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Replies (3)
- Melinda Johnson, "Melinda Johnson"
- Contributions:110
Fantastic. Its encouraging that after almost 4 years at least one bank (ok, now defunct bank) has figured out that it may make more sense to work with a homeowner who is not in default. The current short sale market created by banks forces the sellers to default if they want the bank to cooperate in the short sale...which NEVER made any sense to me. Why not give the seller some incentive to work with the bank...makes a lot more sense.
- Lisa Jones, "Lisa Jones CDPE"
- Contributions:39
Great information. Thanks for sharing.
- Ilya Zobanov @TheHomeTeam, "StPeteHomes"
- Contributions:260
Things have changed a bit since last year, but for sure Fast Track is a nice program, but, unfortunately, it's mostly available to those who had Countrywide loans. However, more and more lenders are coming out with incentives to close the deal as a short sale. They understand they are not getting anything from the homeowner (who's these days often 12-24 months behind on payments), so they want to give them some "motivation" to move out, so they can collect something. I'm now closing a deal where Chase Bank is giving the seller $23,000 at closing as an incentive! How crazy is that? Short sale mess will continue until the market is coming back up.
Wachovia's Fast Track Program
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- 0.0/5.0
- (no reviews)
Contributions:420If you have a loan with Wachovia and are upside down on your mortgage, you should look in to Wachovia's Fast Track Program. For your principal residence, Wachovia guarantees forgiveness of the deficiency and you may qualify to not miss payments and to receive up to $5000 in moving incentive. This is a great program for homeowners in trouble with their mortgage. We had a client that just sold her condo short and received a $5000 check at closing.
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