Wells Fargo Short Sale Approved & Closed!
Wells Fargo Short Sales are very common since they are one of the largest lien holders in our nation. Raymond Kennedy has closed another Wells Fargo Short Sale in Illinois. On this particular deal there were two liens/loans attached to this property with Wells Fargo. The second lien was a Wells Fargo HELOC (Home Equity Line Of Credit) for roughly $40,000. Wells Fargo Mortgage approved the Short Sale and released both the liens on the property for a total payoff of roughly $150,000. Based off the amount that was owed there was over $80,000 loss between both the loans. The loan was forgiven without any deficiency attached. This allowed the homeowner to move on with their life and put them in a much stronger financial position for the future.
Since Wells Fargo is such are large lender I have worked with Wells Fargo on Short Sales with various different types of loans. I have worked with them with various types of Short Sales including HAFA, Portfolio Wells Fargo Short Sales, Freddie & Fannie Wells Fargo Short Sales, Home Equity Lines of Credit (HELOC). Some are more challenging than others but we have been very successful with the completion of these types of Short Sales. In one particular deal we were successful at getting a Wells Fargo Short Sale approved and closed without the homeowner ever missing a payment.
To learn more about Wells Fargo Short Sales in Illinois please contact Raymond Kennedy at 708-620-4460.
Reasons why a Wells Fargo Short Sale is beneficial to those facing a potential foreclosure in illinois:
- Illinois is a Deficiency judgement state which means the lien holder/bank/investor could possibly come after a home owner for the remaining balance. By pursuing a Wells Fargo Short Sale you open your self up to the opportunity to negotiate the remaining balance and either have this liability completely waived or reduced significantly.
- Reduce the negative impact to your credit.
- Put yourself back in the market to purWells Fargo another home sooner.
- All the traditional fees such as Realtor commissions, attorney fees, standard seller fees are not required by the seller, the lien holders pay this as part of their loss. It is fairly a low risk option if you qualify for the Short Sale.
- Every Short Sale is different depending on a number of factors such as the lien holder, type of loan, loan terms, investor and your financial situation. There are some homeowners that may qualify for incentives. I have seen incentives at $3000, $5000 and in very rare unusual circumstances up to $30K to participate in a Short Sale.
This information is not intended to be legal advice but only to give you direction and guidance on what to expect with Wells Fargo Short Sales. I advise you to seek the legal advice from a qualified Real Estate Attorney in your local area. Some homeowners may or may not qualify for a Short Sale and may only qualify for the Short Sale under certain terms. It’s important to understand these terms before proceeding.
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Raymond Kennedy
Keller Williams Preferred Realty
Direct: 708-620-4460
Email: illinoisagent@gmail.com
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