• Report: #778004

Complaint Review: Wells Fargo Loss Mitigation Department

  • Submitted: Sat, September 17, 2011
  • Updated: Sat, September 17, 2011

  • Reported By: John **** Realtor — Glendale California USA
Wells Fargo Loss Mitigation Department
3476 Stateview Blvd. Fort Mill, South Carolina United States of America

Wells Fargo Loss Mitigation Department All their employees Forclosed on a property with $120,000 offer to sell it at trustee action for $103,000 Fort Mill, South Carolina

*Consumer Comment: Wells Fargo vs Invester

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For the last 1 1/2 years myself and my coworker had been handling a short sale. We have jumped through hundreds of hoops to get this deal on. Our client was upside down to the tune of $349,000 on their 4 plex. Unable to make payments we listed it with comparable units for $134,000. We had an offer of $120,000 which was accepted by the bank after 6 months of waiting for paperwork to be processed. The buyer had a heart attack on the day of closing and was never heard from again. We immediately contracted another buyer with $120,000.00 all cash offer on 8-3-2011. The property sold for $103,000 on 9-14-2011. Here is the reply email we finally received from Wells Fargo after submitting all the requested paperwork for the new buyer and the sellers up to date financials; 

Unfortunately, a short sale option is no longer able to be continued at his time due to the expirations of the foreclosure timeline. The sales date for the file is set for 9/14/2011 and without investor approval on the offer we are not able to request for a postponement. Therefore, we do not have the time to try and complete a short sale prior to the foreclosuresale date.Even though the processor did everything they to get the file moved as quickly as possible to,we simply have run out of time. Please notify all parties the property will go to foreclosure sale on 9/14/2011.Please let me know if you have any questions. Thanks!

Laura NelsonLoan Adjustor 
Loss Mitigation
Wells Fargo Home Mortgage | 3476 Stateview Blvd | Fort Mill, SC 29715
MAC X7801-01K
Tel 866-903-1053 | Fax 877-677-5789
Laura.A.Nelson@wellsfargo.com
Office Hours 8:00am - 5:00pm EST

This report was posted on Ripoff Report on 09/17/2011 03:23 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Loss-Mitigation-Department/Fort-Mill-South-Carolina-29715/Wells-Fargo-Loss-Mitigation-Department-All-their-employees-Forclosed-on-a-property-with-1-778004. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Wells Fargo vs Invester

AUTHOR: Dave - (USA)

Here's something you need to know.  Wells Fargo may be servicing the loan but if the invester does not give them the approval to complete a short sale they can not go against it. 

I would bet the invester was either Fannie Mae or Freddie Mac. 

I don't work for Wells Fargo but I do work for a bank in loss mitigation.
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