The property: This Orange Park home is a 3 bedroom, 2 bathroom home, almost 1500 square feet. Large backyard, with a location very convenient to shopping, interstates, NAS Jax, etc…
Hardship: The house needed some repairs, mainly cosmetics like paint, flooring and some updating.
Short sale scenario: This home had 2 mortgages, both with Wells Fargo. Even though both mortgages were with Wells Fargo, they had to be treated as two separate mortgages. We had 3 contracts on this house before the 3rd one stuck. During the course of the short sale, the first mortgage was approved, then eventually the 2nd one was too. However, we had to ask for an extension on the first approval, since the approval was done long before the 2nd. They denied it, even though they had access to see that we were just waiting on the 2nd lien approval with their company. After being told no multiple times, and the 2nd lien holder unable to help, I went online and found email addresses for higher up executives for Wells Fargo. I sent them all an email explaining the situation. Funny thing happened, we got the extension and moved onto closing. The seller did have to make a small contribution at closing but had no promissory note and the right of the lender to pursue a deficiency judgment was waived.
If you find yourself in a short sale situation and want to know your options either call me at 904-910-3516 or email me at pam@pamgraham.com.
Other successful short sales I’ve completed:
- Wells Fargo Financial
- Navy Federal
- Litton Loan
- Wells Fargo
- Bank of America
- Select Portfolio Servicing, Inc
- HSBC
- Provident Funding
- Litton
- Vystar
- American Home Mortgage Servicing Inc
