August 31, 2017

sold sign on home

A Connecticut Wells Fargo Short Sale Success: The HELOC (home equity line of credit ) department at Wells Fargo can be demanding to work with. While they will quite easily approve short sales and deliver lien releases, getting them to fully settle on their lines of credit can be quite painstaking.

When this Connecticut couple contacted me, they had been relocated across the country by his employer and were stuck with some pretty heavy negative equity and unable to sell their Newtown home. While a sale could get enough to satisfy their first mortgage, the Wells Fargo second mortgage would be left out in the cold.

My sellers beautifully staged the home and it went on market priced aggressively. It took less than a week to find a strong buyer for the home and a short sale package headed to Wells Fargo.

Wells Fargo responded quickly, and a few weeks of negotiations followed with Wells Fargo agreeing to a full settlement of the loan for a fraction of its value!

A week later this Wells Fargo short sale closed:

OWED: Wells Fargo 1st mortgage and HELOC totaling $500,000



Last Updated on September 12, 2017 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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