Wells Fargo Short Sales

Information

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

Comment

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Comment by Thom Colby CA Brkr 888-391-5245 on June 13, 2011 at 9:34am
Pamela - Good for YOU !!!!  Great ingenuity.  I also like the tactic of buying at least 1 share of a bank you're having difficulty with....  Become a Shareholder and let them know you are.
Comment by Pamela Lester on June 13, 2011 at 9:26am

Sean,

I had a short sale with Wells Fargo a while back and they cut my commision to 5%.  I got on line and started googling Wells Fargo board memebers.  When I  had a few phone numbers, I called and stated I woould have to think twice about helping a homeowner again with a Wells Fargo loan.  I said when this market turned around I would probably not be sending them any business.  I did get one very nice lady on the phone who said she would make some phone calls.  I received a call back saying the commission was being raised back to 6%.  I also just did this on a NON-Fannie/Freddie loan with GMAC and was able to get an exception on the commission back to 6%.  Stick to your guns.  LOL

Comment by Aida Gonzalez on June 13, 2011 at 2:14am
Thanks Tara, Wells FArgo explained to me that,' they send 2nd to this law fiorm for negotiations and short sales process'; I really never seen before this situation. This file was cancelled momentarely to see another option in a month.
Comment by Susie McLaughlin on June 11, 2011 at 5:23am

Hi Bryant - I just logged on to ask a ?? on what to do when WF denies a SS because of 'no real hardship'.  I have never had that happen.    I also got the 'one liner' from my negotiator.  I was very happy to see this comment thread.

 

WF says my borrower's DTI is not high enough.  He is a high wage earner & not late on house or any other payments - but has A LOT of debt, including his new wife's debt & she is a low wage earner.  We showed that on the income/expense.  His DTI is higher than 50%.  WF said his DTI was 32% - do they not include new wife's debt?

 

I am unsure on how to advise my seller. Does he go late on payments to be heard?  Any comments, phone numbers to execs & explanations of 'going straight to the investor' would be greatly appreciated.

Comment by Bryant Tutas on June 11, 2011 at 12:49am

I'm working now on going straight to the investor. I had really good communications with the WF negotiator until he sent me a one liner stating the investor denied and he's closing the file. Caught me off guard since we were just waiting on the written approval. I guess I'll actually have to work next week :)

 

I've closed all of my shorts with WF. There were a couple that were initially denied and I had tro start over. So I know it will eventually get approved. I have the buyer too and he is living in his camper waiting to move into this lakefront home. I guess he won't be taking me fishing now :)

Comment by Lillie Handy Dominguez on June 10, 2011 at 10:01am
Sounds like the WF investor was testing your Seller on the contribution to learn the level of hardship if any.

Do they have a real hardship?
Did they borrow the $20K? If so, tell the bank this would get them into a hardship.

I nothing works, let this short sale die and start over. They'll close the other file and start over. At that point, should they still want a contribution, counter 10% of what they want.

Good Luck,
Comment by Ben Benita on June 10, 2011 at 9:57am

Bryant, first time I have seen that, have YOU spoken to the Investor or are you just going by what Wells tells you?

You likely just need to "play the game" a little with the foreclosure possibility and speak directly to the Investor.

Is there a "cash to closing" number that they will agree to?

If payments are REQUIRED to be missed to prove hardship, see if you can get it in writing.

You could have someone else buy the note from the Investor?

Is the Seller THAT concerned about missing payments for some reason?

 

Best of luck, keep us posted.

 

Comment by AMY GERRISH on June 10, 2011 at 9:56am
Hi Bryan, I just closed a strategic w/ Wells Fargo. But I think it depends on the MI company.....But I think the high income/assets doubled with the no missed payments may have been the hurt on this one. The one I just closed had high income, but they stopped making payments and strategically requested the short sale during a period of the spouse's job contract ending. So we were able to play the job loss card and he wrote a phenomenal hardship letter . Seller did contribute to the loss too. Be we negotiated it down from $30k to $8k, eventually to $5k because the appraisal came in low.
Comment by Bryant Tutas on June 10, 2011 at 9:39am
Spent 2 weeks negotiating a seller cash contribution on a Wells Fargo strategic short sale (no missed payments, high income/assets, investment property). Seller agreed to bring 20k to closing. The file was sent to the investor for approval 2 weeks ago. They just declined the short sale due to no hardship. Any ideas?
Comment by Sean Barrow on June 10, 2011 at 8:24am

Hi Kevin,

It's a Wells loan, being serviced by BAC.  I probably should have started this thread in the B of A group, I'm going to re-post this question over there.  I like your thought though, it's exactly what I was thinking. 
 

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