Short Sale CASE STUDY: 009

A Lesson in Liens

I received a message from the processor at Wells Fargo right before Thanksgiving that they found a judgment against the seller for $451.40. My title company showed no such judgement and is willing to insure a clean title.

Why is this a big deal?

Clean Title.

In order for a property to be passed from one person to another, it needs to be free of liens (claims) against it. The transfer of ownership is recorded in the county that the property resides in. Title insurance is often purchased to ensure that [Read more…]

Short Sale CASE STUDY: 008

Minor Updates – Still Waiting on the Bank

After a few messages to the bank had not been answered I decided to have the seller fax me the form letters he received from Wells Fargo to see if there was a contact number I could find to speak to the processor directly.

I didn’t find what I was looking for but did see that they gave him the option of faxing his financials to them outside of the Equator system.  Since I am still unable to upload any information into Equator I decided that I needed to  [Read more…]

Short Sale CASE STUDY: 007

Form Letters and Red Tape

The seller received a notice from the Lender late last week acknowledging that they received the request and were processing the short sale.  The letter also directs him to have his agent upload his financial information into the Equator system to avoid the file being cancelled.

It has been over a week since I last uploaded information on this file and I am still not able to [Read more…]

Short Sale CASE STUDY: 006

Now For The Dirty Work

Yesterday Wells Fargo assigned 3 separate tasks and gave us until 6am tomorrow to get them complete.  These are the tasks I have been preparing for and why it is so critical to get all of your paperwork lined up in advance to avoid delays.

I will describe the tasks in the next few paragraphs but want to point out a few things first.  Remember that this particular short sale has an FHA loan in place that is being serviced by Wells Fargo.  The tasks in Equator are going to be different depending on who is servicing the loan and what type of loan is being serviced.  The following tasks may be different if [Read more…]

Short Sale CASE STUDY: 005

Back on Track and Waiting on the Lender

I am very fortunate to have a seller that is on the ball for this file.  He was able to fill out the requested information and return it to me in plenty of time to get it uploaded before their cut-off.

Again, most of the time these short deadlines are all fluff to get movement on the part of the agent.  But we don’t want [Read more…]