I am working on a short sale with Citi, the investor is Wells-Fargo, and Citi is telling me that
the investor will not allow a short sale in the redemption period. I tried
calling Wells directly since they are the investor, but didn't have much luck
there.  We are in Minnesota, where there are 6 month redemption periods. Any suggestions?

Views: 160

Replies to This Discussion

it is highly unusual that Wells is an investor on anything...I am a legal adviser to them. There must be an investor behind Wells....in any event, they are taking a legally supportable position since the home owner has the legal right to redeem and if Wells accepts the offer and transfers title, the new buyer can be displaced and the sale undone.

The only thing that may help is if the home owner signs a release (probably in exchange for some money) . They can relinquish their right to redeem. This does not have full legal support but it is better than nothing

We have been doing short sales during redemption periods since the beginning of time.  The home owner relinquishes their legal right to redeem at the closing when they signoff on the closing documents.


Discussion Forum

Wells Fargo Short Sale Nightmare

Started by Fern Tzoucalis. Last reply by Fern Tzoucalis Mar 2, 2014. 6 Replies

Old World Savings Loans - Now Wells Fargo

Started by Angie Freeman. Last reply by Sharon Molnar Oct 9, 2013. 1 Reply

Wells Fargo Escalation Stalled

Started by Peggie Simmons. Last reply by Peggie Simmons Jun 18, 2013. 2 Replies

How to find a Wf short sale field manager

Started by Janice Wheeler. Last reply by Rozalyn Franklin Apr 24, 2013. 3 Replies

© 2021   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service