Q: What documents does Wells Fargo want to approve my short sale?

Question: What documents does Wells Fargo want to approve my short sale?

Answer: A homeowner who received a short sale approval from Wells Fargo, was quoted in a recent article about what Wells Fargo wants to have in the short sale package:

For sellers like Drew Schlosser, who bought 10 properties in Florida as investments during the housing bubble, getting a short sale was a relief even if the process was difficult.

Schlosser said he had to provide Wells Fargo a hardship letter, demonstrating that his financial situation merited a short sale. He also had to provide pay stubs, bank account information and past tax returns. To avoid fraud, the bank also required evidence that the transaction was an arms-length sale and not to one of his relatives, he said.

“They don’t agree to do it because you’re upside down,” Schlosser said. “If they think you can pay for it they’re not going to let you out of it.”

Source: http://www.bloomberg.com/apps/news?pid=20603037&sid=aUUKgeazm0GA

Before attempting to assemble your short sale package, review the Stop Foreclosure Tools page for help on how to Write Your Hardship Letter.

Homeowners – Need Some Sound Advice?

Get Out of Debt Workbook Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe.

Loan Modification Get more help on fighting for your loan modification including tools and strategies, Q&As, how to qualify for the HAMP program, scam alerts and news on the latest loan modification efforts among the banks and government HAMP program. Legally Restore Your Credit If you are visiting this blog, you likely have mortgage lates, which are a big blemish on your credit report. Once you resolve your mortgage situation, you can legally remove those mortgage lates and all derogatory credit from your report without having to hire an expensive attorney or credit repair service.

stop foreclosure, foreclosure help, avoid foreclosure, prevent foreclosure, foreclosure prevention

Technorati Tags: stop foreclosure, foreclosure help, avoid foreclosure, prevent foreclosure, foreclosure prevention

Related posts:

1. Wells Fargo helps struggling homeowners with Pick a Pay Loans Wells Fargo is focusing on delinquent borrowers in Florida and...
2. Chase Bank working to help approve short sales faster for homeowners Chase Bank working to help approve short sales faster for...

Related posts brought to you by Yet Another Related Posts Plugin.

Tags: well fargo short sale documents, wells fargo hardship letter required, wells fargo short sale package