"That's awesome for the homeowner...but does that mean you don't get paid?
There has got to be a better system than this one we have in place.
Good job :-)"
CJ Thomas's Discussions
Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off.....
Started this discussion. Last reply by Tamara Dorris Dec 5, 2011. 7 Replies 0 Likes
I have a file with Wells Fargo (ASC) that was going along relatively smoothly. BPO done, offer price pre-approved, was send to investor for approval. I was expecting an approval letter any day when…Continue
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Tamara Dorris replied to CJ Thomas's discussion Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off.....
CJ Thomas replied to CJ Thomas's discussion Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off....."Thanks for all of your replies.
So I followed up with my negotiator to see where I should go next. She told me that they had released the lien as a result of the charge off and the homeowner now owns the property free and clear!! …"
Gordon K replied to CJ Thomas's discussion Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off....."I recently obtained 1st/2nd approval for a short sale with a similar situation. The 2nd was charged off from Chase to ASC, then back to Chase, then to another 3rd party. It was a nightmare. Wells Fargo might be having trouble with that one, too. Do…"
Gordon K replied to CJ Thomas's discussion Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off....."Ask Wells Fargo if they need an unpaid balance statement in order to proceed. I am working one as we speak and Wells Fargo needed an unpaid balance statement (as the 2nd lienholder) from their own bankruptcy dept, but I had to call to obtain…"
Melina Tomson replied to CJ Thomas's discussion Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off....."I currently have a short sale with Green Tree/GMAC that was charged off. At least with them it was sent to their collections department which is a separate department and you have to negotiate with the collections folks for the short. …"
Keji Ogunleye replied to CJ Thomas's discussion Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off....."Ask Chase who it was sold to... then negotiate with the new company.."
Brian Avery replied to CJ Thomas's discussion Wells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off....."The file was probably sold to a collection company for $$. Ask your sellers if they have received any paperwork from a collection company? You may have to negotiate with them. "
CJ Thomas posted a discussionWells Fargo (ASC) Won't Do Short Sale b/c file is Charged Off.....
I have a file with Wells Fargo (ASC) that was going along relatively smoothly. BPO done, offer price pre-approved, was send to investor for approval. I was expecting an approval letter any day when I got an email today saying: "The file is charged off and we are unable to complete a short sale." Has anybody had experience with this kind of situation. Even with the file being a "charge off" the house will still need to be sold either by a foreclosure or through a short sale. Why wouldn't…See More
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- Active in the short sale biz since 2006. Short sales are the key focus of my business and represent the vast majority of my closed transactions. Looking forward to connecting with other experts in this group.
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