Wells Fargo Short Sale At A Stand Still

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Ms.shan

LoanSafe Member
Aug 1, 2012
23
0
1
So after finally being approved for a HAFA short sale with Wells Fargo the second lien holder, Nationwide Credit is refusing to accept the proposed settlement amout. Nationwide is willing to accept the maximum that HAFA guidelines allow ($8500), however, Wells Fargo is unwilling to up their offer. It is my understanding that I as the seller cannot pay the difference under the HAFA program. Any advice? I'd hate to come so far only to have to walk away...
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,855
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Southern California
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I'm sorry to hear about your short sale woes.

It depends how far you are apart and how much cash is needed to close. There are Realtor commissions that can be reduced, and a buyer here who may be able to come up with more cash. How much money are you apart here?
 

Ms.shan

LoanSafe Member
Aug 1, 2012
23
0
1
I'm sorry to hear about your short sale woes.

It depends how far you are apart and how much cash is needed to close. There are Realtor commissions that can be reduced, and a buyer here who may be able to come up with more cash. How much money are you apart here?
The difference is $4600.
 

Ms.shan

LoanSafe Member
Aug 1, 2012
23
0
1
The difference is $4600.
Do you think it's worth it to contact the executive office? The crazy thing is Nationwide has offered me a settlement in the past for 10% of the balance (which is $39,000). Wells Fargo is offering $3900 currently and Nationwide won't budge. I just can't figure out why either company would rather the company see the home go in foreclosure.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,855
467
1,000
49
Southern California
www.loansafe.org
Sure, anything can help at this point. I know sometimes how they operate makes no rhyme or reason. This type of behavior has occurred since day one. Have you asked your Realtor if they can figure a way to make this work?