I’m working on a property with three mortgages and am looking for some ideas. Here’s the deal. The property has already gone to Sheriff’s sale and we have two months left in the redemption period. The banks are as follows: 1. National City, 2. Associated Bank, 3. Wells Fargo. Associated Bank and Wells Fargo have both agreed to take $1000 for their positions. Wells Fargo has a BPO on file showing the value of the property as $270k, Associated Bank has a BPO showing the value as $260k and National City has one from January showing the value as $309k National City will not accept an offer I presented for $290k, (I’m the Realtor representing the seller). They say it’s too low; their BPO is clearly inaccurate. They won’t order a new one because they can only order one every six months.
Here is the real kicker; Wells Fargo has been hounding me about when I expect to get National City to sign off on the 1st position. National City I’ve learned is actually servicing the loan for Wells Fargo and they’re telling me that they won’t even present the offer to Wells Fargo because it’s too low. Of course I’ve told them that Wells Fargo has a BPO on file showing the value to be $270k; well below the offer I’m presenting, but they don’t believe me and it appears that privacy laws prevent the two from talking. From what I’ve read about loan servicers they often have a conflict of interest and it appears they’re looking out for their interest and not Wells Fargo’s.
Any thoughts on how to get this done. I’m running out of time.