Wells Fargo Short Sales

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Wells Fargo Short Sales

Wells Fargo and ASC (America's Servicing Company)

This group is for information, tips and solutions for Wells Fargo short sales.

Members: 1423
Latest Activity: on Wednesday

Wells Fargo Short Sale Information

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Wells Fargo Short Sale Info and Items Needed

Wells Fargo Short Sale Dept 1-866-903-1053    (see below for ASC forms)
Short Sale FAX 1-866-969-0103
Letter of Authorization Fax 1-866-917-1877

Mortgage Servicing 1-877-841-5301.

Wells Fargo Line of Credit Division 866-961-6861 or 866-970-7821

Third Party Authorization: 866-917-1877 (fax)
Fax: 866-834-7850 or 866-834-7949

Email format Firstname.MiddleInitial.Lastname@wellsfargo.com
OR Firstname.Lastname@wellsfargo.com

ESCALATION DEPARTMENT 866-605-0829

Wells Fargo Executive Offices:  800-853-8516

Discussion Forum

Wells Fargo Short Sale - HELP HELP HELP

Started by Allan Robinson. Last reply by Allan Robinson Nov 10, 2016. 3 Replies

FHA Investor Wells Fargo since June of 2015

Started by Robin Lemmons. Last reply by Gladys Nunez Nov 2, 2016. 4 Replies

Wells Fargo Short Sale: Seller Not Delinquent

Started by michael bellamy. Last reply by Gladys Nunez Nov 2, 2016. 5 Replies

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Comment by Dean E Eshelman, CPA, CDPE, IRES on February 24, 2015 at 9:24pm

Have a short sale with Wells, both lender and investor, VA loan. got contract in Nov 19. Short sale approval Jan 13 from Wells. Closing per contract "on or before 45 days after lienholder approval. Inspections done all went well. Appriasal USDA perdicated Water Heater for a leak, Buyers Home warranty replaced. Closing set for Feb 19. Feb 17 Seller decides he is not moving. Has no money for rent and deposits. Has 3 dogs and 2 cats, which he says in no way is he going to part with. Has money for attorney -- who call and says Seller is electing the 45 days as closing. OK so far as Wells did not give us an approved HUD by 19th anyway. Submitted updated HUD. HUD rejected because Block E was not sellers forwarding address. Wells tell me on Feb 23rd, Seller calls Wells and says he does not wish to do a short sale. Wells asks for a signed amendment from seller confirming dates. What??? Feb 24 confirmed with Wells they were reading contract wrong as to date of expiration and so we both on the same page closing is Feb 27. Wells wants to allow seller to rescind contract where all contingencies have been met and I told Wells there is no provision to rescind at this point. Now Wells says to me "so you are going to force the seller to close" --NO, I am processing contract according to terms.  Negotiator says the Sellers circumstances could have changed and they want to talk to the seller before they decide. Reminded them that their own guidelines say you can not do a Modification and Short Sale at the same time and Seller was already denied a modification.  Today Wells is getting together with supervisors to decide and will let me know tomorrow. I asked Wells if they wanted to assume that liabilty. Never mind the fact that I told Wells Buyers Agent informed me Buyers have terminated their lease, have everything on a truck since the 17th and Buyers spouse is to move into said school district to retain custody of 4 children. --- What a mess this is. Any suggestions as to how to object to a Wells decision (if that is what happens tomorrow) to cancel short sale?

Comment by Kevin - Greenville, SC on February 24, 2015 at 12:04pm

have them pull their own credit score(s).

https://www.creditkarma.com

Comment by Kevin - Greenville, SC on February 24, 2015 at 12:00pm

i believe a credit score of zero is below 620.

Comment by Kevin - Greenville, SC on February 24, 2015 at 12:00pm

For Non-Owner-Occupants:  Mortgagor(s) are 90 days or more delinquent on their FHA-insured loan as of the date of the mortgagee’s review; and  Each mortgagor has a credit score of 620 or below. For Owner-Occupants:  Mortgagor(s) are 90 days or more delinquent on their FHA-insured loan as of the date of the mortgagee’s review;  Each mortgagor has a credit score of 620 or below; and  Except for servicemembers with PCS orders that meet the requirements for a Streamlined PFS, owner-occupant mortgagors must have been reviewed for loss mitigation home retention options. Mortgagees may only offer a Streamlined PFS or DIL to owner-occupant mortgagors when one or more of the following conditions have also been met: 

http://portal.hud.gov/hudportal/documents/huddoc?id=13-23ml.pdf

Comment by Sharon Burgos on February 24, 2015 at 11:57am

My sellers are trying to get approval from Wells Fargo for a short sale.  We have an offer.  My sellers are active military and the reason for the short sale is they received Permanent Change of Station orders and had to move away.  According to Wells Fargo, they do not qualify for a streamlined PFS because they "don't have a credit score"?  Therefore, Wells is now asking for all the financial documentation before they will review.  This doesn't seem fair - if you qualify for a streamlined PFS due to being active military, that should be the end of story, regardless of whether you have a credit score or not.  By the way, they do have credit scores - they bought a house and had several credit cards at one time!  My sellers' concern is they just got their tax refund for last year and it was about $10,000.  Is Wells Fargo going to ask for a seller contribution because of that? These are not rich people.  They are barely scraping by and that $10,000 could go a long way towards helping with bills.  Any help on how they can avoid handing that over to Wells Fargo would be appreciated!

Comment by Dean E Eshelman, CPA, CDPE, IRES on November 24, 2014 at 9:20pm
Brenda Houghton Thanks.
Comment by Brenda Houghton on November 24, 2014 at 3:18pm

In Texas, a title company representative isn't allowed to sign a non-promulgated form from a 3rd party. My title company has a stamp which states this, and they stamps the short sale affidavit form accordingly.  Prior to the stamp, the attorney at the title company would write a statement on the form that they will not/can not sign it. Period, end of story. The banks have to accept it. I would think the seller's title company should be the one to sign 'thanks, but no thanks'.

