Short Sale Process Question

[Francis33]

Can someone please answer my question? I think I am at my wit's end with my mortgage and will need to sell my home as I can't afford it any longer. My house is worth 355 and I owe about 385. My loan is with Wells Fargo. This house is an investment property. Do I need to get an offer on my house and a signed contract before I should start working with Wells Fargo or will a listing agreement suffice? Do they do short sales on investment properties? Also, I'm only 30 days late on my mortgage...do you think they would consider modifying my mortgage or is that impossible because this is an investment property? Thank you.

[Maurice Bedard]

Hi Francis33,


Welcome to the forum and thank you for joining...........

Either option would be up to the investor on your loan..........so you would need to contact Wells Fargo and ask what the options are going to be from the investor on your loan and go from there. Some investors will modify or accept a short sale on investment properties.

Wells Fargo
800-678-7986
Monday - Friday
8:00 a.m. - 9:00 p.m., CT
Saturday
9:00 a.m. - 2:00 p.m., CT

https://www.wellsfargo.com/mortgage/...estpaymenthelp

[Francis33]

Thank you. If I choose the short sale route will I need to have the house under contract before Wells will consider the short sale or will a listing agreement suffice? What do most lenders generallt want?This site is very helpful for distressed homeowners like myself. Thank you

[Maurice Bedard]

You would need to ask them if that is going to be an option...........and they will let you know what they need for a short sale.