Advice please!

Welcome to the LoanSafe Forums!
Get free mortgage help today. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.
Register for FREE

Ms.shan

LoanSafe Member
Aug 1, 2012
23
0
1
First let me say that this forum has been a god send as I've tried to navigate my way through the modification process. After deciding to turn down a mod offer in August I decided to pursue a short sale instead. I could have walked but something in me wanted to at least try to leave on good terms. I immediately told Wells Fargo of my intentions and listed my home for sale in late September. Luckily, by mid October I had a buyer. All necessary paperwork on both my part and the buyers has been submitted. Yesterday when I called my realtor to check on the process she suggested that I call Wells for an update (as she felt as if she was getting the run around). To my surprise when I called I found out that there is an auction date of Feb. 12, 2014. Total shocker to me as I thought foreclosure proceedings are postponed during the short sale process. I did find out that my file is with the negotiator. Of course I called my HPS with no return call as of yet. Any thoughts? Anyone else with a similar experience? How much longer until the negotiator makes a decision?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Hey Ms. Shan, I'm sorry to hear the modification you received several months back provided little relief. Unfortunately, only few states have adopted laws that prohibit the servicer from continuing with foreclosure proceedings while under review for a loan mod or short sale, and even then are quite a few ways servicers get around this - such as saying that you never supplied a complete package or the needed documentation in a timely matter. What state are you located in? A short sale is really only beneficial if you're in a recourse state and want to negotiate a "deficiency waiver" in the SS agreement (although we've found deficiency judgments to be very rare in any state) or you would like to purchase a new home sooner rather than later after vacating the property. Definitely read through the thread Tom has provided to help you make a decision. You can always jump on the HAMPster wheel as well to try and drag out the FC process as long as possible.
 

Jeffrey L. Shurtliff

LoanSafe Member
Dec 4, 2010
3,823
139
63
This sounds like Wells Fargo is in violation of the National Mortgage settlement. I would bring that up to them and see what they say.