Thursday, November 10, 2011

A New High in Short Sale Lows...even for Wells Fargo!

Some days are so bad that you have to laugh when the day gets even worse. I was on the phone for three hours yesterday with Wells Fargo on a short sale that is in bankruptcy. Normally, I prefer short sales in bankruptcy because the bankruptcy departments have a higher caliber of negotiator and they tend to be more diligent. Not on this one!!! It has been a nightmare!!
Wells Fargo claims that the file was no longer in the bankruptcy department. I advised them that the debtor was still in bankruptcy so there must be some mistake. They also advised that their records indicated a zero balance on the $2.2M obligation, so I knew that something went awry!! After two hours, they still could not determine wear the file was!! They asked me to prove that he was still in bankruptcy!!! Kinda hard to do that on the telephone and AHEM, they are talking to the attorney who should know!
We finally determine that servicing has been assigned to BSI and that there is a new investor on the loan. Great!! Three months wasted as the short sale will start over again!! Not to mention that the bankruptcy petition schedules will have to be amended because there is a new investor on the loan.
During the call, Wells transferred me to BSI but the representative must have entered a wrong digit as I was transferred to a porn line!!! I was told what can be done to me for $9.95/ minute! That has to be a first....getting transferred to a porn line during short sale negotiations!!! I must admit that at this point, my frustration level was so high, that I laughed pretty hard at that one!
Perhaps the lenders will use porn lines and charge $9.95/minute for short sale negotiations!!! Might be a creative solution to the banking crisis!!!
Paddy Deighan, Esq

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