sell this house? A Melodrama in 4 Acts. Act IV, Scene 2, February, Part 2
ME (February 17, 2011, 2:40pm): Dear BB,
Thanks for your work.
I received a letter from Wells Fargo today in the mail. It was dated Feb 10, 2011. I wish I knoe how to scan on my printer and then I would be able to send you the exact copy. But…
It starts: “THIS LETTER IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS NOT A DEMAND FOR PAYMENT”…then goes on
“The above loan file has been referred to our attorney with instructions to begin foreclosure proceedings.
You are hereby notified that, due to the default under the terms of the mortgage or deed of trust, the entire balance is due and payable.
If you have any questions, please contact our attorney listed belowl
Northwest Trustree Services, Inc, Bellevue WA (and contact information)
Then it goes on with info about Borrower Counseling, bankruptcy plus “in the event of foreclosure, you would not personally be liable for any part of the debt, but you will lose your interest in and rights to the property.
sincerely, Foreclosure Dept…”
Maybe I should call them and tell them we are trying to work out a Short Sale? Or call Citifinancial and tell T…. that the account has been forwarded to the foreclosure dept?
And, yes, I feel your work has been helpful…
Thanks for the concern about my health. I am concerned also. Staying very calm today. Tood a nice walk this morning and hope to take another soon.
BB (2/17/2011): Hi
My understanding of this is that you have 6 months to work out the short sale before it would go to foreclosure. But I would call them and let them know that you are in the middle of a short sale — that might extend the time a little bit. I don’t think your have to do it today, but you might want to do it by the end of next week if we haven’t heard a comple answer about the short sale.
Glad you’re feeling calm today. There’s no reason not to really. Seems like the absolute worst that could happen is that none of this would go through and then you’d live in your house for about 6 months before they finally told you that it was time to move on. The process is somewhat maddening, but at least we seem to be continuing to get some forward movement on it.
My feeling today is that EN/Wells Fargo knows what he is talking about and has things pretty much set up in certain ways and is following guidelines to the best of his ability. Citifinancial, T…., is not as set up and trying to get as much as they can out of it because the guidelines aren’t as set with second mortgages as they are with first ones. She’s nice, but I think she’s full of hot air sometimes. Forall that I have found out about seconds lately from talking to a wide range of people, they do typically receive about $3000. However, I’ve also found out that sometimes they just won’t do it and will let it go to foreclosure. No idea why, but they do that.
So, this afternoon is kinda sunny and not too cold. Go on a nice walk, know that this will work out however it does and that there’s no reason to worry over it. Jump the hoops that you can, keep looking for your next place to land, and all will be okay!
ME (February 18, 2011, 10:36am): Dear BB,
Well, I just called KT at NW Trustee Services and let her know that I received the foreclosure notice and that we were in the middle of a short sale. She said Wells Fargo will let her know when the short sale is finalized. I also called T…. and told her the same information.
BB (1/18/2011, 11:07am): Hi,
Boy they sure didn’t waste any time! I’d like you to call EN at Wells Fargo too — the ball is in his court right now and he should know about it. His phone number is at the bottom of his emails — but let me know if you can’t find it and I’ll email it to you. You could also email him if you’d prefer. Maybe do both?
I’m sorry this has taken so long and that we don’t have any resolution yet. Maybe this will spur some quicker action — I sure hope so.
BB (2/18/2011, 11:59am): Hi,
I emailed EN — I think you should still do it too so that he hears from both of us. He’s not in the office yet, but I believe his office hours are noon to 8 our time.
BB (2/19/2011, 3:21pm): Hi,
I got your message about the Wells Fargo payoff amount. I was dam close! So I think the $435K figure is still valid.
T… N…….. emailed me that she will be doing the new BPO and asked how to get access. I called her and told her to call you directly — and then I talked her ear off about everything that has happened in the past year. So, she is fully up to date about the house, the recent market conditions, the new house that was buildt behind you since you’ve owned it, etc. She is also going to check to see if she can tell us the BPO amount that she comes in at when she figures it our. So, expect a call from TN asking to come take a look at the interior of the house to do a new BPO.
BB (2/21/2011, 11:25am): Hi EN/Wells Fargo,
The buyers had an inspection done and this is what they sent me. (I didn’t include the attachment here…ME). The realtor who was doing the BPO, had just completed and sent it by the time I got this today (she was quick! Maybe too quick?). She said that this would have been useful if she had received it before she submitted the BPO, but that she can’t add an inspection or repair information to the BPO once it was submitted. So she suggested I sent it to you. This says that there is approximately $25,000 in repairs to be done to the house. She also said that she couldn’t tell me what the BPO came out at, but as I fished around and asked her about value compared to the listed price (listed price is currently $349,000), she said it was higher.
So, what do we do now? Please advise.
ME (February 21, 2011, 12:22pm): Dear BB,
Thanks for forwarding me the repair list. Some I question, but I am not a contractor.
T… though above $349,000? You haven’t hear any more from J…? Or A..? Guess we will wait until tomorrow to hear from EN/Wells Fargo.
BB (2/21/2011, 4:43pm): Hi,
I called J… this morning and he had not heard from his clients after telling them all the details on Saturday. He said he left a message yesterday and then will call them again this afternoon. He’ll let me know what he hears. I also talked to him about offer the $400,000 and submitting that as another short sale offer to the banks. Worth a try.
No work back from A.., but I talked to her partner, R… C….., yesterday at length. He wanted to know what would happen if they came in at an offer of $349,000 and I told him everything that is going on with the property, the short sale, J…’s potential offer, and encouraged them to write one –but also encouraged them to make it more than $349,000.
Yes, apparently T…came in about $349,000. I don’t know what to do about that. Especially since we had been at every other price and didn’t receive offers until we were at $349,000. We could raise the price to $435,000 and put a note in there that says that anything less would be a short sale.
ME (February 21, 2011, 5:14pm): Thanks BB…Lots of good information. I feel up to speed now.
BB (2/22/2011, 11:45am): Hi,
I have caught my daughter’s cold and am a miserable ball of phlegm. But I wanted to update you on a couple of things.
J… B…… called and his clients wanted to write an offer for $365,000. He said that they got inot a fight about the $400,000 that they were talking about and were ready to walk away, but wanted to see if it would be a successful offer at $365,000. I did some math and figured that an offer would need to be around $380,000 or so to pay off Wells Fargo completely, give Citifinancial the $25,000 that they are asking, pay your closing costs and a small amount of commission. So I let him know that.
No work from R… or A.. I left a message yesterday, but no work back yet.
I talked to J… H…., my Principal Broker, and we can change the price on the listing at any time. So, I think we should talke about that and figure out what to do. $435,000 would be the complete payoff amount, though we may want to be at $440,000 or so just to be sure. $380,000 would be a more successful short sale price, though we may want to be at $385-390,000 just to be sure. Where we are righ now seems to attracting attention, but it won’t satisfy the banks.
The more people I talk to the more they tell me that $3000 to the second (Citifinancial) is the standard these days. I think T…. is off the mark insisting it be more. I’m also beginning to think she’s a bit incompetent, but that could just be my frustration with this process growing.
So, where we are right now is still waiting to hear from Wells Fargo about the new BPO, and if it changes anything, waiting to hear from J… B….. about his clients writing an offer for $380,000, waiting to hear back from A.. or R… and considering raising the listing price to somewhere between $380,000 to $440,000.
Your thoughts? Thanks…