Cautionary Tale Regarding Wells Fargo

The Sarasota Herald Tribune recently published an article that stated that Wells Fargo had a short sale incentive/fast track program in place. The article, which is consistent with other published articles we have seen, suggested that Wells Fargo would be willing to fast track short sale approvals and even make payments to short sale sellers under certain circumstances to encourage sellers to participate. As you can imagine, we received a flurry of phone calls and did some digging.

We contacted Wells Fargo’s media department, and they confirmed that Wells Fargo does indeed have such a program.  However, they could provide no details. We then had each of our five short sale team members independently contact several Wells Fargo negotiators regarding the article. In each case, the Wells Fargo negotiators denied any knowledge of such a program (and in one instance, did so after reviewing the article we supplied to them). Indeed, if Wells Fargo has such a program, it seems that none of the actual Wells Fargo short sale negotiators have actually been advised of the program.

Please keep this in mind when establishing expectations for short sale sellers who have Wells Fargo mortgages.

, , , ,