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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
Comment
Title finally got payoff after 3 weeks when BofA sent thier payoff on 1st TD and copy of print out showing 2nd was pruged from their system and advised to wait for a recon. Instead, Title got a new payoff from United Guaranty.
I'd be looking into a 2nd lien cash settlement. That could result in the most favorable outcome for them ( potentially increase equity ). Feel free to call me about this. 310-564-6389
2nd Payoff came from UNITED GUARANTY and mailed to lockbox at: Wells Fargo Bank Attn: United Guaranty Lockbox 601860 1525 West W.T. Harris Blvd., 2C2 Charlotte, NC 28262 --------------------------------------------------------------------------------
is the 2nd charged off? Who is the servicer?
Thank you Brett and Brian, So even if loan is purchase money with BofA as 80/20? BofA did a HAMP loan mod in 2013 reset loan to 40 yrs plus lates/fees 420K became 490K? And 2nd never sent notice it was sold to them nor did BofA. Owners assumed the loan mod was it. What is best route if they need to move to a more suitable affordable housing now besides SS that can ruin their now, rebuild credit?
Owners understood BK protected them from creditors while the loan mod took care of their upside down mortgage under HAMP.
@esperanza The 1st and 2nd likely would of had to been modified separately. They are never combined through modifications. Maybe they could try to do a 2nd lien settlement if they have cash available, but it depends on the 2nd's equity posistion. BOA is a hard bank to settle 2nd MTG liens with outside of a short sale. To my understanding they only entertain 2nd MTG settlements if the lien is charged off.
Bank of America is not required to include a second in a loan modification. Although there is a little known law about the non-collectibility of a second that originated at the same bank as the first. Since short sale seems a bad option for your sellers, your best bet is probably for the sellers to negotiate directly with the second for the reconveyance.
HI Brett, the second is a private lender who bought it from BofA. Original is $102K and now sent a payoff in escrow for $155K including back interest and fees! I think there is somehow "not right" that BofA did when they approved the loan mod of the owners. Owners are moving to a cheaper but bigger home out of Bay Area for their growing family. If we short sale they will loose the equity they thought they had and now with bad credit. Is it not that if BofA did the loan mod under HAFA program the 1st and 2nd should have been combined? Not make sense if the 1st is mod adding all the fees and 2nd is still there. So still underwater.
Whenever I ask lawyers why they didn't get a release (recon) from the 2nd after the BK, they say the clients don't want to pay them extra to get it. But it prevents them from selling the house without some sort of settlement to the 2nd. If the sellers don't want to or don't have the money to negotiate with the 2nd, why don't you relist the property as a short sale and sell it that way? The first can give the second up to $12,000 if you do a HAFA (and it first is not a GSE).
@esperanza A 2nd lien cash settlement might be an option or you can look into a short payoff with the 2nd when you sell the home. [email protected] 310-564-6389 www.ishortsalenow.com
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