The HELOC ( home equity line of credit ) department at Wells Fargo has become a breeze to work short sales with in the past few years.
When this Connecticut homeowner contacted me, he was having a hard time keeping up and needed to relocate accross the state for better job opportunities. While a sale could satisfy their first mortgage, there was not enough equity to satisfy the Wells Fargo second mortgage (HELOC) leaving a short sale as the sellers only option.
The sellers home hit the market showing well and priced agressively. 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 swiftly 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 few weeks later this Wells Fargo short sale closed.
OWED: Wells Fargo 1st mortgage and HELOC totaling $375,000
SETTLED IN FULL: $325,000
TOTAL TIME FRAME LIST TO CLOSE: 10 weeks