This “Help for Home Owners” link is “buried” under a few layers of the Wells Fargo website. Despite that, Wells Fargo seems to be one of the easier banks to deal with these days. Whether your loan was originally with World or Wachovia…or has always been with Wells Fargo, makes a big difference when discussing a loan Mod, or short sale.
Wachovia, which acquired World Savings , and then subsequently merged with Wells Fargo, consists of mostly “portfolio” loans, meaning they were kept “in house”. Those loans are much easier to negotiate, whether you are looking at a loan mod or a short sale. In fact, Wachovia has the most streamlined short sale process in the industry. Wells Fargo, on the other hand, like most big banks, sells off most of their loans to investors…so, when a loan mod or short sale is negotiated, the investor has to be located and agree to the loss. This is not to say it can’t be done, just a bit harder. To talk about specifics, or for more questions, our email is NoDumbQuestion@gmail.com.