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: 1428
Latest Activity: Aug 14

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

Online WF Short Sales?

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

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

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Comment by Thom Colby CA Brkr 888-391-5245 on June 27, 2017 at 9:17am

Elizabeth - I can't remember but can Jenny represent her husband / her mother on this sale?  If she can, will she be allowed to collect a commission?

Comment by ElizabethWeintraub00697006LyonRE on June 27, 2017 at 9:16am

Your mother is threatening to sue you? Did I read that correctly? You also might want to hand this over to a third party and not be involved. It's not arm's length.

Comment by ElizabethWeintraub00697006LyonRE on June 27, 2017 at 9:14am

Oh, I hate to say this, Jenny, but your troubles are just beginning. Since this is an FHA loan, you will be in for a long horrible short sale. You need to deal with HUD, and you need to qualify for a preforeclosure sale, and there are a bunch of hoops to jump through, even worse if there was a recent loan mod. Best of luck to you. I suggest you google FHA short sales.

Comment by Jenny L on June 27, 2017 at 7:13am

I will go ahead and submit the listing agreement anyway and see what they say.  The other party is already aware of the judgements and possible tax if it goes to foreclosure.  Thank you very much for your information.  Its an FHA loan out of the state of IL...I was really hoping that it wasn't going to be this difficult.

This is also not a divorce case...It is my husband and my mother who are on the loan together. 

Comment by ElizabethWeintraub00697006LyonRE on June 27, 2017 at 6:53am

In California, you don't need both signatures on the listing agreement to take a listing. I've closed a bunch of short sales where I've started out with only one party. Some of them I've closed with just that one party, too. You might consider removing one party's name from the listing and submitting it that way. If they look at the public records and ask about party 2, you might suggest party 2 will sign an interspousal deed at closing.

These are harder to do, no doubt about it. But banks do make exceptions. If one negotiator won't cooperate and is "going by the book," let the file cancel and get a different negotiator. People are idiots.

Also, I've had a lot of luck gaining cooperation from parties who did not want to cooperate by explaining what happens with, in most instances, a hard money loan. How the hard-money lender will have the right through a judgment to garnish wages and attach their bank accounts, and that the foreclosure will stay on their credit report for 10 years.

Comment by Jenny L on June 27, 2017 at 4:53am

Well, I spoke with WF today and they confirmed that unless the co-borrower signs there is really nothing that I can do.  I do not have a negotiator to speak with because the listing agreement has not been signed therefore I have no buyer at this point to submit package to the bank. 

Would anyone suggest that I submit in writing to the bank anyway and see what they say?  Which department??  This is so messed up!! 

And to top it off the co-borrower has threatened to sue me because I will not agree to use her attorney.  So she will not sign the listing agreement because I do not want to utilize her attorney, which means the house will most likely be foreclosed on then...how is that my fault and what in the world does she think she can sue me for?

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.

 

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