Wells Fargo Home Equity Solutions Approval Letters - 2nds - Deficieny Release Language.
We have a file in which we just received the final conditional approval letter for this 2nd - the language in the letter states that "Wells Fargo will release its mortgage or deed of trust on the Property". but does not state that they will not pursue the borrower regarding future deficiency issues.
The negotiator stated that they cannot alter these letters from the legal department and if they were going to pursue them they would have sent the "other letter" that contains this language.
Regardless we are not comfortable with this language as it is ambiguous -
Has anyone ever had any luck getting language changed on these 2nd approval letters or does anyone have anyone to whom we can escalate this file?
Thank you for any information you may have.
Jeanne Johnson
The Lawyer's Group
Scottsdale, AZ
480-951-7146
Replies to This Discussion
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Permalink Reply by Mike Horton on
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Jeanne, I would suggest you review Combs Law Group FAQ on short sale. They address the issue of lien release and deficiency with some case law concerning the release of purchase money loans. The same information is also on the AAR magazine site under legal issues section of past magazines. WF may not be able to adjust the language if the investor prevents that language within the agreement letter. If this is not a purchase money loan you will likely not get a deficiency removal.
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