I have a short sale I am working on now where Wells Fargo holds the second mortgage and it is a HELOC. I am looking for someone with specific experience with WF regarding if they will write off the amount owing or do they require the owner to repay the remainder of the loan. I spoke with my loss mitigator today and she told me that my client would be on the hook for the remainder of the loan unpaid by the short sale. I asked her what the credit effect would be if the seller choose to keep paying for the loan after the SS occured. She said it would be reported as a charge off and my client would still owe the remainder of the balance. So my basic question to anyone out there is. Is this WF's policy or are they blowing smoke. I live in oregon and we are a non debt forgiveness state. So if any of you have specific experience I would love to hear about it.


Joshua Grossman,Broker
Gobend Realty
Bend Or 97702
541-788-4017