Wachovia Bank has officially rolled out their Fast Track Short Sale Program in Southern California! The manager of the Short Sale Department spent a good deal of time in my office recently to talk about the merits of this program. The program applies to homeowners who are upside-down on their mortgage and have some type of personal hardship. A hardship can be due to job loss, loss of income, divorce, death, health matters, or a loan that's about to adjust whereby the homeowner can no longer afford the payments.

Wachovia is processing short sales for the loans they service as well as World Savings loans, and Wells Fargo Jumbo loans.

It seems that other banks are following suit; Bank of American/Countrywide has finally automated their short sale process. Last year, the average BofA short sale could take 6-12 months to compelte. Now, the approval process is happening in as little as four months. And as BofA continues to train their staff and is able to staff more adequately, we may even see this timeframe reduce significantly. Great news!

Wells Fargo and Chase are also on board to streamline their approval processes by April 1.

If you or anyone you know is at risk of foreclosure, please call me at 310-487-0099 to explore your options. You have everything to gain and nothing to lose.

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