• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Gainesville FL Real Estate & Homes

Gainesville Real Estate Talk

MENUMENU
  • Home
  • Search
        • Basic Search
          • Advanced Search
          • Vacant Land For Sale
          • Map Search
        • Condominiums
          • Luxury Home Search
          • Gated Communities
          • Homes with Pools
          • Community Pool Neighborhoods
        • SW Gainesville Homes
          • NW Gainesville East of I-75
          • NW Gainesville West of I-75
          • NE Gainesville Homes
  • Buyers
        • Home Buyers Process
        • Luxury Homes
        • What’s Your Wish List?
        • Mortgage Calculator
  • Sellers
    • Free Market Analysis
    • Our Listings
    • Our Marketing Plan
    • What’s My Gainesville Home Worth
    • Preparing Your Home for Sale
  • Communities
        • SW Gainesville Homes
          • NW Gainesville-E-I-75
          • NW Gainesville-W-I-75
          • NE Gainesville Homes
          • SE Gainesville Homes
        • Alachua
          • Archer
          • High Springs
          • Jonesville
          • Micanopy
          • Newberry
        • Haile Plantation
          • Town of Tioga
          • 55+ Communities
          • Condominiums
          • Gated Communities
  • Resources
        • Home Service Providers
          • Local Photo Gallery
          • Relocate
        • Government
          • Utilities
          • Hospitals
          • Local Schools
  • About Us
    • Testimonials
    • Our Listings
  • Blog
  • Market Reports
  • Contact Us

Deed in Lieu of Foreclosure – Wells Fargo Frustration

December 11, 2011 by Chris Bohn

Deed in Lieu of Foreclosure Story

I want to share this Deed in Lieu of Foreclosure Story. Just in case you hadn’t read a definition, according to Wikipedia the definition of  “Deed in Lieu of Foreclosure” reads:

“A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.”

As a Realtor® representing a home owner, I have had the property on the market as a short sale for almost a year.  My time is invested in that property. (But we know the risk).   We had one contract, and it took so long to get an answer, but we finally ended up in counter-offer from negotiator, and the buyer will not agree to negotiator counter, so he bails.

Offer #2 comes along,  and the Wells Fargo is very fast to reply that the offer is now rejected.   Rejected?  Why?  The 2nd offer equals the amount of the Wells Fargo counter-offer on the first buyer.  How can that be?

Wells Fargo states that a short sale scenario is no longer an option and MY CLIENT’S only option is Deed in Lieu.   Their reason:  the PMI company cannot agree with Wells Fargo investor.  End of story.  File is closed on Equator system. The Wells Fargo negotiator tells me that he is not allowed to talk to my client.  He (seller) must speak ONLY to point of contact immediately, and he provided name and phone number.

My client has called and left messages for his Wells Fargo “Point of Contact” since November 16th.  (Notice today’s date of 12/11/11)

My frustration is beyond words.

Filed Under: Gainesville Real Estate Tagged With: Deed in Lieu of Foreclosure with Wells Fargo, Wells Fargo Short Sale

Footer

RE/MAX Professionals

The Bohn Team

Christine Bohn, Broker Associate

Michael Bohn, Sales Associate

4011 NW 43rd Street, Suite C
Gainesville, FL 32606


Find Out More About Us

 

Popular Searches

Gainesville Luxury Homes

Gated Communities in Gainesville

Pool Homes in Gainesville

Jonesville-Newberry-Homes for Sale

Gainesville Condos & Townhomes

Haile Plantation Community

Community Pool Neighborhoods

Connect With Us

Copyright © 2023 · Agent Focused Pro by Winning Agent · Log in