Wells Fargo Fast Track Sales Program
For loans previously owned and originated by Wachovia and/or World Savings Bank!

Here are the Program Details for the Wells Fargo Fast Track Program in both Southern California & Southern Nevada. 

The program is for Wachovia Rental Properties, Wachovia Investment Properties, Wachovia Second Homes, as well as Wachovia Primary Residences.
 
We are your source for Wells Fargo Short Sales & Wachovia Fast Track Sales in Los Angeles Orange, Riverside, and San Bernardino Counties as well as Clark County, Nevada.
 

 
Wells Fargo’s Fast Track Program for it’s former Wachovia & World Savings Bank Loans simply allows underwater property owners to sell their property at current market value with the proceeds of the sale paying the loan.  The balance of the loan is forgiven…..Wells Fargo considers the loan PAID IN FULL. The deficiency is waived in states in which the lender has the legal right to pursue, such as Nevada.

Does the loan have to be late, in default, or in foreclosure?  NO.  We have closed many of these sales with the owner current on their monthly payment.  I actually recommend staying current on payments through the close of escrow, in order to protect your credit report from having missed payments reported.

Does the property have to be owner occupied for this program?  NO.  This program is for ALL residential properties with Wachovia/World Savings portfolio loans, including second homes and rental properties.

Are there any other program details?  YES.  Wachovia pays you either $3,000 or $5,000 at close of escrow.

Does Wells Fargo require the borrower to submit proof of any kind of financial?  For all borrowers, Wells Fargo requires a letter of explanation which we will coordinate.  In certain circumstances, Wells Fargo may request additional documents such as copies of bank statements, paystubs, or tax returns. However, for most cased, simply the letter is required.  Please contact me to discuss your circumstances.

How does the program work?  We list the property and when we receive an Acceptable Purchase Offer we submit it along with the Letter of Explanation to Wells Fargo for review to determine if value is fair market.  If so, they issue an approval letter for the purchase to go forward.  If they feel that the proposed purchase amount is too low, they issue an approval letter for the purchase to go forward at a price that brings acceptable net proceeds.  In either event, the approval letter will contain all of the terms of the sale, the $3,000/$5,000 seller incentive. Wells Fargo review takes approximately 4-6 weeks.

What if Wells Fargo’s approval letter contains terms that are not what we are expecting or the program changes? In the unlikely event in which Wells Fargo will not approve the sale at acceptable terms, you would have the option to cancel the listing agreement as well as the purchase contract with the buyer.  I always make sure both of these contracts contain these safeguards for the owner, so that you have the opportunity to review the approval letter with your attorney.  Please contact me if you would like to see a sample approval letter.

 

Please call us at 714-989-6176 for assistance with  your California Wells Fargo or Nevada Wells Fargo property.


Mike Weller, The Weller Realty Group, and Keller Williams Realty are not affiliated with Wachovia or Wells Fargo.  We simply present to you this program which Wells Fargo offers to their borrowers, which we have found to be extremely beneficial to our clients who have taken advantage of this debt forgiveness. 


We do not offer tax or legal advice.  Please consult a professional CPA or attorney.