The Subordination Request

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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 years so we will need you to provide those documents in order to finalize the subordination request.  We have to have the subordination since you have the second mortgage with us in order to keep that Line of Credit open and available to you.

I will be out of the office today with no access to email.  If you have any questions, please reach out to [Wednesday].  Thank you.

I had refinanced in the past and had my equity line subordinated and it was a pretty simple process, as a matter of fact it happened so seamlessly I did not even know it happened until it was over.  However, I had not refinanced since Wells Fargo had acquired Wachovia or since the mortgage meltdown.  Before I even started down this refinance road with WFHM I reached out to Wells Fargo Home Equity and asked about the subordination process and what would be required.  The nice man I spoke with took a look at my file and my history with Wells Fargo and let me know I was an “excellent candidate for subordination” and assured me it should be no big deal especially if I kept my first with Wells Fargo Home Mortgage.  This conversation, plus the slight right in interest rates, played a large part in my decision to stick with Wells Fargo despite all of the hassle and as yet unfulfilled promises.

I got everything together and sent it in to Faith and Wednesday, with a request to confirm receipt, which I received from Wednesday almost immediately and Faith the following Monday.

Tuesday and Wednesday I requested and received updates from Faith that we were waiting to hear back from Wells Fargo Home Equity on the subordination.  On Wednesday afternoon I received a follow-up from Faith which was a forward of an email from the processor:

“Hi [Faith]-

I have sent all needed conditions to subordination uw for review. I will let you know once I have an update .

Thank you!”

In trying to keep a positive attitude, I focused on my pending trip to the Carolinas on 5/4/12 and the fact I could probably get this worked out to close while I was in town.  That would have been a good thing and was enough to keep me positive.

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