Comment

Comment by Stephanie Hart CA 310-930-2342 on August 29, 2012 at 9:45am

On my current SS world/Wachovia I had a traditional approval w/a 3k credit. They tried to switch us to HAFA when the buyer walked but they asked for financials on the HAFA (I have the letter from them). Bank statements, taxes, pay stubs..the whole she-bang! They previously waived a deficiency and already approved the credit...we have traditional approval again 2.5 weeks later! We were 3+ months late at the start in March (many buyers have walked due to net required).

Comment by Joyce Shafer on August 29, 2012 at 6:52am

The no financials required for the Wachovia/World Savings loans is only if the owners are 90 days or more delinquent (60 days for HAFA). 

 

Comment by Anna Parker on August 29, 2012 at 6:20am

Kevin -- any idea what might cause such a delay? Do you have any contact info for MI?

Comment by Kevin - Greenville, SC on August 29, 2012 at 6:17am

Probably not a delay on the MI Company's part.  Contact them directly.

Comment by Anna Parker on August 29, 2012 at 6:14am

Is it just me -- or is Wells Fargo slow to a snail's pace for review/responses?  And MI too? Any tips on how to move things along...one file has been with MI for nearly 3 weeks!

Comment by Jan Sanderlin on August 24, 2012 at 6:03am

Hey guys, the short sales that you are processing through Wachovia/Wells Fargo started out as World Savings and they are all Portfolio loans which means that they originated the loan and they serviced the loan.  They never sold these loans on the secondary market.  They are simply looking to liquidate all of these bad boys and as quickly as they possibly can.  Yes the approvals are fast and efficient becasue there are not muliple layers of management approvals that must be acknowledged.  Suffice to say, look for these loans if you can for short sales because it is like shooting fish in a barrel...

Comment by Leslie Kunkel on August 24, 2012 at 5:41am

Any experience with a WF Fannie Mae short sale?

Comment by Tyra General on August 24, 2012 at 4:24am

Great! Thanks for feedback.

Comment by Carmine R Biello Jr on August 24, 2012 at 4:14am

I have experienced the same recently with a Wachovia loan. Approved in about 3 weeks total. Now if Wells Fargo Home loan can take some notes!!!!! ;-)

Best of Luck!

Comment by Stephanie Hart CA 310-930-2342 on August 24, 2012 at 3:44am

Yes! They are amazing! Approval in 3-5 weeks and no seller documentation required. You just submit a HUD, listing and clean offer to [email protected] just got an approval yesterday in 3 weeks. You go through a processor before you get to a negotiator.

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