Tuesday, October 5, 2010

Wells Fargo allows 1 shortsale extension

Wells Fargo is no longer granting more than one extension for homeowners to complete a short sale.
"We do allow for one foreclosure postponement provided we have a short sale in hand that has been approved, the buyer has proof of funds of financing approved, and the short sale can close within 30 days of the scheduled foreclosure sale."

If your home mortgage is owned by Wells Fargo and you’re thinking about a short sale, this means you should not waste any time in listing your house for sale. Once the bank issues the Notice of Trustee’s Sale, you’ve got 90 days plus 1 extension to get it sold, or go to auction. Or if you’ve got a shortsale in progress but you’re not going to close the sale before the scheduled auction date, you’ll only get 1 extension.

Talk to your Realtor, your CPA/accountant, or your attorney!

story source: October 4, 2010 daily mortgage email newsletter produced by Rob Chrisman; view online at http://robchrisman.com/