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

Comment

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Comment by Dean E Eshelman, CPA, CDPE, IRES on August 22, 2016 at 5:35am

@james Property being local may be problematic. If you moved move than 50 miles due to job, then variance can usually be obtained. (I am doing one of those now - FHA).

Comment by James Faulkner on August 22, 2016 at 5:28am

I know the short sale will ding my credit, but I can mitigate that.  I cant mitigate a default or foreclosure.  At least that's what my lawyer saids.

Comment by Dean E Eshelman, CPA, CDPE, IRES on August 22, 2016 at 5:27am

@ James Direct Message escalation department on twitter, Tap on the envelope and it will open the Direct Message window, then "@Ask_WellsFargo" (without quotations) state your contact information and property address and account number -- no personal identifying information. Second file a complaint with http://www.consumerfinance.gov/complaint/

Comment by Brett Goldsmith on August 22, 2016 at 5:24am

@julie - I've completed many short sales that borrowers are current. It depends on the investors guidelines and borrower financials.

@james - short sale will ding your credit if completed.

Comment by James Faulkner on August 22, 2016 at 5:20am

The property is local to me. In Fitchburg, MA.  Its under water a 100k, tenant situation is impossible, and my job depends on my credit score so I am really over a barrel here.

Comment by Julie Lyons on August 22, 2016 at 5:17am

@James Faulkner, I have actually never completed a short sale that was not at least 30 days in arrears.  In fact, the short sale departments won't really talk to a Realtor/short sale negotiator unless the mortgage payment is in arrears.  Lets ask the pros here:  Has anyone completed a short sale that was current on the mortgage payments???

Comment by Brett Goldsmith on August 22, 2016 at 5:15am

@james Sorry to hear that. That is a standard PFS guideline and is something I'd screen for from the get go on a FHA short sale. Missing a payment wouldn't be the solution. You can push at HUD to see a variance can be submitted to allow you into the program but it's a long shot with your given circumstances likely. Is the property local to you?

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by James Faulkner on August 22, 2016 at 5:05am

After dragging my short sale request out for almost ten months on a 3 family house, and after telling me they were going to order an appraisal they rejected my short sale request.  The reason they gave me "Occupancy or Rented more than 18 months PFS/DIL requirement not met".  Its a BS reason. 

I am fighting it through the executive escalation team.  Unfortunately because of my job I cannot miss payments on the mortgage to pressure the bank.  This property is ruining me financially and mentally.  I would love to hear ideas on any other options I might have to get Wells to reverse their decision.  Does anybody have some contacts at Wells that have some decision making ability?

Comment by Esperanza Agbayani on July 27, 2016 at 5:56am

Hi Everyone! Whew! I finally closed the story on these clients who originally has a loan mod program with B of A and when we listed it last January, the second showed up! So, the 2nd TD was included in their BK but it is still tied to the property. With my assistance, the seller negotiated the 2nd from $155K down to $45K with the issuance of full recon and no derog reported. Indeed the lender agreed. However, most of the lenders would not accept this and still stated that it was a short pay. EXCEPT ONE Senior Loan Officer who was able to present this to the FHA underwriter that, officially the home was foreclosed by BofA in 2011 when the sellers were issued an NOD and after 2 years, were sent a letter offering a loan modification. It took us several lenders and 4 months until finally they are now settled in their new home from a 2 BR condo to a 3 BR 2 year old single family home. It was a hurdle, but it was finally a success. 


Appreciate this forum. Thank you for sharing. 

Comment by Helena Kaucheck on July 27, 2016 at 4:14am
You can use your own authorization. Make sure it has the pertinent info including last 4 of social. Must be signed and dated. No electronic signatures. Also some lenders may expire out the authorization after a few months.
 

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