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Second home shortsale??

i own a second home with the lender being wells fargo ?? im not able to make the payments due to temporary job loss does any one know if wells fargo can help me either modify or shortsale my home im behind 2 months. i bought my second home in 04 for 350k and only worth 160k help thanks
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June 06 2012 - Los Angeles
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Answers (5)

There certainly is a possibility that your bank may grant you either. Currently, Fannie Mae and Freddie Mac have new guideline that should reduce the timeframes for getting modifications and short sales approved.

These last few months my partner and I have been extremely successful in getting our short sale deals quickly approved and closed.

Good luck to you
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June 11 2012
Sorry to hear about your situation. I will make an assumption the 2nd home is an investment loan. Not owner /occupier .With the clients I had in that situation we had no issue having the short sale approved, the TAX /IRS ramifications where more of an issue.You MUST talk with your accountant and lawyer when 2 homes are involved with a short sale. With the possibility that you could have exposure of $190,000 on a 1099 , I would stress that you receive the most current advice tax advice, this way you know if a short sale on the 2nd home is the best way to go. Forgiven debt was waived on the primary residence and is due change shortly,unless it is extended. On primary residence homes, equity loans or lines of credit that were taken out at the same times the first mtg was ,where exempt from a 1099. ( when lenders created an 80/20 to avoid PMI) any other home equity /line of credits AND investment loans, are eligible for a 1099. Just in case laws and IRS rules have changed,consult an accountant and a lawyer for current changes that could effect you before you short sale.
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June 07 2012
Hello Alex, 

We work the Los Angeles Area and have a vast knowledge with short sales and I can assure you that a modification is at times an option for investment homes and short-sales are in most cases always an option. The key to a successful short sale or modification is a clear understanding of the process and proper preparation prior to submitting your request to your lender. There are specific guidelines to follow with both a modification and a short sale but each every case is unique due to differences in each individuals circumstances. Working with someone with the experience and success to execute possibly the most important key to success. Again we are very active in the short sale and modification process and would love to sit down with you and go over the best possible solution for you and your family. 

Feel free to call or email for a free consultation. 

Trinidad Gaeta 
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June 07 2012
Yes, Wells Fargo will work with you on the short sale. A loan mod on a second home may be difficult depending on your circumstances.

Here in the Myrtle Beach area most of the homes are 2nd homes or resort rentals. We do lots of short sales on 2nd homes and investment properties with all the big banks including Wells.

You should contact Wells right away and begin the discussion to determine what options you have. You should also consider interviewing a couple of agents who specialize in or have experience selling short sales. Wells will most likely require the property to be listed. They may even have a list of preferred short sale agents in your area.
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June 07 2012
I just closed a short sale on a second home.  The possibility of doing one depends on your circumstances, primarily showing the Lender a legitimate hardship.  You should probably avoid using the word "temporary" when describing your job loss.
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June 06 2012
 
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