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Wells Fargo limits homeowners extensions on short sales

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Wells Fargo (WFC) is no longer granting more than one extension for homeowners to complete a short sale. The firm said it has been working through a number of investor-related concerns regarding the time it takes to complete a short sale. The bank recently decided to implement this policy in order to stay consistent between short sale transactions. Wells Fargo spokesman Jason Menke also said certain mortgages owned by the bank, which investors are looking to take in a short sale, will still be allowed one foreclosure postponement provided there is some indication the short sale is guaranteed to be approved. "We do allow for one foreclosure postponement provided we have a short sale in hand that has been approved, the buyer has proof of funds of financing approved, and the short sale can close within 30 days of the scheduled foreclosure sale," he told HousingWire. Write to Christine Ricciardi.

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