December 7, 2007
Wells Fargo mortgage short sale
If you are in a bad situation with regard to a Wells Fargo mortgage then this information may help you.
Wells Fargo has a page that gives you a quick overview and phone number to call in order to make contact with their loss mitigation team to do a Wells Fargo mortgage loan modification.
If you owe more than your house is worth, you may want to consider a Wells Fargo mortgage short sale. That will work if you only have one mortgage. If you have two mortgages and they are both with Wells Fargo, the first and the Wells Fargo second mortgage foreclosure situation, then you still may work things out. In fact, if you owe more than your house is worth and have two mortgages a short sale will work quite often even if the loans are with different mortgage lenders. But it is harder.
In a short sale, you sell your house. But you don't get any of the money. Wells Fargo gets all of it, whatever is left at closing after paying real estate commissions and closing costs. The money will not total enough to satisfy your Wells Fargo mortgage, but Wells Fargo will let you out of the mortgage even though you are "short" the money. That's why they call it a short sale.
The neat thing is that you can sell your house and get out from under. If you are losing money every month because of falling house values, and if you can't afford to pay the mortgage, then you will need to do a short sale if possible. A foreclosure is worse. It's worse on your credit. And a foreclosure doesn't give you any options. With a Wells Fargo short sale, you can negotiate with them so they report more favorably so as not to let a foreclosure appear on your credit report. See my information on short sale how to raise your credit score
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1 Comment on Wells Fargo mortgage short sale »
September 18, 2008
amy ivey @ 9:22 am:
how can you short sale when you have cash? meaning values way down on 2 properties and need to get out before no cash?
If you have a lot of cash, and it isn't in a qualified retirement account, won't the lender ask, quite reasonably, for you to contribute some of that cash?
$500,000 cash is different from $5,000. Do you have to run out of cash to do a short sale? No. In fact many times we're seeing lenders not even asking how much cash you have. They could ask but they don't. They do ask about your monthly cash flow (income and expenses) but often don't ask for a statement of assets and liabilities. In any event, it is the quantity of cash that counts. I have seen them asking someone with $100,000 to bring $10,000 or $50,000 to the closing. But whether that will happen or not, who can tell.
If you have $5,000 or $10,000 or $20,000, I don't think they will ask for any of it anyway. That isn't much money in the scheme of things.
warmly
–Richard