Wachovia Pulls the Trigger on Foreclosures

By
Services for Real Estate Pros with PartnerFirst

Greetings PSC's, I have some alarming news to report. I cannot reveal my source, however they are VERY reputable. Wachovia (formerly Golden West and World Savings) has been the sweetheart of the short sale space in the past 15-18 months. Diana Stauffer of Wachovia created the "Fast Track" short sale program in early 2009 in order to quickly work through their less than attractive "pick-a-pay" loan portfolio. Homeowners were given $3,000 to $5,000 as an incentive to cooperate, real estate agents received 7-8% commission, deficiency rights were waived, they put local, approachable human representatives (short sale managers) in hard hit areas, they approved short sales in a week or so, and they were almost always willing to postpone foreclosure sale dates (sometimes several times). Well, not any more. A directive has come from Wells Fargo corporate this week (which owns Wachovia) to abandon the postponement practices of the past. Wells is applying pressure to Wachovia and has implemented a new policy...no more foreclosure sale postponements! How can this be? How could sweet old Wachovia turn on us? Why would they adopt such a policy? As luck would have it, Wells wants to get the portfolio loans they acquired (an est. $15B in mortgages) at $.09 on the dollar through the system quicker and move forward. Wachovia / Wells was making a mint by short selling these loans and apparently the clock has expired. I will personally be tracking this trend and will report my findings as they occur.

Posted by

PartnerFirst
Nationwide Real Estate Network
www.partnerfirst.org/members


 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
reo
pre foreclosure
preforeclosure
real estate
short sale
psc
partner first
partnerfirst
preforeclosure specialist certification

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
29,302
Jim Hildreth
Jim W Hildreth Real Estate Brokerage & Mediation Services - Sonora, CA

Thanks for keeping us updated.

Aug 16, 2010 05:28 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
68,479

Partner First

Ask me a question
*
*
*
*
Spam prevention

Additional Information