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Short Sale

Selling your home for less than you owe

Program overview

If you can’t afford your current mortgage, and staying in your home isn’t an option, a short sale might help you avoid foreclosure. It allows you to sell your home for less than you owe on the mortgage, and may release you from having to repay the remaining mortgage balance.

Depending on your situation, you may be eligible for a short sale through the federal government’s Home Affordable Foreclosure Alternatives program, or through a different program.

How a short sale could help

  • You avoid a foreclosure sale. Even if one is already scheduled, it may be postponed if a signed purchase offer is received and approved by Wells Fargo Home Mortgage. 
  • You pay no fees. Wells Fargo Home Mortgage covers all closing costs and real estate agent fees. 

Important considerations

  • You can’t sell your home to anyone you have a close relationship with, including family or friends. 
  • In rare cases, homeowners have to pay a deficiency balance at closing or afterward. We’ll let you know if this applies to you before you commit to transferring the property. 
  • If you don’t have to pay the deficiency balance, you may have to report that amount as income for tax purposes. Consult your tax advisor.

See how the short sale process works

If you’re considering a short sale, here’s a step-by-step illustration showing how the process typically works, from start to finish.

Short sale process (PDF)*

Request mortgage payment assistance online. Get Started
Or call 1-800-678-7986

Review the Home Affordable Foreclosure Alternatives (HAFA) eligibility matrix (PDF)*

Review the Income Document Requirements for the HAMP and HAFA Programs (PDF)*
The difference between the amount still owed on a mortgage and the amount the home is sold for by the borrower (in the case of a short sale) or by Wells Fargo (in the case of a deed in lieu of foreclosure).