Wells Fargo Short Sale InformationIf 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.
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