Also visit our Short Sale Solutions website
 
Wachovia Fast Track Short Sale Program
 
Are you unable to make the payments on your Wachovia or World Savings Mortgage?
Homeowners have heard the horror stories about the Loan Modification and Short Sales process and the time it takes to get the approval.  Wells Fargo, who purchased Wachovia and World Savings banks, understands the situation this market has created and now offers Realtors, homeowners and buyers the assistance necessary to streamline the short sale process and approve these transactions within traditional time lines. They are taking the lead in creating this process for homeowners with Wachovia / World Savings home loans in order to stop the flood of foreclosures.  
 
How can they do it?  Wells Fargo has determined that it would be less costly to work out short sales on these loans, which were acquired at a discount as part of the acquisition of Wachovia and World Savings, than it would be to proceed with the more costly foreclosure process.  Their focus is to efficiently move these loans off their books.
 
The Short Sale Division at Century 21 Langos & Christian is familiar with the Fast Track program and is prepared to assist eligible homeowners through the process, which removes the financial burden so that the homeowner can move on with their lives.  If the homeowner qualifies here's what they can expect:
 
 
 
The Advantages of a Wachovia Fast Track Short Sale Program

 

  

  • All Deficiencies are Forgiven
  • FREE – no cost to you, no contribution required from you
  • Cash back incentives
  • Late payments not required. 
  • Less Damaging to Credit Rating. 
  • Fast 14 day approval. 
  • Fast and Easy Qualification. 
  • Confidential, Dignified solution.
  • Much shorter delay to renewed Loan Worthiness
 
The FAST TRACK sale process takes just 10-14 days! You will know in 10-14 days whether or not the bank will approve the short sale. No bank statements, no tax returns, no pay stubs, nothing! Just your story and a valid offer from a qualified buyer.

We at Century 21 Langos & Christian will help you complete the short sale package and help you through each step of the process.

 

How does the Wachovia Fast Track Short Sale Program work?

 

Once your property is listed for sale, it is placed with a local Asset Recovery Manager.  Upon receiving a fair market purchase contract on the property, it is submitted for approval. Within 7-10 days you should either receive contract approval or be told of an acceptable price.

 
The chart below explains the Difference between Wachovia’s Fast Track Program vs the way Short Sales are handled by most other Banks

 

 

Wachovia Fast Track Program

Most Other Banks

Eligibility / Qualifications

Quick phone or in-person interview with a Wachovia Fast Track Manager who has complete and authority to issue approval. 

Written letter and documentation required proving hardship

Loan Account must be delinquent

Borrower can be completely current on payments, allowing seller to keep credit in tact

Typically won’t consider a short sale unless borrower is at least 60 – 90 days late and/or on verge of foreclosure

Verification

Borrower will not be asked to submit any financial documents

Typically require last 2 years of tax returns, last 2 months of bank statements, paystubs, financial statement of all assets

Review and Approval Process

Wachovia Fast Track Manager who interviews the Borrower is the only person who reviews the file and has complete authority to issue approval

File may pass between numerous negotiators who cannot make decisions without the approval of the private investor who owns the note behind the loan

Approval timeframe after submitting a Purchase Offer

The Wachovia Fast Track Program issues approval within 10 days.

The average is 3-4 months however some cases have taken 6 months to as long as 12-18 months.

Deficiency Debt

The Wachovia Fast Track Program waives and forgives Deficiency

Most Banks will reserve the right to pursue the borrower for the Deficiency at a later date.

Seller Contribution to Sale

Wachovia Fast Track Solution does NOT ask for and seller contribution

Many Banks ask the Seller to contribute money to the sale or ask the seller to sign a promissory note for all of part of the deficiency

Seller Incentive

Wachovia Fast Track Program will pay the seller $2500 - $5000 as an incentive

Unheard of!

Non-Owner Occupied Properties

The Wachovia Fast Track Program treats 2nd properties and rental properties exactly the same as  primary residence properties, including the Cash Incentive

Most Banks are less cooperative if the property is not the Primary Residence

Credit Verbiage

The Wachovia Fast Track Program reports “Paid in full. Settled for less than Owed.” This is the friendliest verbiage possible, usually resulting in only a 60 – 100 point FICO movement

Many banks continue to report the balance of the loan as being owed and past due, further damaging credit.

Flexibility once Bank has given initial approval and Buyer backs out of Contract

Wachovia Fast Track Program will honor their approval for a new buyer.

Most Banks will make the process start all over again with a new Buyer.

For more information Visit our Short Sale Solutions web site or call our Short Sale Division at 847-593-3460