Wells Fargo Declined SS, need help!
I have a client that contacted me to sell their home as a short sale after they went out and bought a property just a short distance away (no, I didn't represent them- didn't know them at the time). The new home is double the size of the old one and since purchasing the home I"m selling, they've had 2 children. I processed their Wells Fargo short sale as I would any other and I recieved this message from the negotiator:
I am the negotiator that was assigned to assist with a review of the file. A review of the file has been completed and based on the investor's guidelines, the seller would not be considered for short sale as they do not have a valid hardship. Having negative equity in the home is not a hardship the investor would consider. Seller purchased another home and stopped paying our mortgage. The seller should consider attempting to rent the property to generate income to keep the mortgage current.
Has anybody ever received a message like this? Is there a way to get the SS approved based on the space being too small for their family? Any insight or ideas would be much appreciated.
Thank you,
Replies to This Discussion
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Permalink Reply by Kristy Hamilton on
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I would guess that you may be dealing with a private investor. No, I haven't received a letter such as this as I haven't had a hardship submitted as such. What is their hardship? Maybe, if they added more detail to their hardship letter, it may help. I have had a short sale about a year about that was labeled "strategic default." It eventually closed, but it was a surprise and the Sellers and listing agent put in a lot of leg work. Seller helped with close contact with the lender - which we usually don't encourage due to the emotional aspect. Best of luck to you and your Sellers.
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Many investors do not consider"voluntary increase in family size" to be a hardship.
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Permalink Reply by Chad Dannecker on
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What about preschool costs, health insurance costs, etc? Any luck taking it at that angle.
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Permalink Reply by Jeff Payne on
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What is their hardship?
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Now has kids, health insurance costs, preschool costs etc. His income is still good so it's a tough one.
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Now has kids, health insurance costs, preschool costs etc. His income is still good so it's a tough one.
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What assurance do they have that waiting 6 months of being delinquent will make Wells approve the SS? I'm just trying to fully understand the strategy.
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Permalink Reply by TOP END Properties on
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Doesn't sound like a valid hardship to me either. :\ Even if they do eventually consider a short sale .. expect a deficiency judgement or a voluntary note.
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Thanks for the input!
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