Report: #1147023

Complaint Review: Wells Fargo Home Mortgage - Nationwide

  • Submitted:
  • Updated:
  • Reported By: Beth in SC — South Carolina
  • Author Not Confirmed What's this?
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  • Wells Fargo Home Mortgage Nationwide USA

Wells Fargo Home Mortgage 'Lost' Our Short Sale File, Slow to Recreate File, Lost Buyer Nationwide

*Consumer Comment:

A few things for you...

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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: https://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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

A few things for you...

AUTHOR: Robert - ()

POSTED: Thursday, May 15, 2014

 First of all your story is not similar to other people's.  The primary goal of these programs is to assist a person from "loosing" their PRIMARY residence.  This was your SECOND home.  On top of that, you were still able to make payments on both of your residences for about 2 years.  And I believe that if you really got down to it could actually continue to make both payments, and I give you a very valid way in just a little bit.

A house is not "upside down" and you don't loose any money until you decide to sell it.  So why didn't you rent this 2nd house out?  You didn't give your mortgage but I would bet that the going rate for rentals in the area would cover most if not all of the Mortgage Cost.  Oh you say you don't to want to be a "landlord", okay there are several companies that for a small monthly/yearly fee will actually manage your rental so you don't have to.  Where if you had done this, you may have even found a nice 2nd income.  I totally understand trying to sell it at the beginning, but after a few months of it not selling doing a rental should have been an option to seriously consider.

But you didn't do that...so what did you do..you eventually tried the Short Sale process.  Well I will also say you may want to think about your agent.  Below is a very interesting link on the short sale process.



You will see that it can be a process of several months, and tons of paperwork..faxed again and again.  Neither of those articles singled out one bank.  The reason they don't is because all banks have basically the same process.

It seems as if your agent has either been extreamly lucky if he had quick sales, is totally inexperienced and is giving you what he thinks you want to hear, and/or was giving you totally unrealistic expectations.  I have dealt with Short Sales from the buyer's end and our realtor basically said that if we go for a Short Sale we need to be prepared to wait....up to several MONTHS.   By the way is this the same realtor who couldn't sell your house in 2 years?


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