Wachovia (aka World Savings) Fast Track For Short Sales and Loan Modifications

By
Real Estate Agent with Sereno Group Real Estate

Wachovia (aka World Savings and Golden West) currently has the most aggressive program to help homeowners avoid foreclosure.    Today I attended training at the Santa Cruz Board of Realtors put on by a Wachovia Short Sale Manger from Santa Clara In the current world of processing nightmares for short sales and loan modifications, there is finally one lender is "getting it". It's not rocket science.  When lenders have to foreclose on a home they lose a tremendous amount of money.  However, if they work with the homeowner to keep them in the home with a loan modification or allow them to sell short, they are saving huge amounts of money from the bottom line.  Wachovia has streamlined their loan modification process and short sale process, making it a quicker and smoother process.  They are calling this the FAST TRACK. This means that if you know anyone with a World Savings, Golden West or Wachovia loan that is underwater or having some kind of hardship, we can help them get answers relatively quickly. This also means that if you are buying a short sale, and the seller's lender is Wachovia, you will most likely have an answer sooner than later.  Wachovia says they will have it approved in 45 days or less.

What is also very exciting to actually have a direct contact with a Short Sale Manager at Wachovia. (Wachovia took over World Savings and Golden West so this applies to those loans as well)  We have all been transferred through the never ending maze of a customer service phone tree, only to become increasingly disgruntled. Multiply that frustration tenfold when dealing with a large bank like B of A on a short sale.  I know have the name, phone number, email, and physical address of an actual person that can make actual decisions on short sales!

Unlike most lenders, Wachovia is not requiring extensive documentation from the property owner to do a short sale.   They only require a hard ship letter from the seller and a phone interview.  If it is for a loan modification they will also want to see proof that the owner has the ability to pay.  This is smart as many other modifications end up in back in default because they can't afford their modified terms.

Wachovia is also sending out letters to certain homeowners letting them know that their home was "pre-approved" for a short sale.  If you get one of these letters, please contact me I can help you understand what it means.

If you or anyone you know would like help with getting qualified for a loan modification or short sale, please contact me and I will be happy to assist you at no cost to you.

Posted by

 

 

 

Mike Bloch, DRE # 01382661

 

Sereno Group Real Estate

 

Direct: 831-515-1130

 

E-Fax: 831-607-5045

 

www.MikeBloch.com

 

 

Comments (4)

Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Mic

Maybe after all this time banks are starting to get it. The reason short sales are not popular is the time it takes to get it done. Hopefully this is something they will all adopt in the future.

Nov 14, 2009 05:25 AM
Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

I recently heard about this Fast Track by Wachovia and I just submitted an offer to Wachovia property.  I sent the form to the agent and I will follow up with a call to be sure she is aware of the program.  So many agents are not.  Good informative post.

Nov 22, 2009 03:32 PM
Michael Bloch
Sereno Group Real Estate - Santa Cruz, CA

Robert, thanks for you comment. Hopefully more banks will start to use a process like Wachovia to streamline them.

 

Rosemary-  Good luck with your offer.  You are smart for educating the listing agent as to the Wachivia Fast Track.  There is a good chance they don't know about it!

Nov 25, 2009 02:28 AM
Lisa Marie Flenoury
"Lisa The Broker" - Playa Vista, CA
"Lisa The Broker" - Making Dreams Come True

My concern is the volume.  Will they be able to handle th volume with just 1 manager?!

Jan 22, 2010 03:35 PM