Wells Fargo Refi on 1st and 2nd HELOC

Good morning!  I am assisting a homeowner in doing a short sale on their property in which they have owned since 1984.  They refinanced in the early 2000's and then took out a HELOC to do some renovations to the house.  They do have a financial hardship and are of retirement age, and they are forced into leaving their home behind because they can no longer afford it.

Has anyone had a similar situation?  If so, how did Wells Fargo handle it?  It is imminent that it will go to foreclosure if Wells will not approve a short sale.  I'm just in the beginning stages with no offer on the table yet and would really appreciate hearing from anyone with a similar experience.

Thank you!

Suzanne Martin, Short Sale Specialist in San Luis Obispo County

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Permalink Reply by Short Sale Superstars LLC on January 16, 2013 at 9:11am

Suzanne,

        You'll have to initiate the file into equator with Wells as 1st lien holder. If the file is HAFA eligible it will then be worked out of equator for the 1st. You will have to work with Well's HELOC department for the 2nd by faxing in the short sale package into them. Even when Well's handles the 1st if the 2nd is a HELOC it is worked separately. If the borrower's are current on their mortgage it will depend on the investor whether they can proceed with a short sale while being current.

Seems like a pretty standard short sale from the information you provided, but you never know until title is pulled and when the banks value on the property returns.

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Permalink Reply by Suzanne Martin on January 16, 2013 at 3:33pm

Hi Brett....the loans are not purchase money.  I've handled many short sales before but when a home owner refi's to pay for their kids education may be a different story.

Permalink Reply by Wayne Brooks on January 16, 2013 at 12:03pm

I have one with WF first, non HAFA and WF HELOC second.  10% to 2nd, both are happy.

Permalink Reply by Suzanne Martin on January 16, 2013 at 3:35pm

Was the first purchase money?  Mine is not.  They refinanced and took out a few hundred thousand to put their kids through school.  That's what I'm concerned about.

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