Wachovia Will No Longer Postpone A Foreclosure

NO COPY RIGHT INFRINGEMENT INTENDED
Wachovia Will No Longer Postpone A Foreclosure
By Russell Shaw on August 9, 2010

In an effort to stop sellers facing foreclosure from gaming their system, Wachovia has completely stopped allowing any postponement of a foreclosure or Trustee’s Sale. I have long felt that Wachovia was not simply a good lender to deal with for a short sale – truth be told – they were the very best.

I’m being told that this new policy isn’t going to be a “bad” thing. I don’t see it that way. To penalize everyone because of the bad actions of a few is seldom good (even if common).

Here is a copy of a response from Wachovia that was sent to me via the title company:

**IF THERE IS A FORCLOSURE SALE DATE SET – WE WILL NO LONGER POSTPONE THAT DATE FOR ANY REASON – if there is an active foreclosure Sale Date we MUST RECEIVE funds no later than 5 DAYS before that Sale Date, also if there is a SALE DATE set we must receive the full package 10 business DAYS prior to that sale date (and again, we 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.

Sandra Villalpando
Short Sales Manager
Wachovia, REO
I’m hoping that this new policy from Wachovia is reversed. I do understand that some lenders say they will postpone one and then go right ahead and foreclose anyway. I’ve just always expected much better from Wachovia. And rightly so!

PRESS RELEASE

FOR IMMEDIATE RELEASE

For more info
please contact:
Mark Anthony Ruiz
562-246-5200

Local Cerritos Agent Specializes in Pre-Foreclosure Solutions

Cerritos, CA – 06/10/2010 – Local real estate agent, Mark Anthony Ruiz of CENTURY 21 ASTRO today completed their Pre-Foreclosure Specialist Certification, or PSC, training and announced their intent to become a resource for Cerritos area homeowners in distress. This groundbreaking certification is the first homeowner-centric designation specifically aimed at avoiding foreclosure and completing a short sale. A short sale is when a lender agrees to take a loss on a particular property loan, allowing the homeowner and borrower a dignified way out and getting a new homeowner into the house, as opposed to foreclosing on the property and having it sit vacant for months.

“I obtained this certification with the community in mind,” Ruiz said. “When faced with a possible foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without so much as attempting to contact their lender or real estate agent. These people had no idea about the options available to them.”

“I want to help the people of Cerritos make informed decisions about what to do when in foreclosure or behind on one’s mortgage.”

Mark Anthony Ruiz of CENTURY 21 ASTRO is the latest certified agent with PartnerFirst’s PSC designation, which is sweeping the country and making real estate agents everywhere a vital resource to their community and homeowners.

Son Nguyen, co-founder and COO of PartnerFirst, based in Corona, California, said that too many homeowners in foreclosure or behind on their mortgage payments are moving forward without assistance of any kind.

“PSC Certified Agents are helping distressed homeowners understand that there are alternatives to foreclosure,” Nguyen said. “Mark Anthony Ruiz has been trained to help homeowners avoid foreclosure with a full host of options, advanced training, and a homeowner-first method that will make hima vital resource to their community.”

The PSC designation provides real-estate professionals with the latest in cutting-edge training on everything regarding short sales, including the most up-to-date information on government legislation such as HAMP and HAFA as well as advanced negotiating and marketing techniques. PSCs are quickly becoming an important fixture in any community where foreclosure is looming over homeowners.

Please visit www.PartnersFirst.org

Feng Gan and Xu Rui Rui Testimonial for short sale closing today in Monrovia, CA

From when I received their call (from yahoo real estate) to this young couple closing escrow was 20 days. Call me at 562-246-5200 to know exactly how to structure an offer that the bank cannot turn down