10 day approval? Yes that’s what I said and for those homeowners lucky enough to have a Wachovia loan( aka World Savings) a short sale approval is possible within a few weeks time. Wachovia is able to do this mainly because they own the loans vs having to service them for investors.
What makes this more incredible is that each county has a short sale negotiator who is proactive in the approval process. Wachovia makes its decisions on a case by case hardship a homeowner is facing. The goal is to offer a fast track process to the homeowner once it has been determined that all other options have been exhausted including the possibility of a loan modification.
Requirements for a Wachovia Short Sale Approval
- Homeowner must have a true hardship (loss of income, job loss, medical, family, etc….). Provide required documentation to support your hardship. Taxes, bank statements, and pay stubs must be submitted to the negotiator.
- Communication is key! Most homeowners in this situation are embarrassed at the possibility of facing foreclosure that they stop answering the phone or opening mail. You must be willing to communicate with the lender to help yourself with this situation.
- Work with a REALTOR who knows how the Wachovia process works. This will help the homeowner reach a timely agreement with Wachovia and help facilitate an open channel of communication with the short sale negotiator.
Wachovia’s short sale fast track is incredibly fast in comparison to the other banks and servicers who can take up to 90 days to approve a short sale. Talk to a Loss Mitigation Representative to find out more and to explore your options.
(866) 642-8608
8:00 am-5:30 pm Monday-Thursday 8:30 am-4:00 pm Friday.
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