Wells Fargo Short Sale Information
If you are either a home owner or realtor and are going to be working on a short sale with Wells Fargo, this is intended to give your further information regarding Wells Fargo Short Sales and assist you in the short sale of your property. We have completed a large amount of short sales with Wells Fargo and they have been one of the better banks to work with.
With Wells Fargo, the first liens are handled by a separate division than the home equity lines (second mortgages). The contact information for both is:
Wells Fargo Home Mortage (First Mortgages)
Phone: 866-903-1053
Fax: 866-969-0103
Wells Fargo Home Equity (Second Mortgages)
Phone: 866-970-7821
Fax: 866-834-7949
IMPORTANT: If you are working on a short sale and have a first and second mortgage with Wells Fargo, you need to make sure that you send a complete short sale package to both of the divisions.
*** UPDATE ***
Wells Fargo has announced that they are no longer postponing foreclosure dates in order to complete a short sale. If you are a homeowner or REALTOR, what this means for you is that you need to start the process as soon as possible. DO NOT delay. You can read my full post at Wells Fargo Not Extending Short Sale Approval Dates
The documentation required for your Short Sale Package to Wells Fargo for either divsion includes:
- Authorization Letter
- Estimated HUD
- Purchase Contract
- CMA for the property
- Loan approval for the buyer/Deposit Check OR Proof of Funds if all cash
- All Wells Fargo Addendums
- Financial Worksheet
- Hardship Letter (And any supporting documentation of hardship)
- 2 years federal tax returns with w2s
- 2 Most recent paycheck stubs (If unemployed, send unemployment awards letter)
- If any other income is collected, supporting documentation (i.e. lease agreements on rental properties, pensions, etc)
- 2 months most recent bank statements
- Listing Agreement
- If you are working on a First Lien and the second is with another lender besides Wells Fargo, order a payoff demand from that lender and include it in the package.
Wells Fargo Home Mortgage Short Sale
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Wells Fargo Home Mortgage’s Short Sale Package that they send out (first mortgage) |
The required addendums for Wells Fargo Home Mortgage:
Wells Fargo Home Equity Short Sale
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Wells Fargo Home Mortgage’s Short Sale Package that they send out (second mortgage) |
The required addendums for Wells Fargo Home Equity:
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Wells Fargo Short Sale Financial Worksheet |
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Wells Fargo Short Sale Authorization |
Wells Fargo Short Sale Approval Letters
In California, we have been very successful in obtaining a full, written release of any deficiency balances with both the first and the second liens. Here is a sample of the approval letters for both the first and second mortgages.
Here is an example of the Wells Fargo Short Sale Approval Letters.
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Wells Fargo Short Sale Approval Letter - Home Mortgage (First Lien) |
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Wells Fargo Short Sale Approval Letter - Home Equity (Second Lien) |
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