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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
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Wells Fargo Line of Credit Division 866-961-6861 or 866-970-7821
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Fax: 866-834-7850 or 866-834-7949
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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
@Jenny L; in reading the threads, it sounds like you're doing your utmost to save both parties the potential legal and financial issues that comes from a foreclosure vs. a short sale. In the 10+ years in Real Estate and the couple of hundred short sales I've worked, the emotional hurdles are always the hardest to overcome. I receive referrals from attorneys sometimes and regardless, when I sit down to discuss I have to address the emotional part first. Any issue surrounding a valuable asset (regardless if it's under water) will bring about emotional responses. Threatening to sue you is not a normal response but it's an emotional one for sure. The Lender and investor holds the cards on this one and their requirements must be met to allow for a short sale. That doesn't mean you can't ask and try to work with the lender for a solution but chances are if it's an FHA- most requirements are non flexible. The best thing to do is truly educate the parties on what is and isn't required or allowed. FHA also has other requirements aside from the paperwork that could effect the approval of an ATP (Approval to Participate). I've worked with HUD/FHA to resolve issues with the Lender and/or to provide clarity on Lender based demands that seem to be out of line or just flat out ridiculous tactics in delay. In fact, working on one right now with Freedom Mortgage servicer that has FHA on my speed dial. If you continue to run into an impasse, suggest they go to a Real Estate attorney to get some more advise (it will cost them though) and work with HUD/FHA to locate information about the process. Since the law is outside of our area of expertise, you're best off to send them to someone who can not only counsel them but provide the potential pitfalls for doing one over the other. That way it's their choice - good or bad- and you're not being pulled in as a party to the decision. You are not considered Arms Length so like others have mentioned here, get yourself out of this and have another agent do this. It may also cool down the emotional temperature of the parties. As for the paperwork, you're going to need both parties to participate. A quit claim is only taking them out of Title not out of the debt. Wish you much Luck and hoping this works out for you.
Jenny, also check with your Broker, as your E&O may not cover a non-arms-length short sale.
Elizabeth is correct! Jenny, get someone else on this ASAP. You won't collect a commission, and this is not arm's length, which puts you at risk as far as your license and involvement! There are some really good resources for HUD/FHA short sales but you have to work the sale first to escalate to complain. God luck!
Thom: It's been a while that I've encountered one of those, too, but I would guess probably not. The banks are really cracking down today. I had a short sale recently in which the buyer's agent was also the mortgage lender for the buyer, and the short sale bank rejected it. We had to bring in another agent to represent the buyer. Also had the bank reject a mother representing her son as the buyer's agent to buy a short sale, again, had to substitute representation.
Depends who the investor is, but many times if a family member is representing buyer/seller they wont' pay out commission.
Elizabeth - I can't remember but can Jenny represent her husband / her mother on this sale? If she can, will she be allowed to collect a commission?
Your mother is threatening to sue you? Did I read that correctly? You also might want to hand this over to a third party and not be involved. It's not arm's length.
Oh, I hate to say this, Jenny, but your troubles are just beginning. Since this is an FHA loan, you will be in for a long horrible short sale. You need to deal with HUD, and you need to qualify for a preforeclosure sale, and there are a bunch of hoops to jump through, even worse if there was a recent loan mod. Best of luck to you. I suggest you google FHA short sales.
I will go ahead and submit the listing agreement anyway and see what they say. The other party is already aware of the judgements and possible tax if it goes to foreclosure. Thank you very much for your information. Its an FHA loan out of the state of IL...I was really hoping that it wasn't going to be this difficult.
This is also not a divorce case...It is my husband and my mother who are on the loan together.
In California, you don't need both signatures on the listing agreement to take a listing. I've closed a bunch of short sales where I've started out with only one party. Some of them I've closed with just that one party, too. You might consider removing one party's name from the listing and submitting it that way. If they look at the public records and ask about party 2, you might suggest party 2 will sign an interspousal deed at closing.
These are harder to do, no doubt about it. But banks do make exceptions. If one negotiator won't cooperate and is "going by the book," let the file cancel and get a different negotiator. People are idiots.
Also, I've had a lot of luck gaining cooperation from parties who did not want to cooperate by explaining what happens with, in most instances, a hard money loan. How the hard-money lender will have the right through a judgment to garnish wages and attach their bank accounts, and that the foreclosure will stay on their credit report for 10 years.
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