Short Sale With Wells Fargo?????
Has anyone done a successful Short Sale with Wells Fargo and how easy or difficult was it. I've heard mixed reactions as to their openess to do Short Sales. Any helpful suggestions for dealing with them?
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Wells Fargo servicies many types of mortgages for many different Investors who own mortgages. The degree of difficulty to effectuate a short is predicated upon the type of mortgage loan, who owns it, and what their particular criteria is for accepting a short.
Wells Fargo (and other major mortgage loan servicers) is like a regional shopping mall. Inside, are scores of individual stores, each with their own merchandise, pricing policies, and customer service policies.
Though you bought an item at "The Mall" to return it for credit or a discount, you have to go to that particular store that sold the item, then haggle it out with them...
When you go to Wells Fargo to short a mortgage, you make your presentation to Wells fargo, who then must seek approval based upon the criteria as set forth by the entity that actually owns the loan.
[ Edited by TheShortSalePro on Date 02/15/2004 ]
I have found Wells Fargo to be one of the best companies to deal with in both loss mitigation and short sales.
The key in dealing with mortgagees is (1) what is their motivation and (2) finding a representative who will work with you.
C-
SSP aptly described Wells Fargo. I did a short sale of a second with them. I dealt with the manager who originated the loan at one of the local branches. I presented the offer, he got approval from regional and the deal was done in a few days.
It was also within days of the foreclosure of the first at the auction. The owner had reneged on a loan modification on the 1st mtg and I had to pay that loan off 100 cents on the dollar.
I had absolutly no success trying to get a short sale from them on a property that was worth about 55k but with fees and penalties 80k was ****Must Reach Freshman Investor status before posting URL's***he redemption period was already expired and they declined. So Good luck!!!!
Thank you for the informative responses.
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