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fishman61 · 04-23-2009, 09:21 AM

Our short sale started with WF on March 1st and the property is in CA. The 1st and 2nd are all original purchase money, never been refinanced, 1st is 600,000 and 2nd is 100,000. We received an offer of $565,000.

1st question: Last week, 1st gave us an approval letter which stated we don't need to provide any cash at the time of escrow. Does this mean that WF will not pursue deficiency judgment in the future? What type of documents should we have to ensure WF will not want us to pay the difference in the future at the time of closing the escrow?

2nd question: The 2nd loan is with WF as well, still pending. The other day, my agent told me they want us to pay some money before they approve, but we don't accept that. So, my agent is still negotiating with WF. If the 2nd would not back down, can we cancel the short sale with our agent and seeking loan modification with WF?

04-23-2009, 09:21 AM	#1 (permalink)
fishman61 Junior Member Join Date: Apr 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	WF Short Sale Our short sale started with WF on March 1st and the property is in CA. The 1st and 2nd are all original purchase money, never been refinanced, 1st is 600,000 and 2nd is 100,000. We received an offer of $565,000. 1st question: Last week, 1st gave us an approval letter which stated we don't need to provide any cash at the time of escrow. Does this mean that WF will not pursue deficiency judgment in the future? What type of documents should we have to ensure WF will not want us to pay the difference in the future at the time of closing the escrow? 2nd question: The 2nd loan is with WF as well, still pending. The other day, my agent told me they want us to pay some money before they approve, but we don't accept that. So, my agent is still negotiating with WF. If the 2nd would not back down, can we cancel the short sale with our agent and seeking loan modification with WF?