Wells Fargo negotiator cut corners to what end??

**nbarron** · 10-08-2008, 07:59 AM

Hopefully someone can help me figure out the best approach to challenging a WF negotiator's recent decision to close out a short sale request 6 weeks into the process without any warning, explanation or follow up to repeated requests for information.

The short of it is, while closely following their timeframes for issuance of counter conditions, terms, changes, etc, the negotiator closed out the file ahead of the so called time-table provided, two days after my last follow-up, while ignoring all requests for telephone contact and discussion of bpo results, counter amount, etc.

I was first told 31 calendar days (9/22) was her deadline for response, which was then corrected to 30 business days (9/26) when following up at that time. When I called back on 9/26 (34 calendar/30 business days), I learned that she'd supposedly issued the counter by fax on 9/24 (32 cal/28 bus), allowing only 24 hour deadline for my response. I intentionally use an e-fax to in order to have notifications follow me as well as ways of tracing receipt (or non-receipt in this case). I am certain the fax was never sent...or at least never made it to me!!!

She then closed the file at some point on 9/26 (past one timeframe/ahead of the other) without telephone contact or any attention given to my numerous requests through that point (there were many more...I'm just summing up the most relevant deatils here).

What really stings is that her annotation stated a mere $400 increase from $239,500 to $239,900 as the counter!!! It is insane to me that anyone would close out a viable short sale offer for $400 difference!!! Despite my insistence that the fax was never received, no one will provide me with a copy, nor can they access the details of her update to discuss additional conditions she may have included (commissions, payment allowed to jr. lien, etc).

I've since learned that this file was prepped and sent out to the foreclosure attorney on 9/23, hence the start of my suspicions!! Either a) she / they are intentionally steering this file into foreclosure, or b) negotiators face some sort of 'rating' or 'grading' for timeframes from one step to the next, which she is attempting to improve or avoid by forcing closure of this file so quickly without thorough attention being given.

Virginia foreclosures move very quickly, so it is insane to face starting over at square one at the risk of losing the buyer to more delays, and/or racing a 30 day foreclosure clock!! I am now engrossed in escalating the matter on a daily basis, directing written recaps and complaint to the attention of every supervisor or manager's name I've collected along the way.

I realize that it is rare for lenders to actually stick with promised turnaround times, but I included the day-counts because with each f/u I made, WF representatives stressed a 'strict' requirement for negotiators to adhere to outlined timeframes, and responsibility on their part to notify appropriate managers if not followed.

Can anyone shed light on this strict procedure, the most likely motive on her part, and the best angle to challenge??

Much Appreciation,

NB

**schwefls** · 10-08-2008, 09:38 AM

Hi nbarron welcome to our forum:

I wanted to stop in say hello and assure you, you are not alone. I am so sorry you are going through this. Someone will be reaching out to you with some input. In the interim, please hang in there and know that we are herefor you.

**Maurice Bedard** · 10-08-2008, 12:06 PM

NB,

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

The negotiator on the file would have sent the file to the investor for approval............it is the investor who would have closed out the file and sent it to the attorney not the person that you were dealing with.........they would have just been advised by the investor on the loan since all short sales are contingent on the investor's approval......

**nbarron** · 10-08-2008, 04:43 PM

Thanx everyone for the warm welcome. I was very excited to stumble across this site! What a wealth of information!!

As I understand it, the file never made it past the negotiator to the investor...that was to be the next step following acceptance of the yet-to-learn counter conditions.

Just in case - can anyone tell me how to determine the name and/or contact info for the investor? Is it known to be found on any mortgage document in particular??

Thanx again,

NB

**Maurice Bedard** · 10-08-2008, 11:33 PM

Because the mortgage backed securities are sold over and over again......if you received an NOD, the investor is usually listed on the document.........however, the investor pays the servicer to service their portfolios, they do not deal directly with mortgage customers.

**nbarron** · 11-23-2008, 01:17 AM

SUCCESS!!!!

Sorry I didn't post an update sooner, but there is a satisfactory end to this story. It turned out that there was a problem with the Wells Fargo negotiator, who I learned was a 'temp'. The foreclosure action never went any further than the attorney's front door, and a new negotiator took the file from back-to-square-one to investor approval in less than 2 weeks. Closing is scheduled for the beginning of December, and could have been much sooner if it weren't for a few other delays caused by the buyers and second lienholder.

My advice to others sharing similiar concerns is to follow your gut and figure the best way to call attention to the (in)actions of those assigned to handle the matter. Frustrating, yes, but hopefully lenders professing most heavily to being there for consumers will be willing to police the actions of their members just as they did in this case.

Take care all,

NB