Wachovia Bank Offering A Graceful Exit Strategy for Homeowners
Whether your loan is delinquent, has been declined for a modification, or is in foreclosure, there may be an option you have not considered if you cannot or prefer not to stay in your home — a Short Sale.
In the past, everyone on my real estate team has found short sales, well let’s just say they are not short in duration. Yet, our clients have benefited from the short selling process: Less severe reduction in credit score and a full deficiency of the unpaid portion of your loan has been waived. It is common practice for the bank to pay attorney and real estate sales commissions.
Currently the government also allows the owner occupied home, that receives a short-sale, no major tax ramifications (meaning you won’t pay taxes on the unpaid balance). We do recommend that you consult a professional tax accountant if you have further specific tax questions.
So is a short sale right for you? Are you looking for a graceful exit strategy?
A recent change for a couple of banks, one which is Wachovia bank, is a new streamlined process. They will give a sort of “pre-approval” price and conditions before we even get a contract from the new buyer. This is new to Illinois but from my meeting with the bank managers, it will benefit owners who are underwater on their home value and looking to short sell. For those who have Wachovia loans and qualify for a short sale, you will find:
FREE – No Cost to You.
Late Payments not Required.
Save Your Credit.
Confidential and Dignified Solution.
Fast and Easy Qualification.
All Loan Deficiencies waived.
7-10 Day Approval possible.
The Lynn Reidl Team is quite experienced in short sales: We make it easy – we do everything except organize your paperwork 
This new streamlined process by specific banks makes it easier on the seller. Contact the Lynn Reidl Team of Dream Town Realty to discuss your options. 773.343.8879 or lreidl@dreamtown.com
