I have an appointment with a client next Saturday to gather paperwork and sign contract for short sale with Wachovia. This will be my first one with Wachovia so any advise would be gratfully appreciated. Thanks
I have started on but they are tricky and the first thing a seller has to do is to apply for the HAMP. That means a 3 month minimum process before the HAFA begins. It would be a good thing for the seller but like most government programs there are many conditions and the it is not law but a directive and a lender does not have to participate in the HAFA.
Loss Mitigation Center
I just added it to my addendum (California) for the seller credit, escrow period and no deficiency. Keep in mind that only qualifies for first loans, primary residence from what I understand. There is an IRS form the seller needs to file with taxes but I would just let them know to talk to their CPA for that.
Not sure I would WANT to do a Wachovia HAFA Short Sale. Their typical process is to pre approve them or approve offers in a couple weeks, forgive the deficiency, AND offer up to $5,000 back to the borrower. There are more hoops to jump through for HAFA and the program doesn't offer as much to the borrower! Not to mention that only about 12% of loans are covered under HAFA anyway...
I agree with Mike on Wachovia Hafa Short Sale. I am doing three Wachovia Short Sales now and all three opted out on Hafa. With Staight Wachovia Short sale,they get $5000.00 instead of $3000.00 and the box is not checked on the deficiency and it would take an additional 45 days and submit all financial documents and you do not get to work with the Field manager. The field manager is what makes a Wachovia go so fast and close quick. And the other thing is Wachovia will do a short sale with nonownner and give them money. With a Hafa you must live there in the property and be primary residence. One out of my three is non owner.
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