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)**
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.
Short Sales Manager
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!