Comment by Dean E Eshelman, CPA, CDPE, IRES on November 24, 2014 at 2:48pm

Both Buyers and Sellers Title Companies say they will not sign Short Sale Affidavit -- Now what?   https://reo.wellsfargo.com/short-sale.aspx (Shortsale Affidavit PDF) Only one place for one title company to sign anyway - so which are they wanting to sign -- Seller's Title comp?

Comment by Vincent Donaldson on October 4, 2014 at 6:54pm

 

Hello again, I was totally confident this matter was at an end. I submitted your copy of a "Conditional Commitment to Release Tax Lien" Brian, and one from another forum realtor who helped as well. Between the two, one a judicial state, Pennsylvania, and the other a non-judicial state, California, we not only provided the precedence required, but proved the type of foreclosure state was not an issue in getting one issued.

Instead of IRS Letter 402 (12-2004) “Conditional Commitment to Discharge Certain Property from Federal Tax Lien,” I got another 4 page denial explaining why the governments first right of redemption had to be preserved and the taxpayer had to be divested of ownership rights in a confirmed sheriff sale before they could issue the release. At the end of that letter was a two sentence acknowledgement saying, "We have received the copies of 'Conditional Commitment to Discharge Certain Property from Federal Tax Lien.' one was from Pennsylvania, the other from California," they said. Then they just close the denial letter.

No comment, or attempt to address their own form letter 402 (12-2004) that provides the same divestment of taxpayer rights, and the governments first right of redemption preserved, with the exact same verbiage they use about the sheriff sale, but allows it to be done with a short sale. It’s in the 4th paragraph from the IRS form letter they initially seemed to have had no knowledge of, and with this denial, simply ignored:

This is bordering on outright incompetence and I said as much in an appeal to the White House that is now before the Federal District Attorney. Not only are they refusing to provide the conditional release letter, or even acknowledge the existence of such, but they told the congressman's representative they had based their decision on two appraisals showing the property over $100,000 more than the selling price, one from 2011, and the other from early 2013! To my knowledge, there is not a real-estate judge, attorney, agent or bank that would consider an appraisal older than 12 months. Much less base a decision on it. And that’s with two current appraisals showing it worth now below the selling price of $350,000 due to an overbuild in 500K properties.

I'm in Oklahoma, can I please request anyone who has obtained that Conditional Commitment to Release Tax Lien, on an Oklahoma short sale to please provide a copy? I'm hitting the court house Monday to search, but counsel has said that without specific case numbers, I won't find much. We expect some word from the Federal appeal in a couple of weeks, but after this, I'm not as confident as I was of obtaining this basic Conditional Commitment to Release Federal Tax Lien form letter.

Sorry for the long post. It's a strange situation. Don't think there’s any precedent. If anyone has had an IRS block to their short sale like this, please let me know how you overcame it.

Comment by Vincent Donaldson on September 22, 2014 at 6:52pm

 

Brian, Thanks very much for your post...

I sent the following note with a PDF of your email and instructions. As noted to the congressman’s constituent case worker, I have done all you advised 6 months ago to the T. However we, for reasons unknown have gotten nothing but unsubstantiated push back from the IRS indicating a seeming lack of knowledge of these procedures, at least by the contacts I am dealing with, to the point of advising the buyer actually wait to bid at the sheriff sale as they could not release the lien, even with the bank settlement letter in their hands.

I have engaged an attorney who verified our position in requesting a lien release conditioned to page six of the bank settlement letter which concludes the foreclosure when funds are transferred and the sale is closed, which completely releases all the taxpayer ownership rights. He also sent them a copy of the court judgment which also did the same, yet they are persisting on not releasing this.

The Taxpayer Advocate Office said they needed specific evidence of a certificate of discharge, arising from a conditional letter of lien release, in a judicial foreclosure state anywhere, which is linked to a short-sale. That will then provide the precedent needed for the Tax Payer Advocate to issue what they referred to as a “Tax Payer Assistance Order” which would require the same certificate of release, conditioned upon page 6 of the Bank approval letter, namely the The terms of approval are after certified funds are received and approval is final… to be issued in this short sale case as well.

This is the strangest case anyone involved from us, to the President of Wells Fargo’s presidential escalation team, has ever heard of, in which the IRS seems to have no memory of issuing lien releases to bank approved short sales and needs a case number as evidence that it ever happened.

However, that is the order for this matter. Could you please, please just fax me over a copy of one of the lien releases you obtained for a short sale? They are public record, but even public library researchers and attorneys have refused to take on that kind of a search needed to find a specific lien release tied to someone’s foreclosure suit case, ending with a short sale. The State Case Number for that particular short sale is also public record and will also serve the purpose of providing the requested documentation that will trigger the order to provide our release.

 We are pressed with now the end of nearly 6 months with both Bank and Buyer saying the 30th is the end of this effort and the case will be closed and forwarded for the sheriff sale. Please fax over a state case number or two that had such a release attached to its final resolution. The congressman’s office was told they expect the long awaited final determination by Wednesday. But I really need to send them the evidence they demanded to insure it goes in our favor. My contact info is below:

Vincent Donaldson, Reddy Realtors, Cell 918-804-6217 FAX 918-779-7025

Thank you!

 

From Congressman’s office case worker:

Vincent,

I will send this on immediately.

I spoke with the Tax Payer Advocate Lead this morning and she expected a ruling last Friday.  Called and the person handling the case will be back in the office tomorrow.  We should hear something by Wednesday.

 

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