With a short sale you may have the option to sell your home for less than the amount owed on your mortgage. By doing this, you may be released from your obligation to pay back your primary mortgage under its original terms. And as your mortgage servicer, Wells Fargo Home Mortgage may accept the proceeds of the sale as payment in full. This option can help you avoid a foreclosure sale and may be considered even if the foreclosure process has started.
Depending on your situation, you may be eligible for a short sale through the federal government’s Home Affordable Foreclosure Alternatives program, or through a different program.
As the homeowner, you:
- Avoid a foreclosure sale — in some cases the foreclosure sale may be postponed once a written, signed offer is received and approved by Wells Fargo Home Mortgage
- Can live in your home until the new owner closes, giving you time to make other living arrangements
- May be released from your obligation to repay your mortgage balance agent with short sale experience in Brentwood, Franklin, and Nashville TN