Goodyear Foreclosures and Short Sales. What to do if you have a Wachovia or Wells Fargo Loan.

There are over four million American households having difficulty with their mortgage payments, 250 thousand in the metro phoenix area alone. They’ve seen most of their property values slip to less than what they owe and many are facing foreclosure. Believe it or not, your bank doesn’t want to take your home and some are working hard for alternative solutions. Eli Harding and his team have relationships with a large number of these banks in order to help homeowners out in the difficult situations.

For example, World Savings became Wachovia and Wachovia is soon to become Wells Fargo. To make this transition smoother, Wachovia is working to help reduce bad debt and we are working to alert people of their options. Here are some of the highlights from the fast track program with Wachovia and Wells Fargo.

First of all, you don’t have to be behind on your mortgage payments to qualify. We want to do whatever we can to help protect your credit score. The first thing we do is put you in touch with a local Wachovia Loan Modification Specialist to see if changing your current loan will help you situation. Should you determine that a short sale is your best choice of action, you will speak directly with a short sale regional manager along with our office.

If your home is currently in default we may be able to postpone a trustee sale up to 48 hour prior to the sales day and keep the foreclosure off your record. The fast track simplifies the filling process with only a fractional amount of the traditional paperwork and we can expect approval from Wachovia within 3-5 business days.

Another thing that speeds up the process is Wachovia is willing to pay the second lien holder to approve the sale of your home. In addition, you will receive a letter absolving you of the deficiency on your Wachovia loan.

Traditional short sales can take 6-8 months to complete. However, this program can reduce it to only 45 days. If you qualify, you may receive $2,500 at closing from Wachovia to cover your moving expenses. This is true even if you’ve already moved out.