Wells Fargo Short Sale is a way out to abandon your property and get relief from all the mortgage debts it carries. It is better than foreclosure as it inflicts less damage on your credit report, which is necessary to keep your option open for obtaining a mortgage loan in future. However, you should consider the option of a short sale only after you fail to qualify for a loan modification or any other home retention program offered by Wells Fargo Home Mortgage.
The process starts with your calling to a specialist representative of the department and explaining the financial situation and hardship you are facing at present. The short sale department will review your request and check whether or not you qualify for the program. The bank offers a complete short sale package that can be completed and sent online as well as via mail. Upon approval the WFHM negotiator will talk to you or your agent to determine an acceptable sales price and the timeline within which you are required to list and sell your home.
Wells Fargo Short Sale Package
Wells Fargo Short Sale Package contains different kinds of forms, financial worksheets, guidelines and documentation checklist among many other things. You need to complete all forms and procure all required documents and sent the same in a packet via mail, fax or online. The package should also contain completed authorization form and a hardship letter.
Sometimes you may also require an addendum, such as Arms Length Affidavit, Contract Addendum, Listing Addendum and Contract Extension Addendum. Wells Fargo short sale approval time is typically 37 business days. There is also a fast track program for Wachovia customers. Once you receive the approval letter you are given 30 days, in most cases, to sell off your home. If you fail to do so within this timeline period you will have to restart the complete process once again.
Wells Fargo Short Sale Department
Contact the loss mitigation department at 1-800-678-7986 right at the moment you start facing payment problems. If the possible solution happens to be a short sale you need to get approval from Wells Fargo Short Sale Department. Information pertaining to program policy, rules, procedure, deficiency judgment, promissory note, escalation or any other requirements can also be had from here. The same phone number can be used to access this department. Another phone number that you can use is (866) 903-1053. The fax number to send package is (866) 359-1975. Here is the mailing address for the department.
P.O. Box 10368
Des Moines, IA 50306-0368
For more and updated information visit the website of Wells Fargo Home Mortgage.