Up to now I have had 100% success rate on short sales and I have been using the CDPE packet as I did in my last short sale through Wells Fargo.
This morning I was looking through this site and the Wells Fargo documents and I see they have their own set of docs. I have a current listing that may be going into short sale and I need some help on this.
1. Do I need to do this on Equator now?
2. Do I need to use Wells Fargo's documents as opposed to CDPE?
3. I've been hearing that they are starting to go after the deficiency in a short sale. Has anyone else had issues with this?
I sure appreciate being part of this site where we can go for informative answers.
Thank you.
Tags:
many lenders require their own documents
Thanks for your reply Joseph. You know......I have heard that, but I've always used my CPDE packet and have not had a problem up to now. Just wondering if things are changing again.
I don't initiate a sale in Equator until I have offer in hand. Not necessary. If it's a WF primary then likely you will need to initiate in Equator. HELOC's get faxed in. Use WF docs. I have not had a WF sale approved YET where they reserved their deficiency rights, but there is no way to tell up front. They service for a LOT of investors, and usually that is investor specific.
Hi Smitty,
Thank you for responding. Your information is helpful. It is a primary and only. Either way, I guess you're saying that I definitely do have to do it through Equator. Any helpful tips?
Be patient. WF on equator is cumbersome and time consuming. I like BOA, GMAC, nationstar much better. WF is repetitive and IMO takes much longer. Just make sure you're seller is prepped that you'll need a lot of information from them, as you'll need data throughout the process that isn't part of your packet.
Good luck.
Thanks for the help Smitty.
Linda,
It's also worth finding out who the investor is, what type of loan it was (fha, conventional, fha), and if their is mortgage insurance (ideally, who the mi company is). With this you can often find out more about how the short sale will be handled, including deficiency judgements.
Jim,
Could you enlighten how to find out who the investor is? I have worked several short sales but didn't realize you could get this information.
Thanks
Robin
Loans can be looked up on the Fannie and Freddie site.
You can check in MERS with the MIN number
You can send in a QWR
Sometimes you can ask and they'll just tell you. I asked on a BOA file last week and the negotiator was nice enough to tell me. I don't necessarily NEED the information but if there was ever a huge issue you can go directly to the investor unless it's a pool..then it's difficult.
Just a little clarification. In MERS you'll need the last four of the borrower's soc to get the investor information.
Also, I would strongly suggest that you send in a QWR at the beginning of the listing, anytime that the investor cannot be identified from the fannie, freddie, and MERS sites. The reason is that the servicer has 60 business days (3 months) to respond, so you don't want to be sending this in when you're already in a snag, because by the time you get the information, the deal will be dead.
Sending in a QWR (qualified written request): look on the back of the borrower's mortgage statement, they usually list an address for the "correspondence department" or they may even say send qualified written requests to ___. In this request ask for the identity of the investor and the mortgage insurer.
Good Luck.
Thanks so much for the information. It is very helpful and interesting.
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