I am in the process of going through a short sale on my property. Due to the massive foreclosures in my neighborhood, the value of my home is below the amount due on my loan. I have since moved out-of-state for work and have been working with Wells Fargo to approve the short sale to allow a buyer to purchase the property. A short sale would not only avoid foreclosure of the property but allow both the bank, the buyer, and the seller to complete the sale of the property with minimal loss financially to all parties.
However Wells Fargo has policies in place that make this process very difficult. The requirements of these policies hold absolutely no merit other than to cause financial harm to its customers.
One of Wells Fargo's requirements are to send documentation to a specific fax number within 72 hours. When asked why 72 hours, no answer can be given. If they do not receive the requested documentation in 72 hours, they will close the short sale.
If they receive the documentation after the 72 hour time limit, they will keep the file closed and will only open the file if another 7 forms of documentation are faxed to a specific fax number.
Finally, when the documentation is sent to Wells Fargo, Wells Fargo then requests changes to the documentation with another 72 hour time limit.
This process has not only hurt myself as a customer but has also hurt the buyer and his family who is waiting on Well Fargo to approve this short sale.
Other malevolent business practicies that Wells Fargo does is convienently 'lose' documentation that has been emailed to them, or simply state that they are not allowed to receive external email.
This process has been ongoing since April of 2012. It is now August and once again Wells Fargo has closed the short sale approval process and has requested another 7 forms of documentation.
This business practice needs to stop. Big Banks needs to stop bullying their customers.