We got this short sale approved with Wells Fargo in 21 days!! We are closing the first week of Feb.
More info to come on this but our client was forgiven over 100k and didnt have to pay the bank back anything!!! This was an investment condo that was no longer an investment.
Hardship: Upside Down on the mortgage, loss of renters
List Date: 9/02/2011 Contract Date: 10/12/2011 Approval Date: 11/17/2011 Close Date: 12/15/2011 Result: Full deficiency waiver for our seller.
The seller of this condo is a good friend of mine. She bought at the height of the market, moved out the area and was renting it out at a loss. I explained to her what a short sale was and that its the best option for her. I highly recommend doing a short sale to my friends and family as well, as you can see here. Wells Fargo & Citi worked very fast for us on this short sale. As you can see, we had full approval on this short sale from Wells Fargo & Citi in 35 days! Thats really good. The better news is the seller was forgiven over 100k in deficiency that she would have had to pay the banks back. Our seller bought this place and lived in it for a few years and then moved out. After moving out she had renters in the property. During this time she was losing money each month in addition to be upside down on her mortgage. Her renter broke his lease and she decided a short sale was her best option.
If you have any questions concerning Wells Fargo or Citi Mortgage Short Sales Contact Us. We have a proven record with Wells Fargo & Citi Mortgage Short Sales . We can help you with Wells Fargo or Citi Mortgage Short Sale in Virginia & Maryland.
Quick Facts
Hardship: To Much Debt, Upside Down on the mortgage, place is to small
Days for Approval: We got this approval letter in 73 days from contract ratification.
Amount Forgiven: Over $100,000 and the seller does not have to pay the bank back!
We did not have any problems with Acacia or Wells Fargo. We had some slight delays with both lenders but overcame both problems. Acacia did not want to start the process, so we had to escalate to the president of Acacia to get him to move this file along. Wells Fargo was fighting us because they believe our client could afford the place. She could but she no longer wanted it as it was upside down. We negotiated and got both of these banks to full approve the short sale and waive the deficiency.
Here's the Acacia and Wells Fargo short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the tax attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.
If you have any questions concerning Acacia and Wells Fargo Short Sales Contact Us. We have a proven record with Acacia and Wells Fargo (Preforeclosure) Short Sales. We can help you with Acacia and Wells Fargo Short Sales in Virginia & Maryland.
Hardship: To Much Debt, Upside Down on the mortgage
Days for Approval: 120 days to get the approval and we closed within 30 days.
Amount Forgiven: Over $100,000 and the seller does not have to pay the bank back!
The sellers decided to sign a small promissory note with Acacia instead of paying a cash contribution because money was tight. This is interest free and they have 10 years to pay it off.
Here's the Acacia and Wells Fargo short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the tax attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.
If you have any questions concerning Acacia and Wells Fargo Short Sales Contact Us. We have a proven record with Acacia and Wells Fargo (Preforeclosure) Short Sales. We can help you with Acacia and Wells Fargo Short Sales in Virginia & Maryland.
Check out some of our short sale letters below. We have successfully negotiated 19 of 19 short sales since last year! It is a very difficult and stressful time for these owners and once the process is all done, it is such a joy and relief for them to be done with it. It makes all the hard work and 3-5 months it takes to get them closed, worth it for us.
Short Sale Condo Sold -Chase *Did not have to pay the bank back -Approval Letter Here
Short Sale Condo Sold -Citi Bank *Did not have to pay the bank back -Approval Letter Here
Short Sale Townhome Sold -Wells Fargo *Did not have to pay the bank back - Approval Letter Here
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