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

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Comment by Kim Boekholder on December 21, 2011 at 11:14am

Anyone dealt with a short sale thru Wells Fargo that is a VA loan?  I've worked short sales with Wells Fargo before but I haven't worked on a VA short sale before.  Any tips would be greatly appreciated

Comment by Jim Schneider on December 13, 2011 at 6:06am

Has anyone delt with negotiator Ebony Gill on a short sale? Any information would be helpful.

Comment by Cody Lampariello on December 8, 2011 at 3:34pm
If you have enough to pay the 291k why are you even dealing with the shortsale department? Use the 291k pay-off and short sale the second. As a title agent we could close with the attorney pay off.
Comment by Janie Howard on December 8, 2011 at 2:48pm

Today I got the pay-off from the attorney - $291,000 yet WF wants a $3k cash contribution from a seller who has nothing, will only pay $6k on a $223k 2nd PLUS WF wants $327k at closing - $36k more than their pay-off!  Completely illogical offer plus this negotiator won't communicate or negotiate with me. We are two weeks from sale date and I think I need to escalate past her.  This cannot foreclose.  Can anyone guide me on who to escalate to?

Comment by Kevin - Greenville, SC on December 7, 2011 at 7:19pm

You'd be surprised (or maybe you wouldn't). I've had lender tell me the Buyer cannot contribute to a Subordinate Lien Holder and was told that would be a dual contract.

Comment by joe beauchamp on December 7, 2011 at 7:09pm

Janie, your closer?  Cash contribution means the bank wants the seller to bring that cash to the table to add to the deal.  A very common term - how can the bank closer not know this?  It makes me think that is not the term used.

Depending upon which entity wants it, you can often get that dismissed.

Comment by Janie Howard on December 7, 2011 at 6:22pm

Still working through this settlement with WF...  thank you Thom for all your help.  WF will not disclose their true pay-off figure unless through the attorney which I have requested and am told I'm told we will wait 10 days for.  We've applied for another discharge of the lien from the IRS.  The 2nd, BofA still claims the home is worth about $150k more than it is and claims they will foreclose themselves if that is the case.  Comps I provided are now being reviewed by their valuation department.  (Their valuation by the appraisal company owned by BofA is $500k.  Offer amount $360k.  Actual value approx $400k max for a quick sale.)

But what I need help with now is a basic thing - the WF offer shows "Cash Contribution" on Line 403 of $3,000.  My closer and I are unclear what this is.  Originally we had requested Seller Relocation Assistance and so I was assuming that is what this is.  (BofA handles it this way on the HUD by putting it on Line 403 and increasing the payoff to themselves.)  The "Cash to Seller" zeros out but the amount is increased to the pay-off to the 1st lienholder.  

I have no rapport with the negotiator.  She will not engage with me or ever answer any of my questions.  So any help you can provide would be wonderful!

Comment by Thom Colby CA Brkr 888-391-5245 on December 2, 2011 at 4:57am

@Janie - Have the Settlement agent (escrow, title, whatever) request a Demand Statement from WF.  If, as you say, there's enough money in the deal to make them whole, then onthe HUD show WF being paid off and give the 2nd (BofA) the balance. 

 

It's likely no one will pay the IRS lien.  BUT, the Seller can take the estimated HUD to the IRS office and show there is no equity for the IRS to be attached to.  They (IRS) will release their lien for the escrow to close BUT, your seller will need to make a payment arrangement with the IRS (it's easy as long as they have filed their subsequent years taxes and owe less than $25,000).  It might take a few weeks to get that actual release from the IRS but it will happen if the Seller cooperates.  ONLY the SELLER can make this happen.

 

Best of luck !

 

Thom Colby

Broker

Newport Beach & Palm Desert CA

Comment by Janie Howard on December 2, 2011 at 4:45am

How can I find out the pay-off balance with WF? Our HUD gives 15% to the 2nd BofA of about $32k and $6300 to an IRS lien plus it makes WF just about whole in the transaction according to my figures of a recent statement plus outstanding payments. WF says the investor won't pay anymore than $6k to the 2nd BofA and will not pay off IRS liens. WF counter looks to me as though pay-off will give them an extra $35k at closing. I've asked the negotiator for the WF pay-off balance but she doesn't respond. I have tried Cust Serv but their automated sys says the property is in SS and therefore, they cannot provide the pay-off balance. Any insight will be appreciated.

Comment by Victoria Frieberg on November 19, 2011 at 5:01pm

i am beginning to include the name affidavit right from the beginning also..having seller notarize right off the bat...

 

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