Wells Fargo review: short sale 13

I have had the same issues with WF! It's been a long process, and still not done yet! it's been almost 18 months.

my daughter has had the same problem with wells fargo for about 7 months now and she has been trying to keep up with her mortgage payments and they have been giving her a complete runaround . i don't understand these companies the government gave them big money to help and all my daughter wants is to keep her mortgage payment the same as it was, butnow her mortgage payment is up to almost 1000.00 a month . also her work hours were cut 20 percent . they keep calling her at work to talk to her, when she told them she cab't do her own business at work and then they tell her they have to cancel her application because she couldn't talk to them . she told them she works til 3: 00 and she can talk to them any time after that ! what is wrong with this picture ?

I have been working on a short sale from Wells Fargo for almost 4 months. Each time we get close to an agreement they want something more. Now, the bank wants the seller to come up with another $6, 000 in cash in order to process this sale. First, they wanted us to pay closing costs...fine, we agreed. Then, they wanted more money. Ok, we sweetened the pot. Now, after everything was agreed upon they want another $6, 000 in cash from the seller. DO you think the seller would be in a short sale situation if they could pull that kind of cash from their pockets? WTF? So, the bank is wasting another 4 months of this house sitting on the market and losing more money. Now, the seller will go into foreclosure...it seems like that is what the banks want. Is someone getting an incentive for sending homes to foreclosure? Our system is completely screwed up. This is one area that the government needs to step in and help the sellers and buyers out there...stop playing nice with the banks.

We went through the shortsale process with WF last year. We relocated and the housing market had tanked to the point that the only way we could sell the house was via the shortsale process. Everything went relatively well, we got a cash offer that WF accepted, and then right at the end we were told the agreement would be terminated if we were not at least 31 days delinquent. We did not understand the logic, but at the same time we had to proceed. We skipped the payment, then WF set the closing date back an additional 30 days.

Now, in exploring our mortgage options, we have been told that we qualify across the board, but the 60 days delinquent on our credit report is keeping us from qualifying. Further, multiple sources, including information from Wells Fargo online, have told us that we absolutely did NOT have to be delinquent. We knew there would be consequences to missing the payments and were furious that it was "a condition of approval". Now we find out that we were lied to.

I wish there was a way to get this taken off our credit report. We never would have missed those payments without their instruction to do so.

Dont feel bad. We have been trying to short sale our house with WELLS FARGO for 2 years and 3 months! bk after bk has been filed. Wells Fargo is the worst with short sales. They are slow and do everything they can not to short sale our house to a full price offer and well qualified buyer! They take their time so much and so long that every time the foreclosure sales comes up its too late and we have to file bk for the 6th time now. They will not even extend the sale to finish the close on time. Our buyer has rock solid preapproved credit, but the process is sooooooo screwed up that it may never happen. I would not be surprised if we get to 3 years of NO payments! WE WANT TO SELL NOW. WELLS FARGO IS AWFUL! ITS A FULL PRICE OFFER! WE CANNOT GET IT DONE...HELP.

We are in the short sale process with Wells Fargo currently and our experience is similar to those above. I feel so helpless.

I am a buyer trying to buy a house that is a short sale held by Wells Fargo. WF had set an approved price for the home, which I came in at on my offer (not less, but exactly on THEIR price). Two months later we are checking on the process again and was told it was 90-95% of the way through. A week later my realtor checks and sees it has frozen in its progress. He is told that WF is requiring a NEW appraisal on the home. We had to wait 2 1/2 weeks for the current appraisal to expire to even order a new one. Conveniently then WF raises THEIR OWN APPROVED PRICE $10, 000 based on the appraisal (that no one is permitted to see). I refuse to come in at a higher amount. This home has been on the market for over a year at the original price with no sale, and they think it will sell for $10, 000 higher. Especially when the housing market in my area continues to decline. The sellers have threatened to let it go into foreclosure and still nothing. I made another offer at the original price and WF said they will not "deal with me". There must be some kind of incentive that WF is getting to let houses either remain as a short sale or go into foreclosure. I cannot see how a bank can continue to operate with all these losses unless there is a kick back of some sort. I have given up on purchasing this home, as many others before me on other homes. Unfortunately, there does not seem to be any recourse for going after WF for their unethical practice. I just know I will not bank with WF (or now Wachovia) in any manner!

I have had the exact same problem with WF on a short sale, after waiting 3 months and signing a contract at an agreed price, they say they are ready to close except that the want to raise the price at the very end, I stood firm our original agreed price. Now they closed the file, and want to sell for more because they say the house is worth more, yet it has not sale in almost a year.
How I wish I could sue them, beyond unethical..

I have been dealing with the exact same thing. I have sent all the required paperwork more than 4 times...They continue to give me the run around. Always coming back saying they need more paperwork and more letters of explanations! Wells Fargo either foreclose on the property or short sell it! That's your options! It is like they are trying to prove I have money I don't have! I went through a nasty divorce and have lost everything.

I would love for someone to tell me if I can sue them for emotional distress or for what they have put me through and the lies I have been told.

Now I don't feel quite as bad, knowing that this company WF knows how to not short sale a home. The employees are great at making excuses for other employees. Seems all of the employees are trained at covering for each other. There seems to be no one capable of even returning a phone call, even though their policy is to return every call within 24-48 hours. Not once did my personal contact person return one of my phone calls or my realtor's phone calls. They have made this process almost impossible. Makes me just want to let them foreclose on the property and walk away. They have made me cry multiple times on the telephone, they love to belittle me and my realtor. Their customer service department gives conflicting information. Each time I have to call them I get different answers and nothing but excuses. I want to speak to a manager or supervisor and there are never any available. I wish someone at W F would know what they are doing. Where do I go for help?

I have a similar issue going on with Wells Fargo at the moment. We started a short sale last year September and it is still going on. We have lost 5 buyers because of the run-arounds Wells Fargo does. I am thinking about seeking legal advice for a Class Action lawsuit for negligence. There is no reason this process should take this long. We have solid qualified buyers but they get tired of waiting. We are very frustrated!

This bank is the absolute worst! Today was the last straw for me! Not only are all of these employees give different information everytime you call them, add more and more documents needed that wasn't there before, they also lost all the documents I just sent in last week and now they're asking me to send back everything! They are impossible to deal with. I honestly don't know what's going on in that institution when it comes to short sales. All the realtors I know hate working with them. if you can help it, avoid them at all costs! It is NOT worth all the stress and emotional distress. I repeat, it is NOT worth it.

Wells Fargo is the absolute worst. First house I tried to buy had an approved short sale cost for 365, 000. I offered 380, 000 with the expectation they would cover at least 10, 000 in closing. They came back and said they would cover 4, 000 and still wanted the 380, 000. I told them no. I'll do 365, 000 and you can cover no closing. They said no they wanted the 380, 000. The house is still on the market and now will move to foreclosure.

Second house was 409, 000 I offered 414, 000 because I knew it would be worth it. Our appraisal came back st 420, 000. Wells said we should have an approval. However, that was 5 weeks ago and not they said the appraisal has expired. This is after they already gave us a verbal approval. Now they want a new appraisal. House has been on the market for 6 months with no offers but ours. I hate this bank. Slow as hell and worthless.