After last week’s fiasco with Wells Fargo not processing the payment from my short sale closing, I thought it couldn’t get any worse. I was wrong. I called today to confirm that the payment had been received and that the loan had been closed. They said yes, they received the payment, but no, the loan wasn’t closed. Apparently they need a stamped HUD-1 from the title company. Supposedly they asked title to send this to them late last week. That’s almost two weeks after the closing. Why they couldn’t have asked for that right away is beyond me. These obstacles continue to come out of the woodwork. I don’t think that I am at risk, and I sure hope that the buyer isn’t at risk. But it’s damned frustrating to have made it through the entire short sale process and still face loose ends.
I ran into yet another stupid bank trick from my HELOC lender. Their statement came in the mail a couple days ago and showed the same past due amount as before even though they received $3k from the short sale. Rather than applying the 3k as a payment, they applied it as a principal reduction without reducing the past due amount. Doesn’t matter, they will get nothing from me anyway. But I found it interesting that they want to make it hard rather than easy. They refused to release liability as part of the short sale, which will push me over the edge into Chapter 7. It’s just plain stupid on their part. They should realize that if I had money to pay them, I wouldn’t be doing a short sale in the first place, and that the odds that they will ever collect on that loan are minimal.
If nothing else, this experience has proved to be an education. I’ll follow up when I know more.