Must Read If Your Home Loan Is With World Savings or Wachovia
If you have a home loan that was originated by World Savings or Wachovia, this is important information for you to know. What does this mean? This means that although your monthly statement for the loan on your home says Wells Fargo (since they bought Wachovia), if you originally worked with World Savings or Wachovia then this applies to your loan. If your loan originated with Wells Fargo, this information does not apply to your loan.
In the Southern California area, Wachovia has implemented a “Fast Track” program for working with sellers who need to do a short sale on their home. What this means for you:
- Even if you are not behind on your payments, you can still submit a short sale. So if you’ve been plowing through your hard earned savings to make your payment every month but know that your time is short before your savings is gone, don’t wait and don’t ruin your credit. Do something about it now.
- If you are behind and have received a notice of trustee sale date, you still have an opportunity to save your home loan from being foreclosed on. If you can get an offer (fair market value) submitted at least 11 days prior to the sale date, you may be able to proceed with the short sale and avoid foreclosure.
- Wachovia’s Southern California office is committed to approving (or rejecting with reasons) within 10 days! Short sales have been known to take 90 or more days to complete and some buyers do not want to wait that long. Your sale has a higher possibility of closing quickly since Wachovia has the ability to make the decision about your loan. This is a plus for potential buyers.
This information was presented by a Wachovia representative at a Realtor Workshop and is for informational purposes only. You should speak with your tax advisor and attorney for specific tax and legal advice on how a short sale can impact you.