Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)

Wells Fargo Short Sale Timeline

How long does Wells Fargo take to approve their short sales?  According to their official guide, about 45 days.  Most of my Wells Fargo short sales have taken about 2 months or less.  I blogged about this last year.  

The contract date is 2/3/10 and the approval date is 2/24/10.   So it took 3 weeks for approval.  Many banks can actually get the short sale approved in few weeks but the key is preparing all the documents in advance and getting the right negotiator on the bank's end. Keep in mind that Wells Fargo has separate fax number for third party authorization and short sale package.  If you don't know this, this can delay the process.   I believe I have done now over dozen or so short sales with Wells Fargo and I must say that Wells Fargo is definitely one of the top banks to work with in terms of short sales. 

If your mortgage is with Wells Fargo / Wachovia and you are considering doing a short sale short, give me a call at 703-662-1466.  I know the process inside out.

 

Simon Hahn - Keller Williams Realty

Wells Fargo / Wachovia Short Sales Specialist

703-662-1466

Chase Mortgage Short Sale Approval/Demand Letter

Here's a sample Chase Mortgage short sale approval/demand letter.  Take a look at page 2 of the letter.

Please be aware that the completion of this transaction Is reported to the credit bureaus and may have an adverse affect on your credit rating. Proceeding with this transaction may also have implications on your state or federal tax liability; please consult a tax advisor for additional information.

There's no mention of deficiency judgement.   Since I'm not an attorney, I won't elaborate but the attorney who reviewed it gave the green light.   Remember to always have an attorney review your short sale letters.  Here's the Chase Mortgage short sale approval/demand letter.  I also have the Chase Affidavit of Arms Length Transaction addendum as well.  I believe this is fifth Chase short sale that I have worked on.  If your mortgage is with Chase and you are considering a short sale, give me a call for a free, private consultation. 

 

Here's the required Affidavit of Arms Length Transaction. 

  
If you have any questions concerning Chase short sale, please contact me.

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sales specialist

703-662-1466

 
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Countrywide / Bank of America Short Sale Approval Letter

Here's a sample Countrywide / Bank of America short sale approval/demand letter.  You should always have an attorney review the short sale approval/demand letters.  I highlighted the part that's critical on the approval/demand letter.  It states the following:

BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy. Furthermore, there may be tax consequences associated with entering into a short sale. The seller is encouraged to seek guidance from an independent tax advisor, and/or an attorney, before proceeding with the short sale.

It's a standard language that Countrywide / Bank of America uses.  I can post at least half dozen short sale letters.  If you have any questions about the letter, you can email me and I can share what 2 short sale attorneys told me about the letter but since I'm not an attorney, I won't post anything. 

Also, the contract date on this short sale was 11/7/09.   

 

  

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sales specialist

703-662-1466

 
countrywide bank of america short sale approval demand letter

EMC Mortgage Short Sale Experience

E=MC²     I'm not Einstein so I never understood what that meant.  However, EMC = Smooth Transaction in the world of short sales.  This is my opinion of course but I have found EMC a good bank to work with in terms of doing a short sale. 

Here's an EMC Mortgage short sale demand / approval letter.  It didn't really convert to well to jpg file so I have it in PDF format. Download Approval_letter

EMC is faster than most banks in my opinion.  At least the ones that I have been involved in, EMC took less than 2 months.  Let me know if you have any questions concerning EMC Mortgage or any short sale.

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sales specialist

703-662-1466

 
 

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Posted by simon hahn on January 16, 2010 

CitiMortage Short Sale Success on Second Mortgage

I recently did a short sale involving CitiMortgage second mortgage.  This one took longer than other CitiMortgage second mortgage short sales.  It took about 4 months.  Nevertheless here's how the short sale demand letter looks like. 

  

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 

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Richmond Short Sale Agent (Wells Fargo)

Our group recently did a Wells Fargo short sale in Richmond, VA in partnership with another Richmond agent.  The seller at the time couldn't find a reliable short sale agent with sufficient experience in Richmond.  Although I don't try to do short sale below Stafford County, I was compelled to take this case.  

The short sale involved two loans both with Wells Fargo.  This home just settled last week.  If you live in Richmond and you are considering a short sale, contact me for a private, free consultation.  I'll refer you to a solid agent who can help you properly. Everybody is claiming to be a short sale expert but most agents haven't close more than few short sales.  In my opinion, you have to close about dozen short sales to get a real good understanding.  

Here's the short sale demand/approval letter for the first trust.  I'll try to post a second lien approval soon.  The copy I have is very hard to see. 

 

If you're considering a short sale, please call or email me for private, free consultation.   If you live in Richmond, I'll refer you to a good Richmond short sale realtor/agent. 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 
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Suntrust Short Sale Demand / Approval Letter

How's the short sale experience with Suntrust?  Lately it has been taking much longer to get approval compared to last year.  

Earlier in the year, SunTrust gave time frame for their approval.  Here's my old blog post about it.  Basically 2 month is all it took but starting May SunTrust stopped giving time frame.  I knew it'll take much longer when they stopped giving time frame.  This contract was submitted to bank late June and we got the approval in mid-January.  So basically it took 6.5 month for approval.   This seem to be the norm when I talk with other agents working on SunTrust short sales.  

Here's the Suntrust short sale demand/approval letter.  

 

 

  

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 
 

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EMC Mortgage Short Sale Approval/Demand Letter

Here's a recent EMC short sale that closed.   Here's the details and the short sale approval/demand letter.  I have found EMC Mortgage to be one of the easiest banks to work with.   EMC Mortgage is a wholly owned JP Morgan Chase & Co and I remember correctly they want to exit the mortgage business.  If you have any questions concerning EMC Mortgage short sale or any other short sales, don't hesitate to contact me for free, private consultation.  My direct number is 703-662-1466.

Time frame: 2 months

Hardship: Job Loss

Here's the EMC Mortgage short sale approval / demand letter. 

 

 

 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 
 

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Wells Fargo First and Second Trust Short Sale Approval Letters

Here's a very recent Wells Fargo short sale that closed.  If you look at the letters, they are clean.  Even for the second lien, it states that the debt will be forgiven even for the second loan.   This took little longer than other Wells Fargo short sales.  To date, I have done over dozen Wells Fargo short sales and they typically take 2 to 2.5 months.  Some approved short sales take a month or so.  There was some issue with second wanting more in payoff and that delayed the process a bit.   Anyways, here's the details and the short sale approval/demand letters. 

Approval Time Line: 

-Wells Fargo First Trust: 3.5 months

-Wells Fargo Second Trust: 4 months

Hardship:  Job Transfer

Here's the Wells Fargo first trust approval letter.  Click on image for PDF file. 

 

Here's the Wells Fargo short sale approval / demand letter for the second/junior lien.

If you have any questions concerning Wells Fargo short sales (or any other short sales), please do not hesitate to call for a free, private consultation.  I have done over dozen Wells Fargo short sales with no issues so far. 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 

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M&T Bank Short Sale Demand/Approval Letter

Here's a brief summary of a M&T Bank short sale.  There was an issue with appraisal coming in too low and home inspection issues which delayed the process. Nevertheless the settled and here's the M&T Bank short sale demand letter. 

Hardship: Loss of job

Time Frame: 2.5 to 3 months

Here's the short sale demand/approval letter.  It's clean letter.  If you have mortgage with M&T Bank and you need to do a short sale, call for a private free consultation.  Direct number is 703-662-1466.

   Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 

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