Wells Fargo sent our file to their forclosure lawyer exactly one week before our closing and further delayed the closing. See, once they did that we had to contact the lawyer for the new payoff letter, which would now include lawyers fees and was current until 3/27 (today). We received the payoff letter on Thursday, the day before closing. We thought we were good and would go to closing on Friday and Wells Fargo would get their money, all would be done and over with. Not so, our buyers loan is through USDA. Come to find out they need 24-48 hours after receiving the "new" payoff letter to make sure nothing else comes in.
This was Thursday 3/19/09 (closing was to be 3/20). Well today is 3/27 and we still have no new closing date. We had to call the lawyer yesterday and get a new payoff letter w / more lawyers fees and now another months mortgage payment that will take us to April 3rd. I'm assuming that USDA will now have to hold the new letter for 24-48 hours and further push back closing. Do you see the pattern yet. (I have a feeling this will continue) So we now owe WF and their lawyers more money and essentually we will walk away with nothing or maybe even owing money all because their is no communication within the offices @ WF.
Now, a little backround on the situation.
We moved out of our house in December of due to the fact we had a buyer for the home (which is in New Jersey) and relocated to South Carolina. Closing was originally set for January and our loan was current. As closing approached we were informed that the buyers lender, which is USDA, was out of money and funds would not be available until March 3rd (or around that day). We were devistated and immediately called WF and told them the situation. We could not afford to pay our rent and bills in SC and the mortgage and bills in NJ. We had exhausted our savings and what money we had in CD's paying funeral and burial expenses for our daughter who passed away in Nov of '07 due to complications of epilepsy. I'm not asking for sympathy here, just putting a little perspective on the situation.
We communicated with WF from the very beginning, we did not just get up and walk away. The first time we called we were told we were fine and that the forclosure process would not start for 90 days and that they wanted to see the home on the market for 90 days, which was fine we already had a buyer and a commitment letter from USDA.By this time we were one month behind in our payment and was going on a second in February.
We spoke to probably 5 different people over the next month and each said something different and assured us we were fine. Our real estate agent had faxed them the committment letter, we also filled out and returned a form explaining our situation w / a hardship letter, which was denied. We were told this was standard procedure since we had a buyer and a commitment letter from USDA.
We originally thought we would be able to pay of the mortgage, pay the real estate commission and have a little left to put down on a new home in SC, but at this rate we are going to leave the table with nothing, if we ever actually close. Which at this point is fine we just want to pay WF off and save what is left of our credit. My husband and I are both at our wits end. We are close to saying f-it, let WF have the house and I hope they get less than is owed. Let them try and take us to court for the remainder. I would love to tell the judge why our closing was delayed and we went into forclosure.
I have one main question.
Why would WF send our file to a lawyer one week before closing???
There is no good answer except communication breakdown.
We did pose this question to them. You know what their response was.
"Oh yeah I see all your previous communications in the computer, I don't know why." WTF "It went to another department and they sent it" (passing the buck). Don't they write these things ON the file.
I worked in the Collections department of a major company before and we worked with people! The ones that ignored us and didn't repond got sent to the lawyer. This was not the case with us, we did everything right or at least we thought.
I want it to be known that my husband and I did not over extend ourselves when we bought our home in 2005. We put 50,000.00 down and and chose our home carefully keeping in mind what our mortgage payment would be monthly. We never had a problem paying and we're never late. We believe ourselves to be responsible people who pay our bills on time and until now have had good to excellent credit.
WF only had 7 DAYS and they would have had their money in full wired to their account immediatelly.
All these big companies need to agree to revamp their entire administrative (as well as their executive) staff BEFORE they get any kind of bailout money. They are losing money with all their administrative errors. OR are they smart enough to also line their partners pockets (ie: lawyers) w / some money in the process. It makes me wonder if they DO know what their doing. Send the files that are close enough to forclosure but basically are guaranteeing payment, to the lawyers so they can get a couple thousand out of this also. This is obviously what makes the world go round.
I think we all need to go Europe on their a*es and revolt. Big business is essentially killing this country. I don't see why we can't all work together so we can all have a less stressful exsistance during our short time on earth. I would never trade my morals and end of the day tiredness for any of their money or their inevitable fate in the end.
JP
Wedgefield, South Carolina
U.S.A.
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