Cecil, since receiving the verdict from the bank I've done A LOT of research about this. There have been many people with similar cases to mine who have had no problems getting their short sale approved and closed. The trend seems that the others were lucky enough NOT to do business with Wells Fargo. Before this issue I had no issues with them, but ever since I've gotten fake phone numbers from them, false information, and have had people assigned to my case refuse to call me back/reply to emails.
Through one HUD expert that I talked to, I was told that the bank is choosing this route because they can collect insurance money from FHA for each missed mortgage payment. When they decide to finally foreclose, the loss is repaid to them by HUD, so out of all the parties involved, only Wells Fargo gains from this decision. Conveniently enough, Wells Fargo is the one that makes the decision. Every other person/entity gets hurt by this decision, including myself, the buyer, FHA, and HUD. I'm currently looking into the Fair Business Act to see if anything applies. I'm not backing waving the white flag yet.
I'm sorry to hear that. I figured it was probably something like that. Didn't Wells Fargo get into a lot of trouble recently regarding bad mortgage practices?
Oh yeah here you go:
http://www.huffingtonpost.com/2011/07/20/wells-fargo-settlement-mortgage-abuse_n_905054.htmlIf you do a google search you will find they have had several run ins with the feds in many different ways.
Please keep us posted and i wish you the best of luck!
