Buying defaulted paper from Wells Fargo - HELP!! - Posted by Amy B (TN)

Posted by Amy B (TN) on August 15, 2003 at 16:45:54:

Well that makes sense. That looks like the scenario we’re dealing with. I don’t remember what I said about their attorney but they honest to goodness didn’t act like they had a clue; had EVER dealt with a junior lienholder OR knew what selling paper/mortgages/liens was. Everyone transferred us to someone else, who transferred us to someone else. It was very frustrating.
Their attorney today told us that they would approve a postponement IF we agreed to payoff the first in full, as opposed to reinstate. She said they wouldn’t take reinstatement now since the date for it to be paid had passed. (They faxed us the reinstatement letter/amount the DAY it was due! The letter was also dated yesterday.) We are to the point we don’t know what to do. Thanks for responding Joe. I do appreciate it!

Buying defaulted paper from Wells Fargo - HELP!! - Posted by Amy B (TN)

Posted by Amy B (TN) on August 14, 2003 at 10:18:33:

I desperately need the number and/or name of someone with Wells Fargo who can facilitate the sale of some defaulted paper. They hold a first that is in default on a property where we hold the second. I continually get referred to an attorney’s office in Ark. that absolutely positively does not get it. Today they faxed me reinstatement papers (due today of course). I am going to remain calm. Pleaseeeeee someone help me. The sale is set for Tuesday and I guess I’m going to have to break down and fedex them $150 to postpone the sale 30 days. If they’ll take it. Surely someone at Wells would be happy to take money from me if they knew I wanted to send it !!!

Re: Buying defaulted paper from Wells Fargo - Posted by Joe Kaiser

Posted by Joe Kaiser on August 14, 2003 at 23:18:45:

It’s unlikely you’ll get the desired response you’re looking for from
Wells Fargo.

Wells Fargo may not even own the loan and may just be servicing
it. Or the loan may be insured by FHA or the VA or by private
mortgage insurance, and that may preclude them from selling
their paper.

The attorney does get it . . . most second mortgage holders are
looking to reinstate. Most second mortgage holders reinstate the
first and then do their own foreclosure.

Good luck,