sale Processing Inc. - Chicago, IL

there are some tricks to get to a supervisor or executive, but should be used only in emergencies, such as an impending sale, etc. You can find out what city the loss mitigation center is in, then call information for the office main number, call and talk to the receptionist, be nice, and try to get her to give you names, direct phone, fax #'s, and e-mails for the loss mit supervisor, as well as the group VP. Try to have her patch you through. This happens easier than you think because their front desk doesn't usually get these kind of calls, so they aren't so jaded. Also google the CEO and Customer service VP's names and locations, and if all else fails, Fed Ex a package (Sig required) to them with a letter explaining that "While you understand that they are busy, that you are trying to help this seller as well as assist the lender with their loss mitigation efforts by selling this property and gettin it off their books..." Don't forget adding something like "I am confident that a customer service industry leader such as XYZ lender can assist with this sale..."

You would be suprised how fast that package will come slamming down on top of some poor loss mit supervisor with a note from the CEO or some other luminary ordering them to get it done, right now, this minute...It is much easier to drop things on people heads from great heights than try to bubble it up from below. Be advised though, this will only work once per lender, so save it for a real emergency.

to get e-mail addresses, ask a run of the mill customer service rep, "what is the loss mitigators e-mail so I can send them the documents that they have requested. I had it, but I misplaced it..."

If told that e-mails aren't given out, then fib and say something like "well, They gave it to me once..isn't it name.name@bank.com?" Sometimes they will slip up and "correct" you. Sneaky, yes, but sometimes we have to get all ninja on the banks to get through the black hole of "customer service/loss mitigation"

http://short_sale_expert.activerain.com/

Aug 16, 2008 04:36 PM

Susan Manning

Realty Executives - Temecula, CA

Joseph, wow, thanks for the creative ideas and input!! I will keep these tips in mind!!

Aug 18, 2008 07:04 AM