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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
Started by Beth Walsh. Last reply by James Franko Nov 1, 2021. 6 Replies 0 Likes
Started by Kay VanKampen. Last reply by Short Sale Superstars LLC Oct 8, 2019. 2 Replies 0 Likes
Started by Angie Fraguas. Last reply by Short Sale Superstars LLC Jul 11, 2018. 3 Replies 1 Like
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Anyone dealt with a short sale thru Wells Fargo that is a VA loan? I've worked short sales with Wells Fargo before but I haven't worked on a VA short sale before. Any tips would be greatly appreciated
Has anyone delt with negotiator Ebony Gill on a short sale? Any information would be helpful.
Today I got the pay-off from the attorney - $291,000 yet WF wants a $3k cash contribution from a seller who has nothing, will only pay $6k on a $223k 2nd PLUS WF wants $327k at closing - $36k more than their pay-off! Completely illogical offer plus this negotiator won't communicate or negotiate with me. We are two weeks from sale date and I think I need to escalate past her. This cannot foreclose. Can anyone guide me on who to escalate to?
You'd be surprised (or maybe you wouldn't). I've had lender tell me the Buyer cannot contribute to a Subordinate Lien Holder and was told that would be a dual contract.
Janie, your closer? Cash contribution means the bank wants the seller to bring that cash to the table to add to the deal. A very common term - how can the bank closer not know this? It makes me think that is not the term used.
Depending upon which entity wants it, you can often get that dismissed.
Still working through this settlement with WF... thank you Thom for all your help. WF will not disclose their true pay-off figure unless through the attorney which I have requested and am told I'm told we will wait 10 days for. We've applied for another discharge of the lien from the IRS. The 2nd, BofA still claims the home is worth about $150k more than it is and claims they will foreclose themselves if that is the case. Comps I provided are now being reviewed by their valuation department. (Their valuation by the appraisal company owned by BofA is $500k. Offer amount $360k. Actual value approx $400k max for a quick sale.)
But what I need help with now is a basic thing - the WF offer shows "Cash Contribution" on Line 403 of $3,000. My closer and I are unclear what this is. Originally we had requested Seller Relocation Assistance and so I was assuming that is what this is. (BofA handles it this way on the HUD by putting it on Line 403 and increasing the payoff to themselves.) The "Cash to Seller" zeros out but the amount is increased to the pay-off to the 1st lienholder.
I have no rapport with the negotiator. She will not engage with me or ever answer any of my questions. So any help you can provide would be wonderful!
@Janie - Have the Settlement agent (escrow, title, whatever) request a Demand Statement from WF. If, as you say, there's enough money in the deal to make them whole, then onthe HUD show WF being paid off and give the 2nd (BofA) the balance.
It's likely no one will pay the IRS lien. BUT, the Seller can take the estimated HUD to the IRS office and show there is no equity for the IRS to be attached to. They (IRS) will release their lien for the escrow to close BUT, your seller will need to make a payment arrangement with the IRS (it's easy as long as they have filed their subsequent years taxes and owe less than $25,000). It might take a few weeks to get that actual release from the IRS but it will happen if the Seller cooperates. ONLY the SELLER can make this happen.
Best of luck !
Thom Colby
Broker
Newport Beach & Palm Desert CA
How can I find out the pay-off balance with WF? Our HUD gives 15% to the 2nd BofA of about $32k and $6300 to an IRS lien plus it makes WF just about whole in the transaction according to my figures of a recent statement plus outstanding payments. WF says the investor won't pay anymore than $6k to the 2nd BofA and will not pay off IRS liens. WF counter looks to me as though pay-off will give them an extra $35k at closing. I've asked the negotiator for the WF pay-off balance but she doesn't respond. I have tried Cust Serv but their automated sys says the property is in SS and therefore, they cannot provide the pay-off balance. Any insight will be appreciated.
i am beginning to include the name affidavit right from the beginning also..having seller notarize right off the bat...
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