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Wells Fargo has a long standing reputation to upkeep of being the fuddy duddy of the Loss Mitigation industry. I am sure that if they could convince people to submit their short sale and loan modification packages via the old horse drawn cart they would. Well in an unprecedented leap into the 20th century, as many of you may know, they have made the leap to Equator. We’ll wait till the cheering calms…

Ok… OK… it’s been five minutes of applause and we have to move on. This news doesn’t come too soon for many weary short sale faxers (though they did have one of the most effective fax machines in the industry — depends on the day). If you thought though that our days of faxing Wells Fargo were totally gone… Think again. Certain files will still need special handling (much like many of the other Lenders like Bank of America) including but not limited to FHA and VA loans along with other Government Programs. Though it is not clear how the HAFA files will proceed at this time they are saying that loans with pending sale dates within 10 days or less of the sale date will need to be processed manually.

Also among the files that will not be processed will be 2nd liens/mortgages. We are sure that this will come to the great delight of many people and we hope to enjoy a smooth transition but that doesn’t mean there won’t be cases where hardship will strike.