Notice:

Wachovia Short Sale Divisiion is working with Homeowners:

We are offering this site as a way to educate the public about the new streamlined process of getting a home owner mortgage loan approved within the Wachovia short sale department. We will help you walk thru the process of completing a short sale if you currently have a Wachovia or World Savings mortgage loan which is in default and you have exausted all options to save your home. 

We will discuss with you what actions you have taken before you came here to consider a short sale.  There are 100's of thousands of people who have tried to get an approval for a loan modification or refinance, without any luck. The bank has turned them down.  If you are in that situation or need to get more information as to define what to do, we can help. The people over at Wachovia have made some big changes in the last few months. They have moved towards a more streamlined short sale process unlike anyone other banker in the nation.  They have choosen to take this approach because they have mounting debt and need to liquidate libilities, quickly!

If you have a Wachovia or World Savings mortgage loan, consider yourself lucky.  Most lenders or bankers have strict requirements to be approved to do a short sale. Your bank is far easer to work with. Although, it must be said, the short sale package has to be completed correctly to benefit from an approval and any cash incentives offered by the bank. The Wachovia short sale division expects a turn around time of  about 7 days when approving a short sale, so, you can imagine, if the file is not done correctly, it can hinder or alter a favorable outcome. Most Realtors do not have any short sale experience. They are not certified as short sale specilists.  Yet, they take on listings from people in a shot sale situation and wonder why most of the short sale listings do not get approved.  As an example:  67% of the short sale listings in the Southern California are of Orange County do not get approved. That's staggering!  So, you have to be sure that the job is completed by someone who is skilled in mortgage processing coupled with real estate and nogiation experience.  We can offer that to you. The owner of this site has over 25 years of real estate and mortgage lending experience.  He has processed and nogotiated both real estate and mortgage lending transactions over that timeline.  He has trained a team of seasoned professionals to get the job done, right.  Infact, he takes a hands on approach with every short sale file to make sure things run smoothly and is delivered to the Wachovia short sale operation for review and approval.

There are several parts to a short sale:

1.  Finding a qualified buyer that is ready willing and able to purchase your short sale.  This person(s) must have the qualifications, proof of funds to close and the willingness to go thru the short sale process in the sales transaction. The banks want proof, up front, that the buyer is qualified.

2.  The home seller has to be willing to work with the bank to make the short sale process easy. In some cases, Wachovia  may offer incentives to the home seller. This is always negotiated. So, it is best to have someone who know how to negotiate propery with the bank. (See the incentive in the section below)  Now you can understand why the short sale package has to be delivered to the Wachovia short sale department, correctly!  The purchase offer that the seller has accepted and delivered to the bank must be accepted by the bank and the appraisal has to come in with enough value to be accepted by the bank.

3.  This is a home purchase by the buyer. So, there is an escrow or table funding with an attorney depending on the state you reside. Once the current loan is approved for short sale by the Wachovia short sale department, escrow is opened and the actual property sale begins. It usually takes about 30 days to comlpeted the fiinal process to transfer the home to the new owner.   Most buyers do not stress when buying a home that is held by Wachovia or World Savings. This is because of the fact that the short sale process has been streamlined. 

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If you have a mortgage loan with another lender, we may be able to help. Get a free evaluation.

If you have a Wachovia or World Savings bank mortgage loan, you are in for a treat when it comes to having to do a short sale with the bank. The bank owners have decided to streamline the process.

The Wachovia process to complete a short sale is mush easier and faster than all other traditional bankers or lenders. They have decided to streamline the process to make it easer for their home owners to short sale their homes.  There are many items you would normally need to complete a short sale, that is, if you had to do it with many of the other lenders or bankers.  Not with Wachovia or World Savings mortgage loans.

The Wachovia Short Sale process includes the following elements:

First, you are not required to supply these documents as the other banks do make it a requirement:

1.   Hardship letter – Wachovia does not require hardship documentation

2.   No current bank statements

3.   No Current pay stubs, W2 or previous Taxes

4.   Lender will get direct the information that they do need from the borrower

Second, You can potientally benefit from the following  details when completing a short sale with Wachovia or World Savings:

Some of the potential benefits of this new program include:

1.  Wachovia and World Savings have created incentives up to $2,500-$5,000 for move out expenses. It must be noted that the lender decides which borrowers qualify for this incentive.

2.  They are offering extremely, quick turn-around time for approval. The average turnaround time from "contract" to approval/decision is about 7-10 days.  This means the buyer of your property does not have to wait around for months and can close the purchase in a timely manner. This lessens the probability that the buyer will walk away from the transaction out of the frustration of waiting for something to happen.

3.  There are no "Out of Pocket" expenses asked by Wachovia. (Many lenders require a contribution from you to walk away, unless it is negotiated away.) 

4.  When you complete a short sale, the out come may not damage your credit to the extent that a  foreclosure does. That's a good thing!

The short sale process has to be completed correctly to be insure a maximum benefit. Most real estate agents are not "Short Sale Specialists". Make sure that the person you are working with is certified as a short sale specialist.

We provide timely, online free webinars for our clients so that they can fully understand all the details when completing a short sale.  All you have to do is contact us to set up a time and date for the next webinar. Simply, sit back, relax and watch the free online webinar. You will find out that the process is more detailed than just putting out a real estate sign and posting the property on the Multiple Listing Service (MLS) and finally waiting for a qualified buyer.   

Disclosure:

At TheShortSaleDepartment.com, our goal is to assist distressed home owners  to find a solution away from the costly actions of foreclosure.  Many lenders are eager to work with home owners, buyers and Realtors to resolve the distressed mortgage market.  We aim to help the any short sale division  by providing information, short sale packaging and seller listing services thru licensed Realtors.

The website is offered to the public as an informational website to educate and inform the home owner about the various solutions available including, short sale.  We assist home owners in completing short sale packaging and negotiation for delivery to the seller's lending institution(s). Additionally, we assit the seller in the listing of their property. 

Always, consider all alternative methods of retaining home ownership including loan modification. Consult with an attorney, tax professional and real estate professional.

We assist home owners in preparing a "short sale" application to be delivered  to the short sale division of that lender. Additionally, we help home sellers list their homes in order to find a ready, willing and able buyer.  Finally, we package eveything together, deliver the package to the short sale division of the lender or bank and work towards a final short sale approval.  Then we open up escrow and work towards closing the transaction in a timely manner.  We work with the requirements set by each lender and their short sale division negotiators.  

Steve Linnin is a licensed real estate broker in California. Lic#01091692.

Fannie Mae has a new website to help homeowners who have Fannie Mae Loans which need to be modified.  If you have already gone thru the process of trying to get a loan modification with Fannie Mae, this option will probably not work for you, since, your bank has already tried the solutions provided on this website.  This could be a solution if you have not tried to get  your loan modified. Click on the graphic to visit the site.   The site has a "Options Finder" solution to discover what options you may have regarding your situation and your loan with Fannie Mae.  You can click here for that!  You can get a free "Financial Checklist" to download, here.   You should also download this free "Contact Log" sheet, here.  

To discover if you have a Fannie Mae Mortgage Loan, you can click here using the Fannie Mae Loan Lookup page.   Hope this helps some people save their home from foreclosure.