Recently Wells Fargo Home Mortgage revised their method for processing a short sale. One important thing to be aware of with a Wells Fargo mortgage is the fact that they have at least 4 different entities that initiate home mortgages, and they all have the words Wells Fargo in the name. Following is the contact information for each:
Wells Fargo Home Mortgage: 1-800-678-7986
Wells Fargo Home Equity: 1-800-319-0855
Wells Fargo Financial: 1-800-421-6043
Wells Fargo Bank: (Local Bank number)
For a mortgage with Wells Fargo Home Mortgage the process is now initiated on the Equator platform. Bank of America has been using Equator for several years to process short sales. Wells is relatively new on the Equator scene. Once the short sale realtor has initiated a Wells Fargo Home Mortgage short sale on Equator, the lender will first determine if the borrower is eligible for the HAFA (Home Affordable Foreclosure Alternatives) short sale program. If the loan is eligible for the HAFA short sale program the short sale will not be processed on Equator, but will be processed and underwritten manually following the “Making Home Affordable” guidelines according to the Wells Fargo HAFA Matrix.
All other types of short sale programs will be processed on Equator, including FHA loans. The short sale realtor listing the property and negotiating the short sale must have an account set up on Equator. There will be a series of tasks initiated on Equator. Some tasks are assigned by the system and some by the processor or negotiator on the file. Each task is given a period of time and a deadline for completion. If the task is not completed by the deadline it will go red in the system. Once a task goes red the file could be closed and the short sale denied. Communication via the messaging system on Equator is imperative to a successful transaction.
If you are a homeowner struggling with your Wells Fargo mortgage it is very important that you provide all required documents requested by your short sale realtor ASAP as they are trying to meet an important deadline. A missed deadline can have a very negative impact on your short sale approval and cause major delays in the process. Feel free to contact me any time for more information about the Wells Fargo Short Sale process.