Can I submit short sale package prior to purchase offer?

I have done a few  short sales, but this is my first Wells Fargo Short Sale listing. Can I submit the application through Equator, prior to receiving a purchase contract, to help move things along? I also heard that it will go through HAFA first?

There is one loan, it was a refinance, on a primary residence, loan amt 290K, property value about $225K in California. The refinance was done after January 2009. Does Wells Fargo have their own HAFA program that the seller could possibly qualify for?  The Seller does have a true financial hardship and said that within a few months she will be unable to make the mortgage payments. Thank you, Tina

Views: 114

Replies to This Discussion

Permalink Reply by Tara Polley on October 1, 2011 at 5:47am

Sorry Tina, 

Seller is not eligble for HAFA if the loan was originated after January 2009. Unless it's an FHA, you'll have to go Traditional and wait for an offer. Just have all the financials, tax returns, hardship letter, etc ready to go. 

Permalink Reply by T Arnold on October 1, 2011 at 6:04am

Thank you Tara,

Okay, so no uploading information to Equator, until I have an offer in hand. I will have seller gather all documentation so we are ready. I was aware of the Jan. 2009 HAFA guideline, but was hoping that Wells offered their own type of HAFA Short Sale that didn't have that requirement. Oh well.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************