I think I hate Wells Fargo's loss mitigation department!!!!!!

By
Real Estate Agent with Gold Key Real Estate
I have been working on a short sale with Wells Fargo since 2/26/08.  I sent the first fax with the completed short sale packet on 2/29.  They didn't acknowledge receiving  it until I refaxed it on 3/12.  I have called weekly asking to be assigned a loss mitigation negotiator.    They told me that they would not do anything until I had a offer.  Catch 22 is that I won't get an offer until I have the BPO.  I have had several people call me up and decide not to offer based on the fact that a BPO was not ordered.  On Tuesday I called and told them I must have a BPO or I might have to lower the prise again.  The market value is $220K and I have the price at $185K.  The person told me that I would have a negotiator by Friday.  Today I called early and they said nothing had been done to get a negotiator.  The person sent an Email asking for a negotiator.  I called later today and their was no response to the Email.  They told me these things take time.  Its been a month since they received the documents.  My client is losing his credit.  I asked if things moved any quicker if I had an offer and they said NO.  I sort of feel that Wells Fargo would like to own foreclosure property.  I am so frustrated today. 
Posted by

  Debbie Holmes

Gold Key Real Estate     Company logo

(208)761-2551 Email: d5holmes@msn.com

To search Boise Homes visit my website

 

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Rainmaker
161,786
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Just an update. Wellsfargo no longer has the "Co-Home Equity Solution" department. You will need to negotiate the home mortgage and the home equity separately.

Sep 09, 2009 06:24 AM #247
Anonymous
Anonymous

Neighbors: Exec. moved into bank-owned beach home

Neighbors: Wells Fargo exec. moved into beach home surrendered to bank by Madoff-duped couple

 

http://finance.yahoo.com/news/Neighbors-Exec-moved-into-apf-818362254.html?x=0&sec=topStories&pos=5&asset=&ccode=

Sep 11, 2009 06:14 AM #248
Anonymous
Anonymous

Neighbors: Exec. moved into bank-owned beach home

Neighbors: Wells Fargo exec. moved into beach home surrendered to bank by Madoff-duped couple

 

http://finance.yahoo.com/news/Neighbors-Exec-moved-into-apf-818362254.html?x=0&sec=topStories&pos=5&asset=&ccode=

Sep 11, 2009 06:14 AM #249
Anonymous
Anonymous

Neighbors: Exec. moved into bank-owned beach home

Neighbors: Wells Fargo exec. moved into beach home surrendered to bank by Madoff-duped couple

 

http://finance.yahoo.com/news/Neighbors-Exec-moved-into-apf-818362254.html?x=0&sec=topStories&pos=5&asset=&ccode=

Sep 11, 2009 06:14 AM #250
Anonymous
ImaBegger

Must be my fault........

Sep 13, 2009 01:26 AM #251
Anonymous
I hate Wells Fargo

After many stressful months of phone calls and going through the application process multiple times, I finally got qualified for the trial phase of the HAMP program. For weeks after returning the final application and after verifying that Wells Fargo had it in their possession, I got calls daily to see if I had sent it in yet. It didn't matter how many times I confirmed that they had it, they still kept calling (do they have computers or know how to use them?)

Since I have zero trust in this bank by now, I called a few days before the payment was to be automatically withdrawn from my checking account. I was assured that everything was in place and this time the payment would be made, thus officially starting the trial phase of the program. I never expected the problem that occurred.

As a result of them going through the application process multiple times in addition to setting up and then deleting my payment schedule multiple times, there was some confusion as to the exact amount to be paid monthly. It was only a $12 difference, so I told them that I didn't care which amount they were going to withdraw, I just wanted it set up. I was assured by more than one person that everything was set up properly.

Much to my shock and dismay, they made 2 withdrawals on the same day, one for each of the different amounts. This caused my account to be overdrawn by hundreds of dollars. I called immediately to get them to fix this blatant error and was told that there was nothing that they could do about it. At first they wouldn't even admit to the error. Eventually after several phone calls they admitted the error but still refused to correct it. They suggested that I just forget about it and maybe it could be credited for the following month's payment. If I could afford to do that, I would not have needed this program and the headaches associated with 7 months of jumping through their ridiculous hoops.

I had recently mailed several checks that to pay bills, none of which has cleared yet. I told WF that waiting another month to reconcile what was clearly their error was not an option. I am now in jeopardy of having all of my utilities shut off. I was told repeatedly that there was nothing that they could do about it. My account is now frozen with a negative balance. Several calls and more than 24 hours later, I was told that yes, they did make a mistake and yes they would refund the money but it would take 7 - 10 days for this to happen. I spent my birthday at home in tears. I have no money for food, gas, medical care or to pay my utilities. Wells Fargo knows this and does not care. I am very ill (this prolonged illness and related medical expenses is the reason for needing this program). The stress of this situation has had a significant impact on my health but now I can't even afford the gas to go to the doctor or to pay for my medication.

