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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
Started by Beth Walsh. Last reply by James Franko Nov 1, 2021. 6 Replies 0 Likes
Started by Kay VanKampen. Last reply by Brett Goldsmith Oct 8, 2019. 2 Replies 0 Likes
Started by Angie Fraguas. Last reply by Brett Goldsmith Jul 11, 2018. 3 Replies 1 Like
Comment
Ismael Medina, have you escalated this issue?
Does anybody know how to handle a Turn Down for an FHA short sale of a property that at one point was a Mixed use and now is 100% Commercial?
I was Turned Down for a Short Sale because Wells Fargo says that the property is now 100% Commercial and illegible for a Short Sale.
Thanks
Does anybody know how to handle a Turn Down for an FHA short sale of a property that at one point was a Mixed use and now is 100% Commercial?
I was Turned Down for a Short Sale because Wells Fargo says that the property is now 100% Commercial and illegible for a Short Sale.
Thanks
Dean, if the BPO and Appraisal are more than 10% apart, WF will have to go to HUD for them to determine the acceptable value. With WF, typically the acceptable sale price will be the appraised value. Sounds like WF can't give you the appraised value yet due to the BPO/confirmation. We have never had WF not give out the appraised value. It might take a few weeks. Brett is right.... Submit the contract and include the $3K relocation incentive. If it needs removed, WF will tell you.
In the first 30 days of the ATP, the 88% tier is the acceptable "net proceeds". FHA allows for 12% in total closing costs; 88% of the appraised value has to equal the net proceeds. After 30 days, it can drop to 86%... In another 30 days, it can drop to 84%.
IF the seller is in "active foreclosure", you must meet the 88% net proceeds. There will be no reductions in the net proceeds. Also, IF in active foreclosure, a "buyer specific" ATP will only be issued if the offer is meeting the proceeds requirements. If the offer is not meeting the terms, an ATP will not be issued. If you need anything else, let us know. WF is experiencing long delays due to a staff reduction (especially in their FHA dept). Chad
@Brett Already have a ticket opened with HUD. I always do that up front. So I just need to make the call to see what is going on. Thanks.
@dean I'd open up a case at HUD to see why ATP isn't being issued or escalate at the servicer. If the property is in foreclosure I'd submit the offer. I'd include 3,000 relocation as the worst case scenario is that it gets removed. ATP is borrower eligibility into the Pre Foreclosure Sale Program ( FHA SHORT SALE ). The program is set up in 3 tiers based on appraised value in regards to minimum acceptable proceeds. 88% NET 86% and 84%.
@Bret Appraisal is not being disclosed. BPO guy was coming in under the asking price, by his statements. Property is in foreclosure. We got that stopped. So we will submit the offer to Wells. Loan is $119. Offer is $70. Not sure what you mean about 88% tier? And on Preliminary Closing Doc if we show $3,000 relocation to Seller guess Wells will ask it to be removed?
@jack
WF stopped using equator and they are still taking 45-90 days estimated if everything moves smoothly.
310-564-6389
@Dean Do you know what the appraisal came back at? I would not assume the relocation aspect as generally for FHA borrower is only eligible if 88% tier is exceeded. If the property is in foreclosure an offer generally will be required for the ATP to be issued. If it's not then it's a choice of how you'd like to play cards, but without the ATP the deal isn't moving forward.
hey folks, havn't done a wells short sale in a while, estimated timeline? no other liens, just a 1st with Wells
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