Wells Fargo - FHA Short Sell --- Meeting HO tomorrow

Foreclosures, Short Sales, Tax Foreclosures
1

I am going to meet the HO tomorrow during lunch to see the house and discuss SS with him. I need all the help I can. Here is his situcation.

Home ARV is arond 138k

First Mortage with Wells Fargo - 124k
Second loan/lien with Wells Fargo - 8k
Behind in his payment 2-3 months
He is well employed… just moved far in the country and can’t make the payments now.

======
What is the best way to handle this SS with Wells Fargo bank? What should be my justification for SS?

How does FHA play in this SS? Does it help or not?

Any other experiences with Wells Fargo will be appreciated…

Thanks,
DFW

2

I could be wrong about this because i am not in your area, but FHA and VA do not do shortsales.
sorry
rito

3

I think it can be done for sure as my last SS with different lender was a FHA loan. That was handled by realtors…so this one is by me.

4

I have a good strategy to assist you, so contact me if you need any help.
I will be there for you set by set.

5

FHA is the best type of Short Sale. I do this in Dallas Texas all the time. The martket here is great! Fha loans are the best because they are first time homeowners normally, they DO have pmi insurance which allows the bank to discount the property and still get the full amount owed.

VA and CONV loans are possible, but FHA should be your target loan type to short sale