Wells Fargo Pulls Plug on Postponing Trustee Sale Dates

Wells Fargo Pulls Plug on Postponing Trustee Sale Dates

Wells Fargo Short Sale Update – as of September 15, 2010.

My Wells Fargo negotiator just shared with me their new short sale criteria effective immediately.

Short Sales with Wells Fargo that have a foreclosure date pending in the next 0-10 Days, files will be closed, rejected, returned to agents as declined.

·         They are to be removed from Wells Fargo system immediately

·         No more delays

·         No more foreclosure extensions will be granted

Short Sales with foreclosure dates of 11+ Days must be closed in 30 days or Wells Fargo will proceed to foreclosure

·         No more delays

·         45 day approval is no longer on short sales with foreclosure date assigned

·         Must have Formal Wells Fargo approval letter, approval from any Jr. Liens

·         Proof of funds if cash buyer, and Commitment letter from lender for buyer

Short Sales without a No scheduled foreclosure date

·         Continue to work as current process

·         Approval provided by Wells Fargo will be 60 days on these

·         However, if foreclosure date is set at any time, closing process moves to above process and timeframe immediately reduced to a 30 day close or Wells Fargo will foreclose

Please note: If you were issued an extension letter dated 9/14 or earlier, those extension letters will be honored, but no further extensions will be granted.

Bottom line:  banks are cracking down and not allowing extensions of short sales. It is important that if you are in trouble and cannot make your monthly mortgage payment, get help before it’s too late! For more information on what your options are as a home owner please contact me today.