Americas Servicing Company - ASC - Wells Fargo Wells Fargo 5 months of HAFA short pay nightmare and still going! Sleeping on AIR MATTRESS! Milwaukee, Wisconsin

   When you realize how many different entities have to negotiate and sign off on a settlement, it's amazing that short sales happen at all.

   Though the bank may be servicing the loan, they're just a minor party to the deal (hence their lack of enthusiasm).   They have to negotiate separately with all leinholders and the PMI insurer.   Since most loans were packaged and sold as investments, getting a signoff from the actual holder(s) of the mortgage (the investor) can take forever.

   The convoluted system that securitized packages of mortgages for sale to individual an institutional investors is the problem.    There are so many entities who have an interest in a particular mortgage that getting the terms changed (i.e. allowing the short sale) is next to impossible. 

"Short pay programs ARE NOT WORKING."

  They certainly aren't, but don't expect that to change anytime soon.  The securitzed mortgage concept was not designed to allow terms to be easily changed.  That's the same reason getting a loan modification is like pulling teeth.

HAFA is a short sale progam.  Is there someone offering to buy your clients home on the short sale? What are they offerering and what does your client owe? 

No bank is required to take less than they already bought the house for. 

You said "I am being faced personally with eviction because I only get paid when a sale closes."

You are not a very good broker if your life is based on one family failing and their short sale.

five months is nothing , how about two years !! thats when we started with Wells, and its still going on ,its a scam, they are not working with people they are stalling and will take the house. We also had to make three trial payments, we made them and we made 5 more , on the 9th they said we cant accept your payment you no longer qualify , that was two months ago, we have started all over again . I have no doubt Wells Fargo will take the home I have lived in for 13 years. In two years of course my income has gone up , not what it was three year ago but after not having a job for a year both my husband and I have jobs now after going thru all of our savings , when we applied two years ago we were 1 payment behind, told not to make anymore we qualified it took a year to get up to the trial payments, now since we both working we dont qualify and since we haven't made our normal $2700 payment now for two years they want it all or they will foreclose, they are criminals supported by our government. Is there no attorney out there willing to take on ahuge class action suit, my guess is not, too much government involvement, Obama will look like what he really is, a fraud and a liar as well no attorney wants to make the president look worse.