Average Days from Notice of Default to Notice of Trustee Sale

436

Average Days from Notice of Trustee Sale to Trustee Sale

136

Total Average Days in Foreclosure

572

Time To Acknowledge

3 days or less

Time to Approve

30+/- days

Commissions

Full Release Available

Usually

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They move quickly in most cases. I believe part of reason for Wachovia’s speed is their recognition of challenges in the real estate market. The view from here is that Wachovia really gets it. You typically have a single point of contact. Wachovia has used the localized approach for much of their REO portfolio, and we believe that has helped them better understand how tough things are at the street level. Speaking of tough, that is the best way to describe Wachovia on value issues. Don’t send Wachovia a deal based on a wholesale price and expect a favorable outcome – and that is as it should be. Most times, when Wachovia responds to a file, the focus is on the ‘net proceeds’ number. So, look your deal over closely before you conclude that you have, or don’t have, a deal. They are particularly aggressive with the World Savings Portfolio that was integrated into the Wachovia portfolio. Look at the original Deed Trust to see if you have a World Savings loan.

POLICY CHANGE ALERT as of 08/10

**IF THERE IS A FORCLOSURE SALE DATE SET – THEY WILL NO LONGER POSTPONE THAT DATE FOR ANY REASON – if there is an active forclosure Sale Date they MUST RECEIVE funds no later than 5 DAYS before that Sale Date, also if there is a SALE DATE set they must receive the full package 10 business DAYS prior to that sale date (and again, they will not postpone that date)**

FOR EXAMPLE:
If you are SUBMITTING A SHORT SALE PACKAGE on a property that has a SALE DATE SET FOR AUGUST 30th, the SHORT SALE APPROVAL WILL BE ISSUED with an expiration date of AUGUST 25th and we will NOT EXTEND the Short Sale approval or SALE DATE

Contact Info:
Loss Mit Direct- 866-248-5719 Wells Fargo
Fax: 866-359-1975

www.wellsfargo.com/assist

Follow up on existing package 877-222-7875 option4

https://www.wachovia.com/foundation/v/index.jsp?vgnextoid=c96d6344db1dc110VgnVCM100000127d6fa2R