short sale instead of foreclosure.

[usaims]

My paperwork for a short sale has been at loss and mitigation since April 28. I think the 800 number that I called is ASC in Wisconsin. Yesterday when I called, they actually transferred me to a dept called mortgage services. They said that a new negotiator had been assigned to me on May 10; his name is Donald Ramadan. I asked to be transferred to him but they couldn’t; but will send an email indicating that I called. I asked the customer service lady if I have to be late in my payments, current on my mortgage, but barely. She said no but they are extremely overwhelmed, they said just last Friday, they accumulated 10,000 cases in one day. I can’t destroy my credit, I have clearance to sensitive gov’t data and bad credit will cause me to get terminated.
Has anybody worked with Donald Ramadan? Should I send 3 faxes a day and call them everyday? Any help would be greatly appreciated.
usaims

[Cat Damiano]

Hi usaims,

Welcome to the forum and thank you for joining............

There are some steps that you can take if you have not done so already to help the process along............most lenders require the property to be on the market for at least 60 days at market value to consider a short sale.....it helps to have an agent that has done and specializes in short sales to help you with the negotiations..............as they will be able to everything for you........

Here are some contacts that we have that might be different from yours that you can try.........

ASC ART Team
1-866-398-7569

Accellerated Fax
1-866-453-6315

ASC Loss Mitigation
1-866-398-7568

ASC Borrower Counseling
1-800-662-3806

Hope this helps.......
Please keep us posted on your progress......

[usaims]

After trying for 8 months contacting the loss and mitigation dept at Wells Fargo, I decided to write a letter to the CEO concerning my issue. One week later, a representative of the executive communications team in Iowa called me and indicated that I no longer need to contact the loss and mitigation dept in South Carolina and she will take ownership of my issue.

But it was too late, the buyer for my short sale walked. I submitted the offer on April 28. The executive communications dept contacted the buyer's agent the second week of July, like I said, it was too late.

I asked for a deed in lieu; since I have a second mortgage on it, they indicated that the property must not have a lien on it. I contacted the HELOC people (Wells Fargo Home Equity) and they will release the lien if I pay 10k; I have the money and will consider that. I told that to the executive communication team last week. The person that is handling my case went on vacation and told me she will call me before she leaves for vacation, she didn't.

My question is. Is this another layer of procrastination from Wells Fargo; are they trying to bleed me as much as possilbe? Do I have to write to the CEO again or should I be patient? Send your comments. Has anyone ever communicated to a "executive communications" team member in Iowa?

usaims

[usaims]

Here's my story, if the moderator can do better, then let me know and I'll call your office. This is concerning an investment home that has been on the market for over a year. I bought it for 229k, last BPO was at 78K.

The bank appoved for a DIL but somebody placed a cash offer for 75K. There is a second attached to it. Here's is the deal the bank offered.
5K to settle the second (I owe 22k) and 15K to settle the first. They will report it as "Account paid in full for less than full balance". Also this is w/o recourse from the bank. Is this fair enough?

usaims

[MRC123]

Can you let us know what address you mailed that letter to? I am currently dealing with a loan I have through Wells Fargo also and anything at this point will help.

[usaims]

Go to this web site, send a letter to the board of director's email address; somebody should respond within one week. Hopefully you'll get somebody in the executive communication's team to contact you. Be nice on your letter. Email it everyday until somebody responds. Let me know your outcome.

https://www.wellsfargo.com/about/cor...communications

[MRC123]

Thank you for the link. They might remove the link though, so I will post the information directly on here for other to see.

Send e-mail to: BoardCommunications@wellsfargo.com

Send a letter to:
Wells Fargo & Company
P.O. Box 63750
San Francisco, CA 94163

[usaims]

Short sale is almost complete, I got the approval letter from WF, it indicated that it will report to the credit bueraus as "settled in full for less than the full balance". Does anybody know how much of a hit my fico score will drop? I was able to keep current throughout this issue.

[Ambling]

No one really knows how the magic credit number is calculated, but I've seen estimates of 250 point dings for a foreclosure. So I would guess for a short-sale you'd get hit 100 to 150 points.

Plus, you will not get a Fannie loan for the next 2 years no matter what your score is.

[usaims]

This is my final note concerning my issue. I want to permeate a glimmer of hope to other people reading my post and are experiencing the same issue. I finally closed on my investment property that was serviced by Wells Fargo. I came out well, I was never late in my first and second mortgage during the one year this property was on the market; it will be reported as “settled for less than the full amount”. This short sale had a premium. The only way to circumvent foreclosure was that I had to bring 5K to pay off the second and 15k for the first mortgage. My wife and I decided it was well worth it because we had no credit card debt so we pulled the money out of the credit cards with a zero percent offer. We will pay off the credit card in about 5 months. It wasn’t easy; it took me practically a year before Wells Fargo answered my letters and phone calls. Finally, I wrote a letter to the President of Wells Fargo and she actually called me expressing concern, she really helped me, I owe a lot to the executive team of Wells Fargo. Why did she help me? I think because I demonstrated to her that I was truthful and honest on my loan application; we didn’t lie and we did not get involved in creative financing that was available. And, most importantly, we kept current with the payments—there were many days where the family and I ate rice-o-roni because of that. As far as the ding on credit report, “settled” is much better than a foreclosure and our scores are in the mid 700s; hopefully it won’t hit my credit that hard as far as the fico score; I hoping of a hit of 50 points or less. As far as buying another home; we have a primary home and we don’t intend to buy a home for a long time, this was a lesson of a lifetime. I’m grateful that Wells Fargo has forgiven me almost 100k.

[kn011501]

usaims - thanks for the glimmer of hope. I've had my rental on the market for almost 30 days now and have had to lower the price twice just to get foot traffic. No short sale offers just yet...going to lower it again here soon. I've got a HELOC on it as well but haven't started negotiating with the 2nd, any suggestions or words of wisdom?

[usaims]

Every situation is different. What WF did for me, they may not do for you. Don't talk to the Loss and Mitigation employees, get the vice president or CEO address and start mailing letters every other day until somebody responds. Once an executive officer of the bank has your file on there desk, things will move fast.

As far as the second is concerned, I'm hoping it's from the same bank. Try to keep current with the payments. People on forums indicate that the banks won't talk to you unless you are behind with the payments. I wasn't behind but they did prolong two previous short sale bids I lost. On one bid I lost due to the bank's delayed response, it took them almost 70 days to respond to a bid--but if an executive officer has your file, it will move.