Re: Wells Fargo won't answer short sale

Posted by TheShortSalePro on April 23, 2005 at 10:41:11:

In Reply to: Wells Fargo won't answer short sale posted by Sara on April 22, 2005 at 22:42:07:

Ask yourself why would Wells Fargo approve a short sale? The answer: If they would be made whole by foreclosing, they have no real motivation to consider accepting less than they are due. Does your proposal indicate that the junior lienholder will get paid?

The target of your short sale proposal should probably be the junior lienholder who, presumably, would stand to lose the most if the property were exposed to Sheriff's or Trustee Sale.

How much is owed to the first? How much is owed to the second? What other liens/judgments would be paid from proceeds?

The all important question: What is your home worth in it's as-is condition?

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Comments:
: Ask yourself why would Wells Fargo approve a short sale?  The answer:  If they would be made whole by foreclosing, they have no real motivation to consider accepting less than they are due.  Does your proposal indicate that the junior lienholder will get paid?

: The target of your short sale proposal should probably be the junior lienholder who, presumably, would stand to lose the most if the property were exposed to Sheriff's or Trustee Sale.

: How much is owed to the first?  How much is owed to the second?  What other liens/judgments would be paid from proceeds?

: The all important question:  What is your home worth in it's as-is condition?


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