Wells Fargo Home Mortgage / sat on my 7 short sale offers for 3.5 months forcing foreclosure!
Wells Fargo intially miss-calculated my escrow account -- when they corrected it, it raised my mortgage by 1/3 without warning. After a year and a half of trying to keep up with the new mortgage plus escrow, I was forced to try and sell my house.
I found seven (7!!) buyers -- one with CASH for my house -- and Wells Fargo sat on the offers for 3.5 months. By the time they finally responded, all of the buyers had gone -- and the their foreclosure department had started the foreclosure process even though it was their own namesake's negligence that caused the delay.
More than three months we contacted them endlessly for a response to our offers on the house, and no response. Even the department dealing with banking is inept -- depositing checks of mine int the wrong account then charging me overdraft fees for their error... to name one instance.
Wells Fargo is simply too big for it's own good and it's us that has to pay for it.
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working with wells fargo mortgage is a joke. It has been 4 months since we have submitted an offer to buy a short sale home. The price originally was 799K, we bid 650K. The appraisal came in at 675K. Still no response. With the declining market and local trends the price will drop another 50 - 75K. The house is for trustee sale on 9/15. Then it will take 2-3 months to get on the market. It will be november or december which are the slowest part of the year to sell a house. Maybe we should waite and save some money.
They are doing the exact same thing to me, slowrolling the process, and have been for 9 months! I have has 2 buyers, the first ones dropped out after several months, but the current ones have hung in there since April, or 7 months! Wells Fargo has scheduled 4 foreclosure sales, the latest one for TODAY, and my real estate agent has managed to get them postponed each time; she may not be successful this time, despite the fact we have met all of Un-Well Fargo's criteria for the sale! They operate internally via email, no one can call anyone else, and things get dropped in the process (if you can call it that). We are now at the mercy of some inept account manager who doesn't make it a priority to close a deal! They (Hells Fargo) are making $45000 over the Broker Price Opinion on the house, yet they are only offering the second mortgage lender $3000, when the second only asked for $7900! The real estate agents are offering to make up the difference in order to close the deal! What madness is this? No wonder the loan industry is in crisis, they are run by idiots! The only bailout that should occur is that these idiots bail out and let someone with common sense take over!
Angry in Alabama