Wells Fargo demanded a full payoff even though short sale is requested.
1st is Wells Fargo $981,000.00
2nd is CitiMortgage $338,000.00
Offer is $1,035,000.00
Wells demanded a full payoff and disregarding the 2nd. Suggested if ever shortsale is used only $3,000.00 to CitiMortgage.
What is the best way to convince Wells Fargo to accept a short of $22,000.00 versus foreclosing on the property where they get a lot less.
Replies to This Discussion
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Permalink Reply by Mark Raatz on
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Guess again Alexander. Read this blog post about "shared loss agreements" the big boys have with the unwitting taxpayers.
http://blog.foreclosures.com/is-the-fdic-killing-short-sales/
Wells is mentioned as one of the players. -
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Permalink Reply by Ben Benita on
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At the risk of sounding like a smart _______, just ask.
:-)
Asking a second to take $3k on a $338k note is just dumb......if you push back on them you will find this is actually one of the easier short sales you have (upper end homes generally go MUCH MUCH smoother than thelower end properties) -
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Permalink Reply by Sherrilee Denton on
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Right on BEN! Good advice as usual! :)
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