Wells Fargo and ASC (America's Servicing Company)
This group is for information, tips and solutions for Wells Fargo short sales.
Latest Activity: Oct 27, 2022
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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
@kay You need to check with the 1st lien if the investor or insurer allows contributions to show on the settlement statement. Some do ( typically private investors ) and others do not ( GSE's typically have caps or may not allow contributions ( FNMA AND FHLMC ). If it's allowable you simply write an addendum and show it as a contribution on the HUD towards the subordinate lien payoff.
I had a short sale with Wells Fargo in first and Citi Mortgage in 2nd a few years back. The 2nd demanded twice the offered amount and Wells Fargo allowed the additional funds to be paid to Citi Mortgage. Thom's comments are prudent and wise. It was a while ago however I do recall the ADM covered those bases.
Excellent point made by Thom Colby. Although you likely have something in your paperwork that makes the short sale closing contingent on short sale approval, and you might not get approval with a buyer contribution to the second. The first lender's usual objection is if there is any money floating around, that lender will want it.
Specify the loan # that will be paid against - also put something in there that says the buyers contribution is contingent on written approval from both the first and the second and it will be paid through escrow at closing..
Kay - lso search this forum for "2nd lien"
Kay -- You don't say what type of mortgage (FHA etc). So is the 2nd asking for more that $6,000. A lot of times the first will allow a payment to the second up to $6,000 to close rather than the buyers paying. Put the $$$ first lien is to pay the 2nd on an estimated HUD. I have never had buyers contribute to 2nd.
I need help. I am preparing an addendum for the buyers to contribute additional funds to the second mortgage, Wells Fargo) to satisfy the lien. This is what I wrote: Buyers and Sellers agree that Buyers will contribute $$$$$$ to Wells Fargo Home Mortgage at closing to satisfy short sale conditions.
I want to make sure the first mortgage does not come back for additional funds.
Have any of you had to write this up? Please share if you have.
Hi Pamela that’s happened to me a couple of times. I make every lender send me something in written form (email typically) acknowledging the green light to proceed as well as confirm receipt. Some lenders don’t green light in email form so I address through verbal documentation.
It is nerve wracking! I’m glad it’s being addressed. One of those times happened because the rep went on vacation. The transaction took shouldn’t be effected by internal disorganization
I don't know how many of you still are doing short sales with WF. I got Short sale approval letter which clearly states to submit final HUD 48 hours before closing. I did.... and It's been a full week now. It was finally pulled from a Shelby V Johnson and given to another Debra Gilchrist. Still waiting. Buyer in the lobby ready to close. LOL
@julie typically depends on investor, but many servicers have 5 business days and a weekend as the marketing time line as this is a FNMA and FHLMC guideline. FHA short sales have different marketing time frames depending on foreclosure status, etc.
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