Wells Fargo Home Mortgage is notorious for the being nit-picky. Whether it is that one of the contract is not executed to their liking or when they ask you to submit their own listing and contact addendum one thing is guaranteed and that is that they do not want to lose on a deal more than a certain amount. Now as this makes sense it can sometime be counter productive as they will need to pay these fees potentially after a foreclosure sales any way. Property taxes not being paid by the homeowner in some cases can be a deal killer. The same goes for HOA dues. Most lenders will no allow for the HOA dues to be paid out of the proceeds of the sale unless the state is a super-lien state.
A super-lien state is a state in which the lien placed but a Sr. Lien or Jr. Lien may still be superseded by certain types of liens. One of these liens is the kind of lien placed on the property by an HOA.
Proper negotiations can help mitigate the losses but this is not always preventable. Wells Fargo for example has a set rule that concessions can not exceed 10%. Special approvals can be made past this point but not before upper management has been able to approve any of these arrangements which can also be a reason that your review can take a bit longer.
We have seen hundreds of cases fail prior to making it to us and while we have helped in many cases find a solution that was right under the everyone’s noses. Feel free to post your comments and questions below.
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