Can a WF Employee purchase a home with a WF 2nd HELOC?

Can a WELLS EMPLOYEE OFFER ON A HOME WITH A WELLS 2ND HELOC LIEN?  Help if you know this as the HELOC dept. of Wells had no idea on the answer...1st is wth BofA, 2nd is a HELOC with Wells...I know Wells employees cannot purchase a Short with a 1st lien with Wells and a foreclosure with Wells...how bout a HELOC 2nd?

 

Thanks 

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Replies to This Discussion

Permalink Reply by John Treadwell on October 28, 2010 at 6:28am
I would say No as Wells Fargo always make you sign a arm length notice
Permalink Reply by Jeff Payne on November 1, 2010 at 2:48am
What would them being a Wells employee have to do with arms length transaction. Arms length to me is that the seller is not related to the buyer and Wells is not the seller
Permalink Reply by Melissa Polce on November 1, 2010 at 3:07am
Jeff-

Thanks...In Charlotte they have excluded Wells employees from purchasing Wells foreclosures and short sales - have had with Wells/Wachovia 1st's...so with it being a HELOC...not sure, we are rollin with the offer anyhow minus the employee so...will see if it will fly. Thanks
Permalink Reply by Jeff Payne on November 1, 2010 at 3:09am
That is a great way to treat their employees isn't it. Seems like that would be illegal to exclude a Wells employee from buying one of their REO properties.

Melissa Polce said:
Jeff-

Thanks...In Charlotte they have excluded Wells employees from purchasing Wells foreclosures and short sales - have had with Wells/Wachovia 1st's...so with it being a HELOC...not sure, we are rollin with the offer anyhow minus the employee so...will see if it will fly. Thanks
Permalink Reply by george chris verdugo on September 27, 2012 at 11:31am

hello melissa did so what was the result? did the heloc prevent the the employee from buying it?

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