It has been said that there are thousands of horror stories about Wells Fargo Home Mortgage, and they are all true. BELIEVE IT !! I have never in my life dealt with a company so hellbent on destroying the very consumer that they are SUPPOSED TO BE SERVING. Why they are allowed to continue doing business (if you can call it that), is beyond me. They have been in the news for a plethora of past illegal issues; and while this has resulted in COngressional investigation and the subsequent stepping down of their former CEO, they have proven to be S L O W L E A R N E R S. This was clearly a case where they were not sorry for what they did, but rather just sorry they got CAUGHT. As a Realtor, I have listed and successfully sold a number of SHORT SALES. I am selective about the ones that I list; requiring a "true situation of hardship", whether it be a job loss, illness, or natural disaster, etc. In any case, a short sale is always preferable to FORECLOSURE. You would think that Wells Fargo would feel the same way; but they have proven otherwise. When you have not ONE, but TWO, all-cash offers on a home that is listed for short sale, and the Owner/Seller has met all of the requirements (twice), for short sale participation, but they STILL will not allow a short sale, but instead schedule it for Foreclosure sale - you just have to wonder if anyone over there is playing with a full deck. Both offers are for MORE than the house appraised for, so the math doesn't make sense either. I have already been in contact with their Executive Department , which really accomplished NOTHING (they all spout the same scripts) and the paperwork only got shuffled to someone else's desk. The fact that many Government loans get sold to these clowns makes it all the more urgent that something be done about them; and that is why I am now taking this to Washington , DC. It is not enough to just slap them on the wrist any longer. I say "three strikes, and you're OUT!" It is clearly time for them to GO. This is where you , as an agent can help. If any of you have had any similar dealings with them, call or email HUD and let them know. There is power in numbers, especially when those numbers reach the Capital.
Although I am not a big fan of Wells Fargo home mortgages, in part due to the week extension it takes to get approval under their own overlays for TRID, I do know that perhaps you are not dealing with a portfolio loan. Wells Fargo often services loans, and the investor is another bank or even Fannie or Freddie.
Depending on investor guidelines, a short sale is NOT always preferrable to a foreclosure. Sometimes the PSA's pay more to the bank to foreclose than they do for a short sale. And perhaps that's the problem you are encountering. This is where HAFA used to help out before it sunsetted.
WF is pretty bad at a lot of things, and I'm with you --- with all of the scandals they've been (and continued to be) involved with, it's amazing that they simply continue to pay fines and have congress give them a stern talk. It'd be nice to see real action.
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