If you are either a home owner or realtor and are going to be working on a short sale with Wells Fargo, this is intended to give your further information regarding Wells Fargo Short Sales and assist you in the short sale of your property. We have completed a large amount of short sales with Wells Fargo and they have been one of the better banks to work with.
With Wells Fargo, the first liens are handled by a separate division than the home equity lines (second mortgages). The contact information for both is:
Wells Fargo Home Mortage (First Mortgages)
Phone: 866-903-1053 Fax: 866-969-0103
Wells Fargo Home Equity (Second Mortgages)
Phone: 866-970-7821 Fax: 866-834-7949
IMPORTANT: If you are working on a short sale and have a first and second mortgage with Wells Fargo, you need to make sure that you send a complete short sale package to both of the divisions.
The documentation required for your Short Sale Package to Wells Fargo for either divsion includes:
CMA for the property
Loan approval for the buyer/Deposit Check OR Proof of Funds if all cash
All Wells Fargo Addendums
Hardship Letter (And any supporting documentation of hardship)
In California, we have been very successful in obtaining a full, written release of any deficiency balances with both the first and the second liens. Here is a sample of the approval letters for both the first and second mortgages.