We bring you another success story this time featuring Wells Fargo and their servicer ASC. This particular home was a condo in Decatur with 2 liens on it. To top it off, the home did not have an air condition and had not been updated in 20+ years of ownership. The owner had lost his job and frankly had been struggling for some time. When he called it was only a short time before the home would be foreclosed. Unlike most homes in this price point (under $50K) this one could not be rented due to HOA restrictions.
The difficulty with these lower priced properties is that the bank works off percentages so when we received a $23,000 offer, this was 20% off what the bank really waned. Ultimately, we sold this condo fro $29,000 to a savvy investor and satisfied the debt on not only the 2 Wells Fargo loans but also some other debt as well. This one was a big win/win/win for everyone involved including the bank!