According to HousingWire, a real estate industry journal, Wells Fargo will limit trustee sale extension to just one. Here is what they have to say:
Wells Fargo (WFC: 25.56 +1.77%) is no longer granting more than one extension for homeowners to complete a short sale.
The firm said it has been working through a number of investor-related concerns regarding the time it takes to complete a short sale. The bank recently decided to implement this policy in order to stay consistent between short sale transactions.
If you have a Wells Fargo Loan and are contemplating a short sale, this change means you'll need to be on the proactive side. If you wait to try a short sale when the trustee sale is only a few weeks away, you will be hard pressed to complete the process in time.
As best as we can determine, even a short sale already in the process can and will be cancelled if they have postponed the trustee sale date once and the new trustee sale comes in before the short sale is complete. We've been told by "people in the know" at Fidelity National Trust to expect Wells Fargo to hold firm on this policy, even if you are just a few days away from closing escrow.
IF YOU HAVE SHORT SALE QUESTIONS IN THE GREATER PHOENIX AND SCOTTSDALE REGIONS, WE ARE HAPPY TO ANSWER YOUR QUESTIONS. JUST GIVE US A CALL AT 602-234-5777 OR USE THE FORM BELOW...
The Urban Team at Realty Executives
