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: 1433
Latest Activity: on Tuesday

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 [email protected]
OR [email protected]

ESCALATION DEPARTMENT 866-605-0829

Wells Fargo Executive Offices:  800-853-8516

Discussion Forum

Denying Buyer

Started by Susana Nunez. Last reply by Cami Pinsak Oct 26. 10 Replies

Escalation

Started by Steven Jackson. Last reply by Ben Benita Oct 18. 2 Replies

Online WF Short Sales?

Started by Neil L.. Last reply by Alexis Adams Aug 2. 3 Replies

Comment Wall

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Comment by Jan Sanderlin on June 26, 2017 at 3:08pm

@Jenny, I have successfully completed several short sales where there was a non resident person on loan and/or title.  We wrote letters of explanation as to why they had abdicated their interest in the property.  We did not use their financials nor did we have them on the contracts.  They did however have to sign off of the Grant Deed and any short sale documentation provided by the Bank. Make your case to your short sale negotiator and ask what they would need to make this happen. If you don't ask you will never know!

Comment by Thom Colby CA Brkr 888-391-5245 on June 26, 2017 at 2:54pm

I've only had ONE out of hundreds of short sales I've completed where one person would not participate.  The wife was so angry she filed BK, divorced him and moved out of state which forced the husband to file BK.  The guy threatened the bank (in writing) that he would burn the house down before he would leave unless they paid him $50,000.  I dropped the listing and finally 5 years down the road the lender foreclosed.  Even the Sheriff knew about him and wouldn't intervene.  BTW, this was a $1+ Million home.  It was so not worth it.

Comment by Jenny L on June 26, 2017 at 2:35pm

I figured as much...just wanted to ask.  Spoke to Home Preservation Specialist who stated that pretty much we are screwed if she doesn't sign it. 

Thank you to all who responded.  Much appreciated!

Comment by Deb Clark-Wyles on June 26, 2017 at 2:31pm

I have had success with other banks saying that the co-borrower refuses to participate and that the borrower and co-borrower are not speaking and the co-borrower is refusing to pay anything toward the loan and has basically walked away from their partnership.  I have had that work a couple of times. I make it a big part of the hardship letter. A quit claim does you no good, since that doesn't remove them from the loan.

Comment by Thom Colby CA Brkr 888-391-5245 on June 26, 2017 at 2:19pm

The co-borrower is equally 100% responsible for repayment of the loan as well as responsible to participate in the short sale process.  If they do not participate, there likely will be no short sale.

Comment by Brett Goldsmith on June 26, 2017 at 2:11pm

It's highly likely they will want the co-borrowers financials and that they would need to sign the approval letter too or any affidavits. They shouldn't need to sign the listing if they aren't on title right? It's possible the mortgage servicer wants them added back to title though too, I've seen this at times.

Comment by Melody Medley on June 26, 2017 at 2:11pm

I send a letter of explanation as to why you are removing the co borrower along with the quick claim deed. It helps if the co borrower is not living in the property and is not contributing in anyway. I include this information in my letter of explanation as well. 

Comment by Jenny L on June 26, 2017 at 2:06pm

The co-borrower's name was quit claimed off of the deed when we were doing mediation to hopefully eliminate the need for her financials since she did not reside in the property.  Do you think the bank would be willing to assist or not unless both parties were in agreement?

Comment by Brett Goldsmith on June 26, 2017 at 2:02pm

Borrowers need to participate in short sales. If they were on title only they could just get off, but if they are on the loan, it's potentially a huge problem if they don't cooperate as they can't get off the loan. I've seen this many times.

Comment by Melody Medley on June 26, 2017 at 1:55pm

If they won't sign the listing agreement, maybe they would sign a warranty deed over? Then they don't have to be apart of the short sale at all or the listing. Good luck. 

 

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