Wells Fargo Short Sales

December 8, 2009 by  
Filed under Wells Fargo Short Sales

Wells Fargo Short Sales

Wells Fargo will work with you in a short sale. However, just as with any other lender the process can be boring at times. Here are some tips to avoid a bit of the hassle.

Situations that help!

You can qualify for Wells Fargo Mortgage short sale if you in debt far more than what your actually costs. However this is applicable only when you have single mortgage currently. If you have loans with two separate lending agencies then you are applicable for Wells Forgo short sale. If you hold two mortgages with Wells Fargo then you will find it little easy to figure out the situation. However, this will happen only if and when you present a clear case that you cannot afford the current mortgages. Also when you hold mortgages with different lenders (not Wells Fargo) then the process of getting a short sale through them is much tougher. That makes sense logically as Wells Fargo is incurring a loss which they didn’t take on in the first place!

You will not get the cash

When you perform a short sale with Wells Fargo you are not going to get any of the money. It will directly go to Wells Fargo. This is in spite of the fact that the amount quoted is much lesser than what the home is worth! However, convenient way is short sales to get away from the rigors of mortgage payment. At least you do not have to end up paying the whole amount and it is any day better than a foreclosure which can be disastrous on your credit score!

Negotiation is possible

If you are worried about getting affected by a short sale then there is hope now. Wells Fargo allows you the option of negotiating with them to prevent a foreclosure from leaving a black mark on your credit report.

Getting an agent is a great idea

Short sale process can be a long drawn out affair. Therefore doing it all by yourself and negotiating the terms can be a very harrowing experience. The best way you can avoid this by hiring an agent. This agent needs to be motivated to go the long distance with you and present the case in your favor. Often short sales take really long to happen and hiring a good agent can work to your advantage.

Keep a record

Make sure to keep a record of any conversations or written communication which gone with Wells Fargo. You could tape the conversation or note it down. Also note down names of people with whom you have spoken to at Wells Fargo. That way you have evidence if they deny anything they have promised you have evidence. It will also reduce chances of dissimilar facts being stated by different agents in Wells Fargo.

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