A quick and easy Wells Fargo HELOC short sale success! - Reid Real Estate Group
August 31, 2017

A quick and easy Wells Fargo HELOC short sale success!

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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

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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