Comment

Comment by Pacita C Dimacali on January 12, 2010 at 12:09pm

Is there another number/fax for Wells Fargo for the second loan? My short sale has two loans, both with Wells Fargo. Sent the entire package to the main number. Person I talked with initially said they'll handle both loans --- but not sure if that is correct. I never know whom/what to believe.

Comment by Kent Dills on January 12, 2010 at 12:35am

Melina, I've closed several with Wells that had Mortgage Insurance and they weren't any more difficult than those I've closed without. It is an extra week or some time in process because they have to send file to MI company for approval. If you can document the hardship, they'll still want to liquidate pre- versus post-foreclosure! Make it happen! ;-)

Comment by Melina Tomson on January 11, 2010 at 4:38pm

Judy did you get that short sale close where the seller wasn't in default. I have some potential clients where they will be unable to make payments soon, but are current.

I'd love to hear anyone's experience with Wells on imminent defaults. These folks have just Wells and then PMI. Thoughts?

Comment by Kent Dills on January 2, 2010 at 2:26pm

Teri, Sorry took so long to respond. Just closed a Wells Fargo short last week that had MI. They had to get approval from the MI company of course, but there was they did approval and didn't ask for increased purchase price or a promissory note. Went pretty much by the book. Love working with Wells Fargo!
Margaret, welcome aboard!

Comment by Margaret C. Taylor on January 1, 2010 at 3:17am

Just visiting for the first time and excited to see how the discussion works. I'm just working my first Short Sale and it is with Wells Fargo. I'm sure I will be back soon.

Comment by Kent Dills on December 27, 2009 at 6:26am

Stephen is absolutely correct about "as long as the Borrower makes their post BK petition first mortgage payments on time the court will typically not grant relief". However, according to the National Association of Mortgage Brokers, about 80-85% of BKs get kicked out of BK court either through Reliefs or Dismissals. Either way, the home will need to be sold short or it will get foreclosed on. IMO ;-)

Comment by Stephen B. McWilliam on December 27, 2009 at 6:11am

Actually, as long as the Borrower makes their post BK petition first mortgage payments on time the court will typically not grant relief from the automatic BK stay. This is assuming the Borrower wants to keep the property under the terms of that mortgage. Payments on the junior liens would not be an issue if these mortgages are not protected by any equity in the property. They are considered unsecured creditors in that case.

Comment by Kent Dills on December 27, 2009 at 4:43am

Mike, the BK is just a stall tactic for the sellers. Their mortgage lender will file a judgement for relief to enable them to foreclose on the home. Then the sellers will again have to decide whether to short sale or let the bank forclose. Or, you can do as Bryant suggests and discuss with the seller's BK attorney. That might speed things up a little. But is sounds like the sellers don't necessarily want to speed things up. ;-(

Comment by Bryant Tutas on December 27, 2009 at 2:34am

That sucks Mike. BK is always an option for a seller. It helps to explore this option prior to placing the property on the market as a short sale.

If it helps chances are the BK Trustee will be happy to remove the property from the BK so a short sale can still take place. The property has no equity and therefore no value to the creditors.

It would make sense to run this by the BK Attorney.

Comment by Bryant Tutas on December 26, 2009 at 10:02am

Great job with the closing Bud. And thank you for the kind words.

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