Wells Fargo Requirements for a Short Sale

Did you take a mortgage out with Wells Fargo? If you are one of Wells Fargo’s many clients you may already know the dedication to the satisfaction of their clients. They make communication easy and they process your information in a timely manner. If you’re now facing foreclosure and are not sure if a Wells Fargo short sale is the right option for you, take comfort that Wells Fargo is one of the top lenders of approving short sales.

First off, you may have heard of a short sale specialist. There are Real Estate agents out there who are unfamiliar with working on short sales and may be making the process lengthier and more difficult than it needs to be, if they accept to work on a short sale to begin with. A short sale specialist does just as it sounds, they specialize in short sales. They deal with the process time and time again. Having an expert familiar with all of the steps necessary will only help achieve the outcome you are looking for and stop foreclosure. You need an agent to sell the home and while you’re choosing your best option, there are none greater than having a short sale specialist.

If you are looking for a better understanding on the Wells Fargo short sale requirements, look no further because all the information you need is here. When you first agreed on the terms of your mortgage, the value of the home was in most cases much higher. Since the economy has thrown us all for a loop and the resulting Real Estate market plummeted, the value of your home more than likely has dropped. When trying to short sale your home the lender will agree at the close of the sale to accept less than balance due to this reduced value of the home.

After speaking with your short sale specialist you will learn that you will need to compile documents to prove from every angle that you cannot afford your home, this is called your short sale package. Lenders do not want to see that you did not purchase a home you could not afford from the start; with poor budgeting you are only going to have a more difficult time. In most cases you could maintain your home payments and the cost of living until something down the road set you behind. This is called your hardship and will hear this word used often. Your lender wants to know what your hardship is; Wells Fargo will request a hardship letter. This document gives you the opportunity to explain in detail how based on negative occurrences, you had no control over, resulting in the effects of your mortgage deficiency.

Acceptable hardships include but are not limited to:

• Illness (resulting in extra medical expenses)
• Loss of income
• Reduced income
• Death
• Incarceration (lack of financial control)
• Divorce
• Marital separation
• Property damage (unnatural i.e.: car accident, natural i.e.: sink hole)

Additional Wells Fargo short sale package documents include:

• 3 months of all current bank statement (to prove your spending)
• 1 month of current paystubs (to prove income)
• Your last year’s tax returns and W-2’s (to show proof  of all income)
• Financial statement (to show income vs. expenses)

You may have heard of (HAFA) Home Affordable Foreclosure Alternative. This is a government program made to help homeowners from being foreclosed on by giving options such as the deed-in-lieu and the short sale. With the HAFA program you have incentives such as $3,000.00 towards relocation assistance. You can get the Wells Fargo HAFA program guidelines your short sale specialist.

If you have additional questions on Wells Fargo short sales, make sure you call a short sale specialist they are the beginning stages of a short sale and will guide you through the process. Our team of short sale specialists is nationwide; their primary job is to avoid foreclosure. Your short sale specialist will not charge you; In a typical short sale, Wells Fargo will pay the traditional seller closing costs and brokerage fees! 1-877-737-4903.

 

Wells Fargo Requirements for a Short Sale

Did you take a mortgage out with Wells Fargo? If you are one of Wells Fargo’s many clients you may already know the dedication to the satisfaction of their clients. They make communication easy and they process your information in a timely manner. If you’re now facing foreclosure and are not sure if a Wells Fargo short sale is the right option for you, take comfort that Wells Fargo is one of the top lenders of approving short sales.

First off, you may have heard of a short sale specialist. There are Real Estate agents out there who are unfamiliar with working on short sales and may be making the process lengthier and more difficult than it needs to be, if they accept to work on a short sale to begin with. A short sale specialist does just as it sounds, they specialize in short sales. They deal with the process time and time again. Having an expert familiar with all of the steps necessary will only help achieve the outcome you are looking for and stop foreclosure. You need an agent to sell the home and while you’re choosing your best option, there are none greater than having a short sale specialist.

If you are looking for a better understanding on the Wells Fargo short sale requirements, look no further because all the information you need is here. When you first agreed on the terms of your mortgage, the value of the home was in most cases much higher. Since the economy has thrown us all for a loop and the resulting Real Estate market plummeted, the value of your home more than likely has dropped. When trying to short sale your home the lender will agree at the close of the sale to accept less than balance due to this reduced value of the home.

After speaking with your short sale specialist you will learn that you will need to compile documents to prove from every angle that you cannot afford your home, this is called your short sale package. Lenders do not want to see that you did not purchase a home you could not afford from the start; with poor budgeting you are only going to have a more difficult time. In most cases you could maintain your home payments and the cost of living until something down the road set you behind. This is called your hardship and will hear this word used often. Your lender wants to know what your hardship is; Wells Fargo will request a hardship letter. This document gives you the opportunity to explain in detail how based on negative occurrences, you had no control over, resulting in the effects of your mortgage deficiency.

Acceptable hardships include but are not limited to:

• Illness (resulting in extra medical expenses)
• Loss of income
• Reduced income
• Death
• Incarceration (lack of financial control)
• Divorce
• Marital separation
• Property damage (unnatural i.e.: car accident, natural i.e.: sink hole)

Additional Wells Fargo short sale package documents include:

• 3 months of all current bank statement (to prove your spending)
• 1 month of current paystubs (to prove income)
• Your last year’s tax returns and W-2’s (to show proof  of all income)
• Financial statement (to show income vs. expenses)

You may have heard of (HAFA) Home Affordable Foreclosure Alternative. This is a government program made to help homeowners from being foreclosed on by giving options such as the deed-in-lieu and the short sale. With the HAFA program you have incentives such as $3,000.00 towards relocation assistance. You can get the Wells Fargo HAFA program guidelines your short sale specialist.

If you have additional questions on Wells Fargo short sales, make sure you call a short sale specialist they are the beginning stages of a short sale and will guide you through the process. Our team of short sale specialists is nationwide; their primary job is to avoid foreclosure. Your short sale specialist will not charge you; In a typical short sale, Wells Fargo will pay the traditional seller closing costs and brokerage fees! 1-877-737-4903.

 

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