If you are persistent enough to badger then into letting you into this program, whatever you do, don't trust them with automatic withdrawals. They will likely wipe out whatever money you have in your checking account and it will take a lot of effort on your part to get it back. If you are a lawyer and are looking for a good case, please contact me. It is definitely lawsuit time.

The Home Affordable Program is really a great idea, but unfortunately some banks that are claiming to participate are just giving people a big hassle and hoping that they will just give up their house - especially those like me with a lot of equity.

Oct 31, 2009 04:26 PM #252
Anonymous
Oats

I think if this were me then I would open a second account.  In the 1st account (the one designated for Wells Fargo) I would put only enough in for the monthly payment each month.  Use the other one for all of your other bills. Who's to say that if they did it this month, it won't happen again next month. Make sure that you convert all of your other automatic withdraws to your new account.  I don't trust WF either.

Nov 05, 2009 09:24 AM #253
Anonymous
Chris Alward

Good afternoon. I am a realtor in Fort Myers/Cape Coral FL. Our county had the highest rate of foreclosure in 2008, and we were only 0.1% lower than Las Vegas NV in 2009. The second highest. I have succesfully negotiated 17 short sales in the last 12 calender months with 42 attempts. I am still working 38 short sales currently and I'm probably more experienced than anyone else in short sales in this blog. And I hate them!!! And any moron who has ever written that realtors are greedy and undeserving of every f*cking dime we earn is cordially invited to walk in my shoes for a day you lousy pieces of crap!!!

Jan 28, 2010 11:04 AM #254
Rainmaker
161,786
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Hi Chris, if you only have 17 approved out of 42 attempts, that is less than a 50% success rate and I would look into seeing what you are doing wrong before taking on other listings.

In regards to short sales, Wellsfargo is one of the best companies to work with. However, they are smart and analyze the financials very carefully so you better know what you are doing when taking on a listing.

I also agree that we work very hard in a short sale. Would anyone else devote so much time and effort without any upfront payment in an unsure situation like a short sale?

Jan 29, 2010 04:48 AM #255
Anonymous
Oats

I was very happy that our realtor did get the full 7% commission from our SS - even though I was the one that was on the phone with WF pushing the SS almost every day or every other day.  I'd go to her with updates and new info that she hadn't been made aware of yet.  SS's are hard work - the Realtors deserve every dime they get!

Feb 06, 2010 07:16 AM #256
Anonymous
it's the people you deal with not WF

I am struggling with a short sale. My first offer was dealt with by an excellent WF employee but the deal fell apart because WF loan department refused to give a mortgage to the buyer based upon one late payment. The sales price was $70,000 and the down payment was $40,000 however - rules are rules and we know how the lenders never break them!

My second effort was a contract at $60,000 which is a fair market value. WF countered at $75,000. I showed WF the comps and they agreed $60,000. Too bad the buyer bought another unit.

My third effort was at $60,000 all cash. The negotiator didn't read the file in my opinion and countered at $66,000. The buyers lost interest at that price. The negotiator did not even submit the offer to the lender who had accepted the sales price TWO months earlier.

If this case goes to foreclosure would my customer have a case that the bank/negotiator did not deal in good faith. Offers are hard enough to come buy and when you get one that was acceptable to the lender 2 months earlier (better because it was all cash) the negotiator should at least submit it, in my opinion.

I have no idea how to price my listing as WF seem to think that the housing market has improved by 10% since April 15.

Also they will not give me a pre-approved price.

It's not a big deal but WF...........................whatever

Jul 07, 2010 03:54 AM #257
Anonymous
Pat

Well I have a new one for you.... after struggling for 6 months on a $45000 deal and having WF cut Realtor commission to a total of $1200, we finally got written approval, final approval on HUD and closed the deal on Monday (or so we thought).  Come Wed am, we have an email from another WF employee stating the funds that were wired to them have been returned because the net on the HUD was not what they agreed to.  Confirmation and proof of what was sent to us FROM WF has been sent back to them... of course the negotiator who approved the deal is on vacation til the 8th... we have a deal that has been recorded as closed and money disbursed (it was a cash deal).... and now WF is refusing the proceeds!!  Has anyone ever run into this before?  I've done dozens of short sales and this has been the most frustrating one I've ever dealt with for the least amount of compensation!  Is there a higher power we can report these people to?

