Understanding your options when you have a Wells Fargo mortgage is critical to your financial future. Deb Orth, a Richmond, Virginia short sale specialist makes it her priority to be up to date on the various changes or enhancements made to shortt sale programs by the various lenders.
In an attempt to continually refine the short sale process Wells Fargo has recently made some changes to it's short sale program to help the homeowner and real estate agent get through a more fluid short sale process.
With a short sale you may have the option to sell your home for less than the amount owed on your mortgage. By doing this, you may be released from your obligation to pay back your primary mortgage under its original terms. And as your mortgage servicer, Wells Fargo Home Mortgage may accept the proceeds of the sale as payment in full. This option can help you avoid a foreclosure sale and may be considered even if the foreclosure process has started.
Depending on your situation, you may be eligible for a short sale through the federal government’s Home Affordable Foreclosure Alternatives program, or through a different program.
As the homeowner, you:
- Avoid a foreclosure sale — in some cases the foreclosure sale may be postponed once a written, signed offer is received and approved by Wells Fargo Home Mortgage
- Can live in your home until the new owner closes, giving you time to make other living arrangements
- May be released from your obligation to repay your mortgage balance
To get the process started, call to discuss a Richmond, Va. short sale with Deb Orth, your Richmond, Virginia short sale specialist. Deb will consult with her contacts at Wells Fargo to determine what short sale program you may qualify for. This is what you can expect:
- You'll provide Wells Fargo with your financial information, explain your situation and why you are unable to make your mortgage payments.
- Wells Fargo will review your information and determine if your mortgage qualifies for a short sale.
- If your mortgage qualifies, they work closely with you Deb Orth, your Richmond, Virginia short sale agent to determine an acceptable sales price and the amount of time you have to list and sell your home. Together, we’ll work through the details and steps to sell your home at an agreed-upon price so you can avoid a foreclosure sale.
- If you qualify for their Fast Track program, the amount of financials you have to provide are significantly diminished.
- Please keep in mind that the buyer of your home may not be anyone you have a close relationship with, including family or friends. This is referred to as an Arms Length transaction.
Under the new servicer guidelines outlined by
FHFA (Federal Housing Finance Agency) on November 1, 2012, all
servicers, including Wells Fargo, are required to review and respond to all
short sale requests within 30 days of receiving a complete short sale package. The servicer is also required to render a
final decision within 60 days of short sale application.
For more information on how Deb Orth, your Richmond short sale agent, can help you with a Wells Fargo or any other lender short sale, call Deb at (804) 482-1252.
