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: 1439
Latest Activity: Oct 27, 2022

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

What can I expect?

Started by Beth Walsh. Last reply by James Franko Nov 1, 2021. 6 Replies

Violation to Receive Additional Funds

Started by Kay VanKampen. Last reply by Brett Goldsmith Oct 8, 2019. 2 Replies

Investor denial

Started by Angie Fraguas. Last reply by Brett Goldsmith Jul 11, 2018. 3 Replies

Comment Wall

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Comment by Brenda Houghton on February 25, 2015 at 5:25am

I'm not an attorney, but clearly the seller is setting up himself (and potentially you) for a non-performance lawsuit. Late last year I had a seller who threatened to pull out of a Fannie Mae short sale at the last minute, with a fully executed, no-contingencies-left contract.  The buyers were in a similar situation as are yours, in temporary housing with their stuff packed and ready to go. When I informed the Fannie Mae asset manager on the account of the development, his reply was "Sucks to be you". In our situation, we were able to get the seller back on track by explaining the liability to which she'd be exposing herself (and us!). In Texas, non-performance on a contract can mean treble damages.

Comment by Dean E Eshelman, CPA, CDPE, IRES on February 25, 2015 at 3:44am

Bryant - Agree, Seller decision, not lender. Can't make the seller sign if he choose to default on contract.

Comment by Bryant Tutas on February 25, 2015 at 12:44am

Dean this is really a decision for the seller to make. If they don't want to close you certainly can';t force them. Sounds more like a seller issue than a lender issue.

Comment by Dean E Eshelman, CPA, CDPE, IRES on February 24, 2015 at 6:24pm

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 9:04am

have them pull their own credit score(s).

https://www.creditkarma.com

Comment by Kevin - Greenville, SC on February 24, 2015 at 9:00am

i believe a credit score of zero is below 620.

Comment by Kevin - Greenville, SC on February 24, 2015 at 9:00am

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 8:57am

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 6:20pm
Brenda Houghton Thanks.
Comment by Brenda Houghton on November 24, 2014 at 12:18pm

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'.

 

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