After weeks of working on this Pleasant Hill short sale earlier this year, we just could not get the mortgage insurer for Wells Fargo to approve this short sale. No one wins in
these situations. We even tried three times, hoping to net the bank more, get them more money to avoid the mortgage insurance denial – to no avail. We finally took it off the market in the spring, unfortunately, the only choice at that time was foreclosure. There was just no budging Wells Fargo’s mortgage insurer. Worst part was that Wells Fargo would not even tell us who the insurer was so we couldn’t call and try to make a case. Case closed.
But no! I got a call this week from the new servicer. You see, MCM Capital bought a huge porfolio of Wells Fargo’s non performing loans and got a new servicer, BSI. BSI Servicing is now reaching out to breath life in old short sales. They want the deals to close, and they want us to relist the property right away. They promised a 48 hour turn around time for approval decisions and can close within 30 days. Now that’s what we’re talking about!
Ultimately Wells Fargo never did file the final Notice of Trustee Sale on this Pleasant Hill short sale, and instead has let it languish for months, over a year without payments, though for 6 of those months we tried in vane to get them to accept a strong market value offer. Sometimes short sales don’t make sense, especially when a mortgage insurer is involved. It is the top reason these days I see any short sale denied.
Have you been notified BSI has taken over your loan servicing? Did you try and fail to do a short sale previously? Well, call me! I’m now in BSI’s system and can help you with one of their short sales in Walnut Creek, Pleasant Hill, Concord, Clayton, Martinez and all around Contra Costa!