Short Sale Specialist Network

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Wells Fargo Home Equity - Bankruptcy

I have a listing with a first and second with Wells Fargo. The first was approved a month ago and the second is giving me fits! My client is in Chpt. 13 BK. Court is aware that he is short selling the house. First lien never said a word about the bankruptcy but second now wants something from the court saying that they can negotiate with him.

Anyone ever run into this? Any suggestions?

I appreciate the help. I'm here in Myrtle Beach if anyone needs an agent in the area!

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Replies to This Discussion

Permalink Reply by MARK DENNY on December 1, 2010 at 6:44pm

Hello Jennifer,

I am a little suprised that the negotiator of the first did not request documentation from the court. Maybe the negotiator on the second caught their mistake. I would suggest you contact your client's attorney and get his legal advice.

Permalink Reply by Jennifer Mullen on December 1, 2010 at 8:22pm

That's what I can't figure out! His attorney and I are not sure exactly what they want so I sent the bankruptcy plan today. We're hoping that will suffice. I'll let you know.

Permalink Reply by Jennifer Mullen on December 13, 2010 at 10:46pm

Hi Mark,

Just a quick update on this file... Second lien has decided that they can review the file and issue an approval contingent on the court order approving the short sale. As soon as we have the approval the bankruptcy atty will file the motion. Second liens apparantly have to operate under different rules with BK as their loans are not secured in the same way as the first lien. I'll let you know when we close:)

Permalink Reply by MARK DENNY on December 13, 2010 at 10:59pm

Hello Jennifer,

Thanks for the update. I would love to hear about the outcome!

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