Sacramento Short Sale Specialist Reports Wells Fargo Stops Extensions On Short Sales

Sacramento Certified Short Sale Specialist and Sacramento Area Expert Short Sale Negotiator Forth Hoyt Reports:
Wells Fargo Short Sales will need to be smooth, efficient and timely!  Contact a Sacramento  Certified HAFA short sale expert today!
So they say wells fargo trustee sale postponements are are now a thing of the past-
\According to DSNews,There’s no Wells Fargo foreclosure sales or Trustee Sales being delayed any longer.  We just experienced that on a Wells Fargo deal the other day.  It was actually a World Savings, which became Wachovia and then eventually a Wells Fargo short sale .  We had been having a hard time getting documents gathered from the sellers. They had moved to another state, lived far from town, with no fax machine, poor internet service and much personal turmoil going on made it very difficult to communicate, much less gather the required documents for two loans. (this particular property had a Bank of America second mortgage)…  anyway, this is going to definitely make an impact, as both Fannie Mae and Freddie Mac are both saying they will not longer extend or reschedule foreclosure sales either.
Here’s The Article; By: Carrie Bay
Wells Fargo will no longer delay foreclosure proceedings in hopes that a short sale deal will come through.
According to an American Banker report, the bank has stopped granting extensions for distressed homeowners to complete short sales
The paper, citing a memo Wells emailed to short sale vendors, said the lender will no longer postpone foreclosure sales for borrowers who do not close on short sales by the date quoted in their approval letter.
The move will allow the bank’s foreclosure proceedings to advance, even if a short sale is already in negotiation. Wells says it changed its policy at the request of investors it services mortgages for, including the GSEs, according to American Banker.
Last month, Fannie Mae announced an initiative to crack down on servicers for letting delinquent loans languish too long without action.
The GSE issued a notice alerting servicers that it is monitoring all delinquent loans in its portfolio and mortgage-backed securities (MBS) pools, and will conduct on-site reviews and assess fines for poor servicer performance when it comes to completing foreclosures in a timely manner