beginning Wells Fargo asked the seller for a cash contribution but the seller did not have the cash and the first lien holder Nationstar did not allow cash contributions to the second and third lien holders and informed me that a cash contribution to Wells was not allowed on the HUD-1.
I relayed this information the Wells Fargo and they informed me that the seller would be obligated to settle with them after the closing.
The seller received short sale approval from the first lien holder Nationstar and the debt was forgiven. Then he received the short sale approval letter from Wells Fargo and Wells Fargo approved the short sale but they would not forgive the debt. The seller was reluctant to close under the circumstances but the negotiator at Wells Fargo assured him that he would only have to repay part of the debt and that they would work with him on a payment he could afford. The seller, wanting to do the right thing, closed on the property.
Wells Fargo is currently pursuing repayment of the full amount of the debt and has informed this seller that he must pay over $1600 per month to repay this debt.
Things that make you go hmmmmm!
Bev Dudley, Realtor
Fleur de Lis Realty