Wells Fargo Short Sale Information
If you are either a home owner or realtor and are going to be working on a short sale with Wells Fargo
, this is intended to give your further information regarding Wells Fargo Short Sales
and assist you in the short sale of your property. We have completed a large amount of short sales with Wells Fargo and they have been one of the better banks to work with.
With Wells Fargo, the first liens are handled by a separate division than the home equity lines (second mortgages). The contact information for both is:
Wells Fargo Home Mortage (First Mortgages)
Wells Fargo Home Equity (Second Mortgages)
IMPORTANT: If you are working on a short sale and have a first and second mortgage with Wells Fargo, you need to make sure that you send a complete short sale package to both of the divisions.
The documentation required for your Short Sale Package to Wells Fargo for either divsion includes:
- Authorization Letter
- Estimated HUD
- Purchase Contract
- CMA for the property
- Loan approval for the buyer/Deposit Check OR Proof of Funds if all cash
- All Wells Fargo Addendums
- Financial Worksheet
- Hardship Letter (And any supporting documentation of hardship)
- 2 years federal tax returns with w2s
- 2 Most recent paycheck stubs (If unemployed, send unemployment awards letter)
- If any other income is collected, supporting documentation (i.e. lease agreements on rental properties, pensions, etc)
- 2 months most recent bank statements
- Listing Agreement
- If you are working on a First Lien and the second is with another lender besides Wells Fargo, order a payoff demand from that lender and include it in the package.
Wells Fargo Home Mortgage Short Sale
The required addendums for Wells Fargo Home Mortgage:
Wells Fargo Home Equity Short Sale
The required addendums for Wells Fargo Home Equity:
Wells Fargo Short Sale Approval Letters
In California, we have been very successful in obtaining a full, written release of any deficiency balances with both the first and the second liens. Here is a sample of the approval letters for both the first and second mortgages.
Here is an example of the Wells Fargo Short Sale Approval Letters.
Wells Fargo Short Sale | Short Sale With Wells Fargo | Wells Fargo Short Sale Information