CLOSED! North Andover Short Sale Condo with Lisa Sevajian – straight HELOC with Wells Fargo
This was actually a first for us. We have negotiated plenty of HELOCs in second position, however, on this condo in North Andover, there was no primary mortgage. For some reason, this loan was written as a HELOC so the homeowner was able to pay it down, AND draw off it when necessary. We approached Wells Fargo with a HAFA application in hopes they would release the entire deficiency. Interestingly, the negotiator kept indicating our homeowner did not qualify for HAFA. The problem is many of the servicers see thousands of applications a day. They literally breeze over everyone’s finances. Well our sale initially came back denied. We knew this was not being read properly.
I called the homeowner and gave her some ammunition. She called into Wells and got a manager on the phone and line itemed her expenses. She was also kind enough to threaten Wells with the Attorney General and – POOF – we had our Massachusetts Wells Fargo Short Sale approval the
next day with a full deficiency release.
None of this could have been possible without the patience and knowledge of Lisa Sevajian who is an AMAZING agent for any homeowner who has a distressed property. She knows what she is doing and you can see that with her track record.
Thank you Lisa, Kelly, Meghan and everyone who made this possible.