Wells Fargo Procedure Not Being Changed

Welcome to a new episode of Freaky Friday. The topic of freakiness today is an email from Wells Fargo that has been getting the notice of short sale realtors. We have gotten lots of phone calls and emails concerning this Wells Fargo letter. So, we would like to concentrate on that email today.

The email, which was sent out by multiple Wells Fargo workers, basically said that Wells would not be postponing any foreclosures for any basis. This is a new guidelines. There will be no exceptions. This created a panic among short sale specialists and was added proof that nothing is ever what it seems.

We sent off some emails to some VP’s at Wells Fargo and the immediate response was that there have been deliberations about it, but this procedure has not been officially changed. We now have a little clarity on what precisely is going on.

We had the chance to talk with a Senior Vice President from Wells Fargo. She was aware of the emails that went out and Wells has not countered the emails because in various situations, they may not put off foreclosure sale dates. These emails are no longer being sent out.

Roughly 80% of the loans that they service are from other investors. Guidelines has been compelling them to do certain things. There have been some pressures and guidelines that could cause them to get into trouble if they reschedule sale dates without certain criteria being met. In the last couple weeks, they have worked with Fannie Mae to suspend foreclosure sales if certain criteria is met.

It sounds like if you have a decent offer and they can review and approve it, they will delay the foreclosure sale date at least one time. Additionally, a lot of of the smaller investors adhere to Fannie Mae procedure. So, it is highly probable that Fannie Mae changes have caused some concern within the banks.

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