In a recent conversation with a Wachovia representative we were advised that their rule of thumb for properties in California is to no longer postpone when within 5 business days of a foreclosure sale. They advised that there is a foreclosure law set in the state of California prohibiting them to foreclose if a loan modification is requested with more than 5 business days prior to a sale date. Wachovia has gone on record as advising that if you wait till the last minute to apply they may choose not to review you. We have seen in many cases that there be options for our clients but we have also seen times where the lender’s guidelines supersede even deals that make sense for the lender accept.
Note: After a conversation with their upper management they actually advised that the threshold for last minute applications is 7 days prior to the sale. The most important thing to draw from this is that depending on who you speak to and what you speak to them about the story always changes. If even their management and staff on different pages imagine what that means for deciphering how to apply for assistance!
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