Short Sale OutpostThe term "short sale" is very popular in today's mortgage and housing market. There are potentially millions of people facing foreclosure and a lot of these homeowners are under water on their mortgages. Some will choose to stick it out and fight. However, many will decide to choose to walk away. Short sales are becoming more and more popular as an exit strategy for homeowners. Learn the methods, software and magic it takes to navigate the foreclosure process and get the help you need.
This is a discussion on WF Short Sale within the Short Sale Outpost forums, part of the Foreclosure Process category; Normal 0 false false false ontGrowAutofit/> MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt ...
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?
You would need to work through your agent with this.............this is all a part of the negotiation process between Wells Fargo and your agent working on your behalf.............they should be able to work on any deficiency for you.............and if they are not able to do this.............you may want to work with a real estate attorney instead to help you to help negotiate the deficiency.
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Thank you for your response. I received a letter from WF said our short-sale is not approved because they can't reach the agreement with the secondary lien holder. So what is my next step? And, can I cancel our listing agreement with our realtor?
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
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