Letter of Consent from Wells Fargo

Our coop recognition agreement requires a letter of consent from Wells Fargo if we are to take out a HELOC. We have been struggling for a month to get this document, but no one at Wells Fargo seems to know how to obtain it for us or, in most cases, even what it is. Is anyone aware of a solution to this exasperating problem? Thanks, BarryN

amwoah

in About Brooklyn 9 years and 4 months ago

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chjuran | 9 years and 4 months ago

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Look. it’s not a matter of a friendly receptionist putting you through to a helpful bank worker who can provide the letter of consent for you. The coop situation is simply not as straightforward as home equity on a primary. Wells has no compelling reason to consent to anything, especially when it would change their position as to the secured debt. So they will simply not play ball. If you propose to borrow from them, you can approach as a customer and they will then suddenly understand, and the person you need will made accessible. You don’t ultimately have to borrow from them. But that would be one way to effectuate the process

amwoah | 9 years and 4 months ago

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chjuran, Yes, the procedure for our coop requires approval–the letter of consent–from Wells Fargo. I don’t get the impression, though, that the issue involves Wells’ insisting, without expressly stating, that the HELOC be issued by them. It seems to be more a matter of an inability to put us through to the right party within the bank itself.

chjuran | 9 years and 4 months ago

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It sounds like you will have to go through your board to get approval and have your heloc subordinated to the primary mortgage of the coop, which is presumably with Wells, if I understand correctly. It’s possible that Wells would not allow you to to do this or insist the Heloc be done with them

amwoah | 9 years and 4 months ago

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Cate, After nearly a month of back and forth,the Wells Fargo representative finally advised us to have our lawyer contact them about a letter of consent. The representative did not give a phone number for the appropriate department, however, and, according to our lawyer, Wells Fargo does not give him information about whom to contact. We are now waiting for the new representative from Wells to tell us whom to call.

cate | 9 years and 4 months ago

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Have you asked your lawyer to contact the appropriate person at Wells Fargo?