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rockraider3 · 07-03-2009, 09:43 AM

I'm not sure if this is useful, but it's for a property in California and Wells Fargo is the lender.

My property is in foreclosure and according to Wells Fargo's lawyers, the sale will occur sometime in October. I'm considering all options, including a short sale.

Wells Fargo is telling me to short sell this property, they need to get all kinds of personal information from me, including: Pay Stubs, Tax Returns, Bank Statements, Monthly Budget, etc.

It's almost like they are trying to qualify me for a new loan or a loan modification. I just want to sell this house!!! (maybe)

I'm afraid to give them this information because I have no idea what their "black box" will say after they plug in my data. And frankly, I don't think they deserve it either, because their other option is to foreclose on the home and in the long run that costs them MORE money. This is a purchase money loan and non-recourse. So their hands are tied as much as mine are.

And I'm somewhat indifferent on the credit score impact of between a foreclosure and short sale, as I understand there is little difference and both stay on my credit for 7 years. I'd almost rather let it foreclose and avoid the short sale headache. But ethically, I guess I'd rather short sell it if I can get approval to do it.

Here's my question: Has anyone been successful in getting short sale approval from their lender (Wells Fargo or other) without providing them all of these personal documents? If so, how, what did you tell them?

07-03-2009, 09:43 AM	#1 (permalink)
rockraider3 Member Join Date: Apr 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Documents Needed for Short Sale I'm not sure if this is useful, but it's for a property in California and Wells Fargo is the lender. My property is in foreclosure and according to Wells Fargo's lawyers, the sale will occur sometime in October. I'm considering all options, including a short sale. Wells Fargo is telling me to short sell this property, they need to get all kinds of personal information from me, including: Pay Stubs, Tax Returns, Bank Statements, Monthly Budget, etc. It's almost like they are trying to qualify me for a new loan or a loan modification. I just want to sell this house!!! (maybe) I'm afraid to give them this information because I have no idea what their "black box" will say after they plug in my data. And frankly, I don't think they deserve it either, because their other option is to foreclose on the home and in the long run that costs them MORE money. This is a purchase money loan and non-recourse. So their hands are tied as much as mine are. And I'm somewhat indifferent on the credit score impact of between a foreclosure and short sale, as I understand there is little difference and both stay on my credit for 7 years. I'd almost rather let it foreclose and avoid the short sale headache. But ethically, I guess I'd rather short sell it if I can get approval to do it. Here's my question: Has anyone been successful in getting short sale approval from their lender (Wells Fargo or other) without providing them all of these personal documents? If so, how, what did you tell them?