Comment

Comment by Kent Dills on January 10, 2010 at 7:36am

Thanks Mayra! ;-)

Comment by Mayra Espinosa CDPE, HAFA, SFR on January 10, 2010 at 7:33am

Kent,
Wachovia was the only lien holder. They offer the 1% to sellers if she agrees and cooperate with the short sale. I do not know how Wachovia negotiators operate when they are dealing with a second lien. I know they are very easy to work with when dealing with the first lien. Good luck Judy

Comment by David Dee on January 9, 2010 at 8:50pm

Great discussions here. I have heard that Wachovia is great with shortsales.

If the lien is release but NOT the LIABILITY, wouldn't that put the bind on the owner as far as deficiency judgment is concerned? Of the owners I've spoken with, they have asked that if they agreed to do the shortsale that the language releases them of the liability. I don't believe that is possible in many cases. Granted that they seek the advice of legal and tax professional. How have you been able to counter that?

Some have stated that they rather let it foreclose since their credit is already ruined. One owner actually stated that they were advised to let it FC rather than shortsale.

Comment by Kent Dills on December 23, 2009 at 12:08pm

Mayra, was the 1% part of the FHA seller incentive or what?

Comment by Mayra Espinosa CDPE, HAFA, SFR on December 23, 2009 at 12:02pm

I just closed a short sale listing in San Leandro California with Wachovia. It was great experience working with Sam; hi is a Wachovia short sale negotiator in San Francisco Bay area. Wachovia request a minimum amount of document for their short sale package and overall seller got 1% of the purchase price at the close of escrow. It was a great experience working with Wachovia short sale team.

Comment by Bryant Tutas on December 6, 2009 at 2:52am

Judy, Most of the 2nds I have dealt with only agree to remove the liens. I doubt they will remove the language but you can certainly ask. If not? Well just remind the sellers that a short sale is not a free walk away. There are consequences involved with not paying your mortgage.

Comment by Michael Scott on October 28, 2009 at 12:00pm

Sorry to hear about that James...Wachovia is my favorite, I've got several dozen approved in less than 21 days from submission

Comment by James ferebee jr on October 28, 2009 at 11:31am

Wachovia is as bad as BofA in my opinion when it comes to shorts.
I worked on one for over 6 months until my client thought someone else could do it better and they have been working it since April this year. They even called me a few weeks ago to do the BPO and I told them I had closed the file back in April and to look at ther file for another contact then I told them who the other contact was and just ask where in the process it was and they replied we still have a long way to go before it gets approved and this time it's been 7 months since I closed the file so they are very slow indeed. I had one rep go on maturnity leave while working the file and I waited almost 2 months before it was re-assigned again. I hate loosing clients when someone else promisses faster results only to see it still going like the little battery Bunny.

Comment by Michael Scott on October 28, 2009 at 9:14am

Wachovia is now offering a "1% seller incentive (minimum of $2,500)" for homeowners to pursue a short sale. I've attached the doc as wellSeller incentive.pdf

Comment by Kynse L. Agles CDPE on October 26, 2009 at 6:49am

Thanks! I will try that

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