Archives for July, 2012

It should be any minute now

On May 10 I asked “Faith” for an update but never received a reply.  I gave Wells Fargo Home Equity a few more days on the subordination before reaching back out to “Faith” for an update on May 15, 2012.  Her reply on May 16 was not particularly impressive: “yes, I’m fine.  Thank you for […]

What is a Subordination Request?

A quick Google search will give plenty of information on the definition of subordinate but what exactly does it mean to subordinate a mortgage? sub·or·di·nate adjective /səˈbôrdnit/ Lower in rank or position – his subordinate officers Of less or secondary importance – in adventure stories, character must be subordinate to action noun /səˈbôrdnit/   subordinates, plural A person […]

Light at the End of the Tunnel?

After my initial excitement over hearing back from Perry Farmer, the branch sales manager, so quickly I sent an email specifically asking a few questions: Thank you for the courtesy of replying to my email.  I do not mean to be rude but I seem to frequently hear that Faith and Wednesday are out of the office […]

The (non) Closing Day

Around 1pm on July 6, five months after loan application was made, I have yet to hear a word from anyone at Wells Fargo Home Mortgage.  Nothing from Faith the loan originator or her boss Perry, Wednesday the processor, Tamika the closer or Wednesday and Tamika’s boss Lynn.  I sent a nice email to Faith […]

Shattered Dreams

Wells Fargo Home Mortgage was supposed to have all of the paperwork in my lawyer’s office by noon today.  As  result, I had been watching and waiting all morning for my HUD-1 so I could transfer funds and get everything I needed to my lawyer’s office for tomorrow’s closing when I got the dreaded email from […]

Requests from Wells Fargo Home Equity

Suffice it to say, getting through the Wells Fargo Home Equity subordination process was not the walk in the park I was lead to believe it would be and we were faced with more requests and even redundant requests.  Finally on April 30, 2012 after several emails, I finally got word from Faith that Wells Fargo Home Equity was […]

Clear to Close!

Magic to my eyes!  I have had several teasers over the last few months but this is the first time I have seen these lovely words.  Certainly there must be a catch! Email exchange with Faith the Wells Fargo Home Mortgage loan officer: Faith: We are clear to close on this file.  What day did you […]

The Subordination Request

On Friday, April 20, 2012 instead of closing on my refinance with Wells Fargo as expected, I instead get an email from Faith: We’ve heard from the subordination dept.  They have requested that we provide 2 years tax returns.  We only required one year for the process of your mortgage, but subordination dept has required 2 […]

Three weeks later…

After waiting patiently for three weeks I began to get concerned again, as I would have expected to have heard from Wells Fargo Home Mortgage to set up a closing date.  Although they were not able to close at the end of March as originally planned I was hoping to close the first week in […]

The Appraisal

On March 23 the appraisal finally came in at $430,000.  That was a little lower than I had anticipated but Faith assured me we were still at 71% loan to value assuming the maximum on the equity line so we should be good to go.  Yay! I love it when things start to fall in […]

The Week of Closing (take 1)

On Monday morning, April 16, 2012 I was further encouraged to have a few busy days of email exchanges with my Wells Fargo Home Mortgage loan officer “Faith” as she got what I thought were the last few i’s dotted and t’s crossed. On Wednesday April 18, 2012 I sent Faith with WFHM an email asking for […]