We went through the shortsale process with WF last year. We relocated and the housing market had tanked to the point that the only way we could sell the house was via the shortsale process. Everything went relatively well, we got a cash offer that WF accepted, and then right at the end we were told the agreement would be terminated if we were not at least 31 days delinquent. We did not understand the logic, but at the same time we had to proceed. We skipped the payment, then WF set the closing date back an additional 30 days.
Now, in exploring our mortgage options, we have been told that we qualify across the board, but the 60 days delinquent on our credit report is keeping us from qualifying. Further, multiple sources, including information from Wells Fargo online, have told us that we absolutely did NOT have to be delinquent. We knew there would be consequences to missing the payments and were furious that it was "a condition of approval". Now we find out that we were lied to.
I wish there was a way to get this taken off our credit report. We never would have missed those payments without their instruction to do so.
