Wells Fargo New Policy~No Postponing Sale Dates...WTF WF
Hey folks, better take a look at this. Wells Fargo wants to play hardball with us. I don't know what they are thinking, but it's gonna hurt them a lot more than it's gonna hurt us. Don't you think?
If you are working any files with Wells you should be aware:
From what I understand these guidelines are supposed to have gone
into effect Sept. 16
1. Short Sales with Wells Fargo that have a foreclosure date pending in the next 0-10 Days;
· Files will be closed, rejected, returned to agents as declined.
· They are to be removed from Wells Fargo system immediately
· No more delays
· No more foreclosure extensions will be granted
Are you joking Wells???
2. Short Sales with foreclosure dates of 11+ Days must be closed in 30 days or Wells Fargo will proceed
to foreclosure
• No more delays
• 45 day approval is no longer on short sales with foreclosure date assigned
• Must have Formal Wells Fargo approval letter, approval from any Jr. Liens, Proof of funds if cash
buyer, and Commitment letter from lender for financed buyer.
3. Short Sales with N0 scheduled foreclosure date
· Continue to work as current process
· Approval provided by Wells Fargo will be 60 days on these.
· However, if foreclosure date is set at any time during negotiating process, closing process moves
to step #2 and time frame immediately reduced to 30 day close or Wells Fargo will Foreclose.
Welcome to my world....
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