Sep 02, 2010 03:41 AM #258
Rainmaker
161,786
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Hi Pat,

I had that happen a couple of times in the last 5 years. At this point, you do not need to do anything. It's between the title insurance companys lawyers and the pay off department of Wellsfargo. They approved of the final HUD and were wired the funds. Title recorded based on their approval. So now it's between title and Wellsfargo.

I had this happen twice:

1. A supervisor said that her employee miscaculated the payoff by 3k and wanted us to come up with the 3k or she will reject the wire. They ended up eating it when the lawyers got involved.

2. They threatened to reject the wire because their company policy doesn't allow for an item on the HUD (which they approved twice).  That too went away.

No worries. Although rare, this does happen.

Good Luck!

Sep 02, 2010 07:38 AM #259
Anonymous
Pat

Satar

Thanks so much for your encouragement.  At least I feel a little better knowing someone else has had this happen and how it was handled. 

 

Sep 02, 2010 07:58 AM #260
Rainmaker
161,786
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

No problem. The beauty of activerain, is that you're never alone when doing a short sale. If you haven't already done so, sign up at www.activerain.com and join for free. Then you can subscribe to the short sale groups and ask questions or read blogs about other people's short sales.If you're in real estate, you will want to be a part of this website. Feel free to contact me if you need help on how to get started and how to navigate through the website.

Take care.

Sep 02, 2010 08:15 AM #261
Anonymous
Stephanie

I read through a lot of the comments starting back in '08 regarding the sell of  a short sell, I skipped to the end cause it was getting kinda nasty. My husband and I put an offer in on a short sale and its taking forever to hear back from the bank. Unfortunatly most of the houses in the area we are looking at are short sales and it is getting very frustrating. We get updates daily from our realtor and 90% of the homes in the portal are short sales. I guess my question is if there are so many of them in a ten mile radius then this leads me to believe one of two things

A. The banks (especially Wells Fargo) should NEVER approve the sellers for a short sale if they can not get the offers approved or  a timely manner. The house we are bidding on has been on the market OVER 300 days and ours is the 4th offer and the last offer was over 90 days ago. We live in Texas and the law states basically "you don't pay you don't stay". Foreclosure seems like a better option for the banks and buyers.

or

B. They need more people to help with short sales since there are SO many. If they are going to apporve all these short sales then they need the appropriate man power to sort out the mess that follows.

The whole process just seems like a joke and no one can get their act together. I am sure the sellers of these short sells are just as frustrated or more then the buyers. They sign off on the offers they recieve from the realtor then nothing ever happens. I am just annoyed and had to vent!

Sep 10, 2010 04:33 AM #262
Anonymous
ken hutchinson

we had a offer turned into wells fargo from a realtor sign by buyer for more then the payoff and they turned it down.We was in forecloser and they would not take the offer . Wells Faroge then bought our home at the forecloser sell and sold it to our buyer we had the offer from...now you tell me about Wells Fargo. email : bobcathutch@yahoo.com ...like to know what anyone thinks of this.

Oct 08, 2010 03:49 PM #263
Rainer
334,174
Paul Gapski
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
619-504-8999,#1 Resource SD Relo

Well sometimes i dont know what to think of short sales. They are getting better and then they are not!

Aug 06, 2011 07:03 PM #264
Rainmaker
200,157
Debbie Holmes
Gold Key Real Estate - Boise, ID
Gets the job done!

I started this post and I must say that these days I will work on them but I prefer to be the buyers agent on bank owned property.  The last short sale I worked on my buyer was screwed for about $500 and ended up buying a house that was not nearly as nice.   I always try to talk to the listing agent on either short sales or bank sales before I show the home.  To many variables that just don't fit into the remarks section.....

Aug 08, 2011 12:28 PM #265
Anonymous
Mark tompkins
Friends, I just created a petition: Wells Fargo: STOP CHARGING CUSTOMERS $2.50 FOR USING NON WELLS FARGO ATMS, because I care deeply about this very important issue. I'm trying to collect 1,000,000 signatures, and I could really use your help. To read more about what I'm trying to do and to sign my petition, click here: http://www.change.org/petitions/wells-fargo-stop-charging-customers-250-for-using-non-wells-fargo-atms?share_id=oubrFDsAzM& It'll just take a minute! Once you're done, please ask your friends to sign the petition as well. Grassroots movements succeed because people like you are willing to spread the word! MARK
Feb 17, 2012 10:57 PM #266
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Rainmaker
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Debbie Holmes

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