Foreclosure Postponed on my Wells Fargo Short Sale!

Real Estate Agent with RE/MAX of Naperville & RE/MAX Enterprises

Foreclosure Postponed on my Wells Fargo Short Sale!

Short Sale


As a short sale agent, it gets very nerve-racking when the sheriff's sale date is approaching on any of my short sale listings. One short sale listing in particular, we were fortunate that the lender was Wells Fargo.


In November 2010, the National Association of Realtors reported that Wells Fargo had modified it's existing guidelines to allow the postponement of a scheduled foreclosure in connection with a short sale, but only in certain situations. This modification pertains to loans that are owned by Wells Fargo (including Wachovia), as well as loans serviced by Wells Fargo but owned by an investor.


The Wells Fargo policy will allow for one foreclosure postponement only if specified criteria are met, which are:


(1) Wells Fargo has a short sale purchase contract in hand that has been approved (including approvals from junior lien holders and mortgage insurers, if applicable).

(2) the buyer has proof of funds or financing approved.

(3) the short sale can close within 30 days of the scheduled foreclosure sale.


However, Wells Fargo did note that not all investors will allow the postponements and added that in jurisdictions where the courts will not approve the delay, the postponement policy will not apply. Although with files that do not qualify under these guidelines, Wells Fargo is willing to address them on a case-by-case basis.


With regard to my listing, we were able to have the sheriff's sale date postponed for 60 days. I was glad to be able to help my client and move forward with the short sale.

Posted by

Maria Mastrolonardo is a full time Illinois Realtor-Associate with RE/MAX of Naperville specializing in Short Sales. She has been helping home-buyers and home-sellers since 1997. She can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.

To reach her call/text at (630) 248-6077 or


You can also find me here!




RE/MAX of Naperville is not associated with the government and our services have not been approved by the government or your Lender. Your Lender may not agree to the change of your loan and/or a Short Sale.

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Comments (4)

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

It is good to know that there may be some ways to help the seller and prevent a foreclosure. However, as you point out, it is complicated.

Jan 28, 2011 02:12 PM
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

Any time you can avoid foreclosure, it is a good thing. Good to hear that it worked out...

Jan 28, 2011 08:43 PM
Maria Mastrolonardo, IL Probate Specialist
RE/MAX of Naperville & RE/MAX Enterprises - Naperville, IL
Illinois Probate Realtor

Joan, they are getting more and more complicated.

Jan 31, 2011 08:19 AM
Maria Mastrolonardo, IL Probate Specialist
RE/MAX of Naperville & RE/MAX Enterprises - Naperville, IL
Illinois Probate Realtor

Thanks Michael!

Jan 31, 2011 08:19 AM