Woody Dahlen, Realtor PSC... REO and Pre-Foreclosure Specialist
The Wachovia Fast Track Program
For Wachovia Fast Track details and more information,
click on the PDF Download links at bottom of this page...
click on the PDF Download links at bottom of this page...
How the Wachovia Fast Track Short Sale Program Began by Jacob Swodeck, Director of Education, PartnerFirst
By now you have probably either heard about it in the news or you have received a letter via FedEx about this new program Wachovia is doing if you are a customer. I will detail the process here for those that are still a little fuzzy about it. Actually when I learned about the benefits early in 2009, I was under the impression that it was too good to be true, and that there must be some catch...but there wasn't.(and isn't)
The program started in 2008 in the Sacramento area by a very bright woman named Diana Stauffer, who is now the Vice President and the Group Manager for Short Sales nationally. Diana stayed on board when her present employer World Savings (where she was the Division Manager of Wholesale Lending, traded as and formally known as Golden West Financial) was acquired by Wachovia in 2006 for an est. $24.5 Billion. Seemingly, she was moved to become the Director of Retail Lending at Wachovia. As the multitudes of negative amortized, deferred interest, pick-a-pay loans (the majority of the loans in the World Savings / Golden West Financial portfolio...about $122Billion) began to adjust and borrowers began to default which experts believe single-handedly destroyed Wachovia. Shortly after, in October of 2008, failing Wachovia was purchased for $15 Billion by Wells Fargo. This was a fire sale and Wells Fargo absorbed this risky loan portfolio for pennies on the dollar (you'll see why that is important later).
Wells had a troubled balance sheet and was looking to Wachovia executives to help resolve this public nightmare (it was even a skit on Saturday Night Live). Who would step up with a fresh and innovative idea? Diana Stauffer did. With her extensive background and having her ear to the ground in the real estate sector, she proposed a plan. A system to repurpose World Savings and Wachovia asset managers and originators to become short sale managers. Even more, with a fantastic plan to help homeowners avoid foreclosure (quickly), without majorly hurting their credit file and giving them (in many cases) money for moving as well. The program was piloted in Stauffer’s backyard and she took the bull by the horns and made it work. Training short sale managers, managing public relations, setting proper expectations, as well as showing documented success was a chore to say the least...but her and her team did it.
Since then the program has spread to the Central Valley of California to Southern California in October 2009, to Arizona and Florida to name a few. (Note: Homeowners can contact me for Wachovia short sale managers contact info in their area) Now this program is all the craze with homeowners and Realtors alike. I have sponsored some informative Realtor rallies with the Wachovia short sale managers from the respected territory and the response has been overwhelming. These short sale managers from Wachovia are mobbed like Michael Jackson in the 80's. Their goal is to educate and train real estate professionals about the basics of the program...basically preach the "Wachovia FastTrack Program" gospel evangelist Billy Graham style!
Homeowners do need to be careful what they read and who they trust to help them. I make it clear that I do not work for Wachovia and I am not promising anything or making any guarantees. However, I do have an excellent relationship with several of the short sale managers as well as the regional manager. Unfortunately, it seems some Realtors will say anything to earn a buck so watch out for the bandwagoneers.
I hope this has been an informative blog about the origins of this program. This is unauthorized by Wachovia and Wells Fargo and the info I compiled was from reliable sources...however I make no warrantees as to the complete accuracy of the data.
Keep reading...I'll keep sharing :)
The program started in 2008 in the Sacramento area by a very bright woman named Diana Stauffer, who is now the Vice President and the Group Manager for Short Sales nationally. Diana stayed on board when her present employer World Savings (where she was the Division Manager of Wholesale Lending, traded as and formally known as Golden West Financial) was acquired by Wachovia in 2006 for an est. $24.5 Billion. Seemingly, she was moved to become the Director of Retail Lending at Wachovia. As the multitudes of negative amortized, deferred interest, pick-a-pay loans (the majority of the loans in the World Savings / Golden West Financial portfolio...about $122Billion) began to adjust and borrowers began to default which experts believe single-handedly destroyed Wachovia. Shortly after, in October of 2008, failing Wachovia was purchased for $15 Billion by Wells Fargo. This was a fire sale and Wells Fargo absorbed this risky loan portfolio for pennies on the dollar (you'll see why that is important later).
Wells had a troubled balance sheet and was looking to Wachovia executives to help resolve this public nightmare (it was even a skit on Saturday Night Live). Who would step up with a fresh and innovative idea? Diana Stauffer did. With her extensive background and having her ear to the ground in the real estate sector, she proposed a plan. A system to repurpose World Savings and Wachovia asset managers and originators to become short sale managers. Even more, with a fantastic plan to help homeowners avoid foreclosure (quickly), without majorly hurting their credit file and giving them (in many cases) money for moving as well. The program was piloted in Stauffer’s backyard and she took the bull by the horns and made it work. Training short sale managers, managing public relations, setting proper expectations, as well as showing documented success was a chore to say the least...but her and her team did it.
Since then the program has spread to the Central Valley of California to Southern California in October 2009, to Arizona and Florida to name a few. (Note: Homeowners can contact me for Wachovia short sale managers contact info in their area) Now this program is all the craze with homeowners and Realtors alike. I have sponsored some informative Realtor rallies with the Wachovia short sale managers from the respected territory and the response has been overwhelming. These short sale managers from Wachovia are mobbed like Michael Jackson in the 80's. Their goal is to educate and train real estate professionals about the basics of the program...basically preach the "Wachovia FastTrack Program" gospel evangelist Billy Graham style!
Homeowners do need to be careful what they read and who they trust to help them. I make it clear that I do not work for Wachovia and I am not promising anything or making any guarantees. However, I do have an excellent relationship with several of the short sale managers as well as the regional manager. Unfortunately, it seems some Realtors will say anything to earn a buck so watch out for the bandwagoneers.
I hope this has been an informative blog about the origins of this program. This is unauthorized by Wachovia and Wells Fargo and the info I compiled was from reliable sources...however I make no warrantees as to the complete accuracy of the data.
Keep reading...I'll keep sharing :)
| wachovia_fast_track_details.pdf |
| wachovia_fast_track_made_easy.pdf |
