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Wells Fargo Short Sale

If nothing helps you recover from your financial hardship and allows you to continue making regular mortgage payments in future Wells Fargo Short Sale can be the option to avoid foreclosure and probably a bad credit report. It is a workout program of the bank that lets you sell off your property even if it attracts a market price that is less than the debt you owe to the bank. The proceeds are used to pay off a major portion of the mortgage and the remaining portion, which is known as deficiency, can be discounted by the lender or depending upon the deficiency judgment law of the state the bank may choose to pursue for the little amount you still owe after the process of short sale is over.

Wells Fargo is willing to help customers with payment difficulties and so it asks them to contact the loss mitigation department immediately in order to get a workable solution. If nothing works out to help you retain homeownership and you finally decide to abandon your home in order to get rid of the debt burden, you can ask for a copy of Wells Fargo Short Sale Package, which you can get online from the website of the bank or a third-party service provider.

Wells Fargo Short Sale Package

The package contains the application forms and list of documents required by the loss mitigation department for a short sale approval. The packet that you send to the department via mail or fax must include a hardship letter, a financial worksheet, income proofs (bank statements and pay stubs for past few months), last years tax returns and completed forms. The contents of the short sale package may vary according to whether or not you are already having a purchase offer for the property. Wells Fargo short sale package pdf and policy 2010 are available online at the bank's site.

Wells Fargo Short Sale Process

The short sale process starts with your sending completed packet of required documents for approval. The usual approval time for Wells Fargo short sale is 37 business days. After the approval process is over you will receive a letter giving you a maximum of 30 days to find a buyer for your home and complete the short sale process. It you fail to close before this deadline you may have to restart the cycle of entire process and follow the timeline again. Moreover, you will need different kinds of Wells Fargo short sale addendum during the different stages of process timeline. These may include Arms Length Affidavit, Listing Addendum, Contract Addendum and Contract Extension Addendum.

Wells Fargo Short Sale Department

Wells Fargo short sale department is nothing but the loss mitigation department that provides repayment solutions to the troubled borrowers. To make a short sale request, you need to contact this department and send the application along with completed forms and requisite documents. Here are the contact details

Phone Number: (866)903-1053
Fax Number: (866)359-1975

P.O. Box 10368
Des Moines, IA 50306-0368


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