ED Magedson – Founder
Wells Fargo Home MortgageNationwide USA
Wells Fargo Home Mortgage 'Lost' Our Short Sale File, Slow to Recreate File, Lost Buyer Nationwide
Our story is similar to what others are reporting/experiencing, so I'll just relay the short version.
It's May 15, 2014. We moved from our home in Williston, SC to a larger city for employment reasons in August 2012. Our house has been for sale in a depressed/non-existent market since April 2012. We continued to faithfully pay Wells Fargo for 2 years while we tried in good faith to sell the house.
We asked about modification programs but we failed to meet the criteria for any because of the date we purchased the house or because we were no longer living in the house. We were willing to keep paying until it sold but the burden became too much and we became undewater on the property (we owe $152K and it's worth $122K)
We began our short sale process with them in January 2014. Our realtor found it odd from the get go that Wells Fargo did not do things the way other banks handling short sales have done. For example, they told us to set the short sale price but did not tell us what they were willing to accept in an offer. The bank wanted to deal only with the realtor and not with us - even with our most personal of information.
We returned all the paperwork that was asked of us, some multiple time. We were told we were somewhat stalled in the process because we had no offers on our house.
In April, we recieved a great offer on the house. Our realtor submitted the offer on a Friday. He called WF on Wednesday as he had not heard from them. He was told they had just received the offer that day (something about how faxes are received then need to be scanned into a system). He was also told that our file did not exist.
Still having a valid offer on the table, our case was reassigned to another Short Sale specialist. There was no acknowledgment of their error, or us having been through the paperwork process already, no rush to expedite our file to evaluate the offer. In the end, after 3 weeks of waiting, the potential buyer walked.
There is little hope of another offer being made and we will now be forced into foreclosure. Having stopeed making payments, I have a feeling that the foreclosure process will move faster than the short sale process ever did, and more smoothly.
I'm not understanding Wells Fargo's business practices. The couple that wanted to buy our house was even preapproved for a Wells Fargo mortgage. Why would they rather forces us to foreclosure rather than finish a short sale and gain a replacement customer? Now, a month since the offer was made, they are still asking us for documentation that has been sent in several times.
We did not choose Wells Fargo, they chose us when our loan was sold by anotehr company. Given this experience, we will never choose Wells Fargo for anything.
This report was posted on Ripoff Report on 05/15/2014 02:21 PM and is a permanent record located here: http://www.ripoffreport.com/reports/wells-fargo-home-mortgage/nationwide/wells-fargo-home-mortgage-lost-our-short-sale-file-slow-to-recreate-file-lost-buyer-n-1147023. 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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