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Please note: These loan assumption instructions are specific to Wachovia Real Estate Services commercial mortgage customers only*.
To begin a loan assumption, Wachovia will require a written request from the current borrower detailing the contact information of the buyer and seller along with granting the lender the right to discuss the details of the loan with the purchaser. Depending on the servicing agreement for the loan, a loan application will be created by Wachovia following the terms of the loan documents and outlining the approval process. View sample loan assumption application.
All requested information from the application should be provided and all questions regarding the assumption should be directed to Wachovia. Once all information has been received and Wachovia has completed its underwriting, Wachovia will typically forward the request to the special servicer for its review. Thereafter, the special servicer will forward the request to the controlling class representative for final review and approval or disapproval. If the proposed assumption case is approved it is turned over to external counsel for closing. It may become necessary to obtain the approval of the Trustee, one or more of the beneficial owners of the Trust, and/or one or more of the national rating agencies that have rated the bonds issued by the Trust. Approval requirements will vary depending on the loan documents and the servicing agreement governing the loan.
Please be aware that the assumption approval and closing process typically takes 45 days from the date all requested information, documentation, and fees are received by Wachovia. However, the process can take considerably longer if:
Please send the written request to:
Wachovia Securities
Real Estate Services, Attn: Assumptions
NC 1075, 9th Floor
201 South College St.
Charlotte, NC 28244-1075
Inquiries regarding the process may be emailed to: commercial.assumptions@wachovia.com. Please note, however, that the actual consent request must be submitted in writing as noted above.
*If you need assistance with a personal home equity line or mortgage, please visit our Lending Center for contact information.
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