There is no reason to not get a short sale approved by Wells Fargo. It all comes down to the case that is built around the hardship. Despite what anyone tells you, hardship carries more weight than income in the short sale review.. Most people draft the standard hardship letter which in reality should not be approved because it is filled with nothing but platitudes...I've had clients making half a million a year get approved for the short sale because of the hardship case we built. Everything is relative. You need to dig deep on all the possible crap going on in your life that affects your financial, human, and health/medical hardships - period. You don't make anything up because anything you say may need to be verified. A deed in lieu is still an option, and does not take as long as some people think. DIL is typically a different department at the lender so you need to have your case file transferred so the DIL group reviews vs the short sale group. The hardship case and letter are just as important for either department. Keep in mind that the DIL will have a greater negative effect on your credit score than a short sale. Depending on your timeline for moving, I'd recommend the short sale over thee DIL.
Good luck with your decision. Tom Hinz www.shortsaletosell.com
(PS - If you'd like a copy of my hardship letter guidelines document, email me direct at email@example.com and I will email you over a copy...just put "Letter Guidelines" in the subject line of the email...)... more