Wednesday, September 23, 2009
Wachovia or Wells Fargo loans in default? Let's talk short sale
Wachovia bank which has approximately 25% of it's loan portfolio in default status has a very aggressive stream lined process for short sales. They are processing short sales within 10 business days of a ratified offer being submitted to the bank. Their intent is to eliminate the possibility of a future foreclosure which will cost everyone more money. Wachovia's process (which was taken over by Wells Fargo) has proved so successful that Wells Fargo is considering the use of the Wachovia short sale team to handle the Wells Fargo defaulting loans too. I wish all banks get to this state of proactive loan processing. And if you know of anyone with a loan in default (or sometimes not even in default) and they are upside down in their home, have a true hardship (now or in the future) and want to consider a short sale - call me - we can evaluate the situation and very likely provide a solution.