Even though this was a speedy Majestic Sun condo Destin Florida, Wells Fargo short sale approval – it didn’t fee like it! It took just six weeks, but the reams of paperwork made it feel like months! Here are the facts:
Senior Lien: Wells Fargo
Junior Lien (HELOC): Wells Fargo
Original Purchase Price: $520,000
Current Market Value: About $240,000
GOOD TO KNOW:
1. Wells Fargo normally processes short sales through Equator, which is an online portal to upload documents, send emails and respond to “tasks”.
NOTE: This Majestic Sun, Destin Florida short sale was removed and processed outside of Equator about a week after we initiated it. Why? Because Wells Fargo placed the short sale in the HAFA (Home Affordable Foreclosure Alternative) program. That is a special short sale promoted by the Treasury Department offering full waiver of deficiency and sometimes a cash closing incentive to the seller or the tenant.
2. Wells Fargo does not process multiple short sale liens together. What does this mean? If you have a short sale with two Wells Fargo mortgages, you must initiate it in Equator twice, once for each loan, or fax the packages separately if it’s processed outside of Equator. A lot of the forms will be duplicate, and it is unfortunate that Wells Fargo is not as efficient as Bank of America, which processes multiple short sale liens with one set of documents and one transaction.
Wells Fargo senior lien agreed to pay the Wells Fargo HELOC $7558.
This Destin, Miramar Beach Florida Majestic Sun condo is expected to close at the end of September.
If you need help with a Destin short sale, or have questions about the HAFA program or other special short sales, give me a call.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]
SHOULD YOU SHORT SALE OR STAY CALCULATOR
Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.