Three years ago I purchased a house in the Fargo/Moorhead area. When the economy took its first dip, it took my job with it. I was able to make ends meet and continue paying for the house until I was obligated to move out of state to find work.
I moved in August of and put my house up for sale in December. A month or so passed, and after talking to realtors and family friends that had been in this position, suggested that I do a short sale of the home to get out from under it. After talking to many individuals about it, I finally consulted my lender Wells Fargo about starting the process.
In April, I spent an hour on the phone with a representative starting the procedure. I didn't hear back from a non 800 number. I called them back three weeks later to find out the status of the procedure. I had been notified that it had been declined. I went thru the exact same procedure again with a different representative, and again it was declined. They didn't tell me why.
About a week or so later, a buyer put down an offer on my house for $3,000 less than asking price. This time I called and talked to yet another representative about selling the house as a short sale. The woman on the other end of the line stated that they had been trying to contact me to complete the short sale. They did leave me two messages on my voicemail to contact them but the never said why.
I was informed that I did not have to answer an 800 number call regarding the matter. Every call that I received was from an 800 number. Finally, this woman on the other end of the line told me exactly what I needed to do and submit for the short sale. I wrote the information down, and recited it back to her. She said that the information was correct, so I proceeded.
Within 5 days the 37 pages of documentation was submitted via fax. I called to confirm that they had eveything they needed. I didn't hear from them for another 3 weeks. I called them back to find out what was taking so long, they said that the process was timely but a month long?
When I reached yet a different representative they informed me that the documentation had stalled because I didn't have the correct documents. The representative on the line stated verbatum that "the wrong information was given, and that they apologize for that."
I re-submitted the proper documentation. The representative this time said that if I didn't hear from them in three days to call. I talked to a different representative every day for the next week.
Finally, a representative was assigned to my file. She then informs me that the reason I was declined for a short sale is because I did not complete an interview regarding my finances. We then conducted the interview required to complete the short sale.
Upon completion of the interview, I informed the woman that I had already disucssed the information with the very first person that I spoke to back in April. Also, part of the initial documentation for the short sale proceeding was a spreadsheet of the exact same information.
I also told her that the last representative that I spoke to said that they had made a mistake regarding the documentation that I needed to start the short sale process. She then verbally attacks me over the phone stating that I was wrong in my claim.
To conclude the story, my realtor calls me to say that the buyer got tired of waiting and that he had recinded his offer. I now am going to have a foreclosure and a low credit score to my name. When I purchased the home I agreed to pay it in full, but there is nothing in the documentation stating that I cannot sell it.
Wells Fargo is nothing but a bunch of thieves. They were bailed out by the government and still conduct shotty business practices, screwing the end consumer in the process. I have since been trying to pull all of my accounts from the banking giant to prevent further problems.
I have also been entertaining the idea of possible legal action to try and recoup funds that it is going to take me to rebuild my credit from where it should have been post short-sale to where it is now at foreclosure. If any attorney in North Dakota reads this I'd entertain the idea of starting a class-action suit against Wells Fargo, and I'm sure I am not the only person paddling this boat.
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