Wells Fargo Short Sales

Information

Wells Fargo Short Sales

Wells Fargo and ASC (America's Servicing Company)

This group is for information, tips and solutions for Wells Fargo short sales.

Members: 1439
Latest Activity: Oct 27, 2022

Wells Fargo Short Sale Information

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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

Discussion Forum

What can I expect?

Started by Beth Walsh. Last reply by James Franko Nov 1, 2021. 6 Replies

Violation to Receive Additional Funds

Started by Kay VanKampen. Last reply by Brett Goldsmith Oct 8, 2019. 2 Replies

Investor denial

Started by Angie Fraguas. Last reply by Brett Goldsmith Jul 11, 2018. 3 Replies

Comment Wall

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Comment by Helena Kaucheck on May 10, 2016 at 4:24am

Thanks Sabrina.  Brett--Sorry mistyped...I'm NOT ready to give up yet....

Comment by Sabrina Simpson on May 10, 2016 at 4:20am

I have done short sales for years.  Worked with Wells Fargo, B of A, US Bank, Flagstar and now Ocwen.  I have had amazing success when I finally gave that job to National Closing Center.  Here is there website:  http://processingshortsale.com/ Kimberly has been helping me and she is AWESOME!

Comment by Helena Kaucheck on May 10, 2016 at 4:14am

Thanks Brett.  In the last 10 years of working SS, I've never had a WF take this stance before. It's as if they never saw the distribution or took into account the first being Wells.  The Jr. Lien was an equity line bridge so was used as Purchase money.  I though at first it was charged off too but according to 2nd is fully active on their books.  They keep referring to attorney which is confusing since there was nothing in file to state that the file was sent to collection nor should it have been because it is current.  If there is someone else I can escalate to that would be great.  I know it may appear to WF that I'm fighting a losing battle but this is definitely one for the record books and I'm ready to give up yet since it's so strange.

Comment by Helena Kaucheck on May 10, 2016 at 4:05am

The first gave the 2nd $6000.00 per the 2nd's requirements.  The 2nd throughout the course of the 1st's approval period maintained that they only needed $6000.00 as the basis for their approval.  It took about 2 months to obtain the approval from the 1st with the $6000.00 (review/processing time).  When I sent in the approval letter from the 1st showing the $6000.00 going to them, the 2nd came back and denied the SS.  After I escalated and demanded to speak to a manager to explain why there was no communication allowing us the ability to update our files or word that there was anything else to provide, the Jr. Lien stated that they may look at $15,000 to release their lien.  I went to the OTP and they assigned an equity line SPC to us who said that his solution is to write a letter and have Seller offer what they can.  I asked the 1st if they will allow a cash distribution to the 2nd and they said that this is not allowed.  If there is anyone else in WF world that can help that would be great.  When speaking to the OTP earlier they were surprised that this is happening and said that in the past, if there is a 1st and 2nd on their books they would review Both as 1 file.  I was told to submit the files separately

Comment by Brett Goldsmith on May 10, 2016 at 3:59am

@helena it's tough to know exactly what is going on from the outside especially with a stranger situation like this. Is the 2nd lien a HELOC or a charged off note? Generally 2nd liens with WF will follow suit to a WF 1st. 

[email protected]

310-564-6389

www.ishortsalenow.com 

Comment by Helena Kaucheck on May 10, 2016 at 3:40am

Has anyone had a short sale with Wells Fargo in first and jr. lien position where the Jr. lien denied the short sale after advising that they ONLY need $6,000 to proceed and the approval letter from the first? No requests came from Jr lien during the wait on the First lien approval and when approval was sent in; we lost our negotiator.  UW denied the SS but I did escalate to the Office of the President.  Jr.Lien reps, however, extremely non cooperative on providing reason going as far as telling me if they told me the reason it would allow the Seller to possible "change their information and commit fraud".  I have no idea what the heck they are talking about.  OTP C/S says they can only ask for clarification.  First lien says we are NOT allowed to contribute in any way to the Jr since they received the max on distribution.  Bal on Jr. is $32k with $6k being provided.  Any help is deeply appreciated.  Thanks!

Comment by Kevin - Greenville, SC on May 4, 2016 at 9:53am

both were in active foreclosure prior to an ATP.

Comment by Kevin - Greenville, SC on May 4, 2016 at 9:52am

I didn't realize you were with WF. I just got two approved from two different servicer's the other day after I had FHA NSC intervene.

Comment by Chad Gelsinger on May 4, 2016 at 9:48am

Kevin, typically the only times we can get the 84% approved is if there is an ATP. If there is an Active Foreclosure prior to the ATP, the minimum net proceeds needs to be 88%. Did you have a generic ATP or was it buyer specific? Who was the servicer?

Comment by Kevin - Greenville, SC on May 4, 2016 at 9:44am

Chad Gelsinger,

not necessarily... just got 2 approved at 84%.

IF the seller is in "active foreclosure", you must meet the 88% net proceeds. There will be no reductions in the net proceeds. 

 

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