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Showing posts with label Wells Fargo. Show all posts
Showing posts with label Wells Fargo. Show all posts

Thursday, February 23, 2012

Securities and Exchange Commission (SEC) is discussing legal action against firms involved in the housing collapse.

A few weeks ago the Justice department reached a settlement with five leading banks that provided residential mortgages. The settlement was $25 billion in restitution for abusive practices that pushed millions of homeowners into foreclosure. The five banks who agreed to the settlement were Ally Fiancial (formerly GMAC), Bank of America, Citigroup, JPMorgan Chase and Wells Fargo. 

Now the Securities and Exchange Commission (SEC) is discussing legal action against firms involved in the housing collapse. 

The SEC was not a party to the Justice Department settlement. The investigation by the SEC; as well as, other federal agencies and state attorney generals is expected to bring some serious charges soon from their probing the practices that created the housing bubble.  

RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City
The Real Estate Wizards of Kansas City

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Wednesday, October 6, 2010

Is Wells Fargo Dishonest or Disorganized? Kansas City Short Sale Mortgage Story

Is Wells Fargo Dishonest or Disorganized?

I was asked last year by a local politician why I felt the way I do about banks and the government assistance they received. I felt that the government was putting a band-aid solution and things will get worse. My experience comes from working on short-sales for over 7 years. I have worked many short-sales in Kansas City.

In my opinion, banks like Wells Fargo, are either dishonest or disorganized. I would rather deal with criminals at Fort Leavenworth than with Wells Fargo. You at least know what your dealing with.

I have years of experience with dealing with Wells Fargo on short-sales. One of my first short-sales was a memorable sale. The seller and I negotiated with Wells Fargo for over 18 months. I had many buyers during the process, but all walked away. Most offers were in the lower $600,000 range. Wells Fargo wanted more. The eventual buyer bought the home as a redemption sale for under $430,000.

Last year I had a Wells Fargo short-sale that went wacky. The negotiator would actually be telling the seller and myself different stories. During one phone call I went to the seller’s home to have the seller listen. The seller couldn’t believe what she was hearing and apologized to me. She was desperate and tried to work something out with Wells Fargo. After the seller thought she had worked out a solution with Wells Fargo, the seller called me and said she wanted to take the home off of the market. Two months later the seller called me and was upset. She said that Wells Fargo went back on their word and went ahead and foreclosed on her.

Last year, my business partner and I started on a Wells Fargo short-sale. We just closed on the sale 13 months after we started the file. The buyers and sellers didn’t understand why we kept asking for the same paperwork. We explained this was what Wells Fargo requested.

Last year I started another Wells Fargo short-sale. We didn’t get offers on the property until we lowered the price to what I thought it would sell at. We secured a contract on the property 6 months ago. Again we were requested to complete the same paperwork over and over. One page I think we completed 5 times. After completing the value assessment through the appraisal, the negotiator requested a new appraisal because they forgot they had already ordered and completed an appraisal. The many unanswered  emails and excuses for why the file hasn’t been completed has yielded the same answer. Another unwanted Kansas City foreclosure.The sellers are upset with how dishonest Wells Fargo has been with them.

Why is there so many Wells Fargo foreclosures? It is my belief that Wells Fargo is either dishonest or disorganized.

I have sent this to many Wells Fargo loan specialist. To date I haven’t received an answer. Hopefully a politician can help straighten out Wells Fargo.

Will they follow the path that Bank of America has followed and stop foreclosures or will they keep on processing them. Within two weeks I will be sitting down with a politician who will be looking for a solution. Any ideas?

In all fairness to Wells Fargo, I sent this blog post to 5 Wells Fargo representatives, twice, requesting a response. I never heard back from any Wells Fargo representative.

RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Let us know what you think or add to our blog by writing a comment. Do you have a real estate question for the Real Estate Wizards?

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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