Wells Fargo Home Equity (WFHE) not to be confused with Wells Fargo Mortgage will not short sale a mortgage no matter how hard you try. They want the seller to sign for the full balance up front. This usually only works if the seller is planning to file bankruptcy after the short sale has occurred. Chase Bank as a second mortgage will also require 100% deficiency or promissory note.
My opinion is that they were not expecting the mortgage/financial crisis to happen like it has, so they have hired attorneys that do not have a clue about bankruptcy or real estate to head up their legal departments. These attorneys are calling the shots and are making matters even worse. If the house goes into foreclosure then they get 0-zero.
HSBC was following this pattern of negotiation on fist mortgages and second mortgages in 2007 to mid 2008. They found out that being hardnosed was not the best way to handle their business after losing hundreds of thousands of dollars. Now they are doing short sales on both first and second mortgages. WFHE will most likely change their tune, but the question is when?????
Blob by www.kjhomefinder.com
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