This just sold in February 2013. It was a bit unusual in that there was a HELOC (home equity line of credit), but no purchase mortgage ahead of it. The loan was with Wells Fargo Home Equity. Dealing with WF Home Equity is completely different than negotiating with WF Home Mortgage. WF Home Mortgage uses the “Equator” online software system to process short sales, while WF Home Equity uses a fax machine. Seriously.
But for those who are familiar with Equator, I submit that the fax machine is more efficient and far less frustrating than Equator. But I digress…this home in Swannanoa (just east of Asheville, NC) was many months delinquent, the well was on the adjoining property, and it had even had some trouble with vandals. These factors may have drug out the process a bit longer than would have been necessary, but the deal did close and the homeowner was able to walk away.