How to submit and get Wells Fargo to take Deed in Lieu?

Asked by Patriciag18, 08046 Sat Mar 30, 2013

I bought the house in 2008, with the $7500 tax credit for $133,000 and today's value is about $89,000. I put 3% down. I bought the house counting on fiance income. Fiance past away in the very same house just 10 month after I buying the property.

I pursue a loan modification and got denied cause I wasn't default back in 2009. the house is been on the market for short sale since 2011. got a buyer in Feb 2012. then was told to stop paying the house so the back see my file so I stop paying back in may...the bank denied the short sale after 9.5 month.

I need to move on from that house before I loose my security clearance and therefore my job. Living in hell...

Please advice.

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6
thinz, Agent, Allenhurst, NJ
Wed Sep 23, 2015
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 http://www.shortsaletosell.com

(PS - If you'd like a copy of my hardship letter guidelines document, email me direct at thinz@apexgroupus.com and I will email you over a copy...just put "Letter Guidelines" in the subject line of the email...)
0 votes
Lynnkiaa, Home Buyer, Los Angeles, CA
Tue Aug 18, 2015
Like any other business, it depends on the competence and professionalism of the one employee that is assigned to your case. http://ForeclosureIQ.com


Even when it is a bank like wells fargo with a lot of red tape and extra rules to slow it down if you have a go-getter working there it will be less painful. Then if you have a complete moron that is slow at doing their job at a supposedly better bank (BofA mentioned below) it doesn't matter how good the bank processes are.

that employee has no skin in the game. It's just part of their job.
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Sat Mar 30, 2013
first you should never been advised to stop paying your mortgage. You do not have to be late to short sale or loan mod

I understand your position and possible security clearance loss.

9.5 months is too long. Something else happened and i have a good guess what! We need to talk asap... I can help!

You have hardship...
You need experienced representation.

Bank would much rather do a short than a deed in lieu. Why? Gets property off the books.

DIL takes a long time. Banks will drag their feet to prevent property being on the books.

Call me any day or eve

Search Short Sales and foreclosure Deals at http://www.BuyNjShortSales.com

Larry Sarlo
RE/MAX Preferred
609-868-1171
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Sat Mar 30, 2013
I would call your contact in the short sale department and ask for your case/file to be transferred to the deed in lieu department.

If you need to discuss finding a rental when you are finally free of this house, let me know.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
856.617.1212
axelson@kurfiss.com
Web Reference:  http://kurfiss.com
0 votes
Patriciag18, Home Owner, 08046
Sat Mar 30, 2013
Eric, they said I made too much...
0 votes
R. Eric Axel…, Agent, Cherry Hill, NJ
Sat Mar 30, 2013
Hi Patricia, first let me say that I am sorry for your loss. Why did the bank deny the short sale? Did they say you weren't a candidate because you made too much? Meaning, did they deny your hardship? Or did they simply deny the offer.

In any event, all you have to do is call your contact at the bank and have them move info the deed in lieu department (different than the short sale department).

Hope this helps.

Eric
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