wells fargo: A New High in Short Sale Negotiation Lows.....Even for Wells Fargo
- 11/10/11 04:20 PM
Some days are so bad that you have to laugh when the day gets even worse. I was on the phone for three hours yesterday with Wells Fargo on a short sale that is in bankruptcy. Normally, I prefer short sales in bankruptcy because the bankruptcy departments have a higher caliber of negotiator and they tend to be more diligent. Not on this one!!! It has been a nightmare!! Wells Fargo claims that the file was no longer in the bankruptcy department. I advised them that the debtor was still in bankruptcy so there must be some mistake. After two hours, … (7 comments)
wells fargo: Freddie Mac and Federal Government Making Short Sales Nearly Impossible
- 11/03/11 09:24 AM
It never seems to get any easier. Short sales have become increasingly more difficult. Wells Fargo for example, has included addenda that require an investor buyer to hold a property for 90 days prior to reselling. This mandate comes from the investor on the note (Freddie Mac). Here is the hypocrisy: Freddie Mac is not the government as many people believe. However, the government (and taxpayers) have a relationship with Freddie Mac and own a sizable chunk of the company. Several states have enacted legislation or already have legislation that prohibits such restrictions. I am going to blog about the topic … (3 comments)
wells fargo: Thanks a LOT , Wachovia/Wells Fargo...Great Work!!
- 07/04/11 07:10 PM
I have a client that owns a property in South Florida. The home went to foreclosure sale despite the fact that Wachovia (Wells Fargo) had granted an adjournment because there is a solid short sale offer. The sale goes through and we filed protest, objection and Lis Pendens to cloud title. A hearing is set for later this month. The purchase certificate has not been issued and title has not transferred. Despite this, Wells Fargo advertised for a contractor to clear out personal items and perform some other services. The property is in Collier County and the contractor is from … (9 comments)
wells fargo: More on the Astonishing Bankruptcy Court "Game Changer"
- 06/30/11 11:06 AM
Many have made comments to my blog or emailed me separately in regard to my blog about a recent bankruptcy appellate case that could potentially revolutionize loan modifications, forensic audits, short sales, deficiency judgments etc. I wanted to review the case with colleagues prior to discussing it further. Last evening, I met with prominent tax and bankruptcy attorneys. I traveled from the Giant Litter box (Las Vegas) to Palm Desert, California and another traveled from Phoenix to Palm Desert to discuss this case – it is that significant. The case is In re Veal and it involved AHMSI and Wells Fargo. … (29 comments)
wells fargo: Update on Reverse Mortgages..Wells Fargo and Bank of America Now Terminate Programs
- 06/19/11 12:55 PM
Several days ago I mentioned that Wells Fargo pulled out of the reverse mortgage market. They will continue to service existing loans, but no longer source new loans. Wells Fargo represented about 25% of the reverse mortgage market. Bank of America very quietly pulled out of the reverse mortgage market the prior week. Together, Wells Fargo and Bank of America represented a significant 43% of the reverse mortgage market. Reverse mortgages allow seniors 62 years of age and older to tap into their home equity by allowing the bank to make payments on their home and pay them a monthly stipend. … (2 comments)
wells fargo: An Update On MERS II
- 03/02/11 08:08 AM
Last week I wrote that a New York bankruptcy judge determined that the MERS system was flawed and "absurd". However, courts in California and New Hampshire have dtermined that the system is legal. MERS will be under attack by county registers of Deeds since MERS circumvented the filing fees in many cases. in one such case, Massachusetts is seeking over $22 million in back recording fees.
There will continune to be onconsistent results in all such cases as they will be determined on a case by case basis, and states have different laws and regulations... … (0 comments)
wells fargo: Landmark Foreclosure Decision
- 01/11/11 04:37 AM
The Massachusetts Supreme Judicial Court handed down a landmark decision that may affect millions of homes in foreclosure. The case involved US Bank and Wells Fargo but it will affect lenders and homeowners in other states and banks. The essence of the case (and many like it) are that the lenders cannot foreclose unless or until they can prove that they are the holder of the original Note and Mortgage (or Deed of Trust). In any lawsuit, you must illustrate that you have "standing" or the legal right to sue. In this case, the lender must be the actual party in interest … (4 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
Some days are so bad that you have to laugh when the day gets even worse. I was on the phone for three hours yesterday with Wells Fargo on a short sale that is in bankruptcy. Normally, I prefer short sales in bankruptcy because the bankruptcy departments have a higher caliber of negotiator and they tend to be more diligent. Not on this one!!! It has been a nightmare!!
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