Wells Fargo

The short answer is finally yes. 

You must be at least 30 days delinquent for a short sale.

In over a year with shorts sales, we noticed a trend in the last 60 days to get more agressive with borrowers who have the financial ability to pay. 

Previously, if you moved out of the home and could “barely” afford the home and had some sort of hardship, you could do a short sale, no problemo.  Now however, you must be at least 30 days behind to be considered, see below:

Wells Fargo Short Sale

(from a secure e-mail) I am the new negotiator that has just been assigned to the Short Sale. Please be advised that per the investor guidelines, we are unable to do a short sale while the mortgage is current. At this time, I have to close the short sale file. Should [client] become at least 30 days late on the mortgage payments and is in the need of a short sale, please contact the short sale set up team at 866-903-1053. I am unable to set up a short sale file, so you will have to go thru the short sale set up team should you need to do a short sale in the future.

Thank you!

Alex

FNMA Loan Adjustor Specialist
Hours: M-F 8:00-5:00 EST
Wells Fargo Home Mortgage
3476 Stateview Blvd.
Fort Mill, SC 29715
MAC#X7801-01K
(P) 803-396-7001
(F) 866-738-8566

CITI Short Sale

(e-mail from negotiator) I have attached the HUD closing worksheet, Sales contract review and the Approval letter good through 01/08/10. Please make sure all documents are signed by mortgagor and returned with final HUD and closing check. Closing worksheet must also be signed by both realtors and title company. The loan must be at least 30 days delinquent in order to be able to close. Also, please submit a letter of authorization for the title company working on the closing of the sale, if applicable. If you have any questions, Please feel free to contact me at anytime. Thank you. 

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