Trying to do a Short Sale with Wells Fargo? If you are a distressed homeowner, know that being allowed extra time to complete the complicated short sale process is not going to happen. This means you'd better have a pretty sharp real estate agent specializing in short sales to guide your short sale through the complicated maze.
Apparently, Wells Fargo has had enough in this foreclosure merry-go-round. American Banker reports that Wells Fargo has stopped granting extensions on short sales. Whatever date is quoted in their short sale approval letter is the hard and fast date for completion. The foreclosure process will start immediately after this date. The bank giant is reacting to a Fannie Mae announcement last month in which it said it would crack down on loan servicers who are simply letting delinquent loans idly sit around without action.
I am a Santa Cruz County Short Sale real estate agent, so this means I must hit that Wells Fargo closing date as there no longer seems to be any wiggle room. Is Wells Fargo really set up to begin foreclosure proceedings immediately after that date-I think not. However, best not to put my client's welfare at risk and do everything possible to complete the short sale by the original date set.
Get an expert Short Sale agent that is up-to-date on all the changes working for you !
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