Category Archives: Wells Fargo

Asheville Short Sale with 2 Wells Fargo Liens

This short sale involved a beautiful townhome near the Asheville Farmer’s Market.  I am still amazed that homes in this neighborhood are selling around $200,000.  But that’s the reality of the real estate downturn. This short sale scenario was one that I see quite often – a first mortgage and a home equity line.  While […]

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The Hard Decline (aka the Short Sale Mulligan)

I currently represent the buyer in a short sale transaction, and the lender is Wells Fargo.  Within a couple of weeks of submitting our purchase contract to the lender, the list agent received a “hard decline” from Wells. A hard decline is short sale lingo for starting over.  The frustrating thing is that there is […]

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Yet Another Successful Asheville Short Sale with Wells Fargo

This condo was a pretty typical Asheville short sale.  There was one mortgage with Wells Fargo.  At the time I took the listing, the mortgage was not in default, and HOA fees and property taxes were also current.  There is a misconception among borrowers that they must be in default by as much as 90 […]

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Wells Fargo Home Equity Short Sale near Asheville

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 […]

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Biltmore Lake Condo – 3 Lien Short Sale!

This condo sale closed just before the end of the year, and it took only about 3 and a half months from the time we put the property on the market until the time it closed.  Once the offer came in, we needed just about 2 months to close the sale.  There were 2 mortgages […]

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North Carolina Receives Aid for Short Sales

In April, 49 state attorney general offices and several federal agencies reached a $25 billion settlement with 5 major lenders (Wells Fargo, Bank of America, Citi, Chase, and Ally/GMAC).  The settlement was the result of suspect lending practices and automated foreclosure processes (“robosigning”). The state of North Carolina received approximately $338 million from the settlement. […]

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Fannie Mae Changes Guidelines to Speed up Short Sale Times

Anyone who has ever attempted a short sale has probably been frustrated by the amount of time it can take to get a response from the bank.  To help combat absurd response times, Fannie Mae has issued new guidelines that should at least provide Realtors, borrowers, and buyers with an expectation of when the bank […]

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Uncontested Foreclosures Resume in New Jersey

David Voreacos and David McLaughlin from Bloomberg recently reported on a development that we all knew was coming.  Chase, Wells Fargo, Citigroup, and Bank of America were given permission by Superior Court Judge Mary Jacobson (in Trenton, NJ) to resume “uncontested” foreclosures. All of these lenders, as well as Ally Financial and OneWest Bank, were […]

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Meet Linda Green, Your Bank’s Vice President

Disclaimer: Do not read this before you take your happy pills.  This is going to make your blood boil! A recent CBS News article discusses the outlandish lengths banks will go to in order to process a foreclosure.  Their methods can be illegal, unethical, and downright bizarre.  The overall story here is not new…it has […]

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Wells Fargo Fined $85 Million for Mortgage Abuses, Discrimination Lawsuit Awaits

Well, it just keeps getting worse for our favorite neighborhood lender Wells Fargo.  Maybe we should just start calling them “Fargo,” as in the Coen brothers’ movie.  If you haven’t seen it, suffice it to say it’s a dark comedy…with much more darkness than comedy. According to a statement issued by the Federal Reserve, Wells […]

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