Breaking News from Wells Fargo and Wachovia

This information comes to us from a VP at Wells Fargo/Wachovia…

Over the last few months, there has been several questions regarding the postponement of Foreclosure Sale Dates with Wells Fargo and Wachovia properties. To clear up some of the confusion in the real estate community, I have again addressed our policy below: PLEASE SEE BELOW FOR POLICY ON THE POSTPONEMENT OF FORECLOSURE SALE DATES:

A foreclosure sale postponement, for up to 30 days (max) may be granted, provided :

1) there have been no prior voluntary postponements granted by Wells Fargo / Wachovia for the subject short sale,

2) all junior liens and MI’s have provided written approval of the short sale proposal,

3) proof of available funds, as evidenced by a current bank statement dated within past 30 days or proof of financing, as evidenced by a credit decisioned loan commitment (not a pre-approval letter), has been submitted to Wells Fargo / Wachovia, and

4) the short Sale can close within 30 days after the scheduled FC sale date.

There is one exception to the above criteria. If the buyer is obtaining a loan from Wells Fargo, we can now accept a pre-approval letter in lieu of a commitment letter. A pre-approval letter is only acceptable when the buyer is obtaining financing via Wells Fargo.

The key is to get to these homeowners much sooner in the process before there is a FC sale date scheduled.