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CORPORATE & INSTITUTIONAL FAQSDefault AdministrationDo we need to come to you for marketing instructions? Once the appraisal comes in, can we list the property? How should a Servicer handle an assignment problem? Do we need Wachovia's approval for loss mitigation alternatives? In whose name should we foreclose and take title? I have a Wachovia foreclosure. How do I handle it? Once the foreclosure notice is received, Wachovia will issue a foreclosure acknowledgment letter, which gives you a detailed description of how the property should be marketed. No. Upon receipt of the appraisal, the Servicer must forward the appraisal along with any repair bids to Wachovia. Wachovia sets the listing price and makes the decision concerning repairs. Contact: Universal Master Servicing, LLC First, request the attorney to do a title search. Request the attorney to prepare an assignment of mortgage and submit it to Wachovia for execution. In some cases, a third party may be required to execute the document, and the turnaround time may be delayed. If the property has been on the market for two months with no offers, can we reduce the listing price?
No. The Servicer can always request a listing reduction by submitting supporting documentation to Wachovia to justify their recommendation. The Servicer must request an appraisal every six (6) months, and, based on the results, Wachovia will review the property for a possible listing reduction. Yes. Wachovia needs to review any requests for Deed-in-Lieus, Short Sales/Pre-foreclosure Sales, or Charge-Offs. When the foreclosure is approved, Wachovia’s approval letter will tell you whose name to foreclose in. We have delegated the approval process to some of the Servicers, and these Servicers should foreclose in the name of the last assignee. Refer to Section 5.7 Recommendation for Liquidation of Mortgage Loans of Wachovia’s Servicer Guide. You need to fill out Form 110 (Foreclosure Recommendation) with back up and submit the package to us for approval. Submit to: Universal Master Servicing, LLC
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Debt and equity underwriting, trading, research and sales, loan syndications agent services, and corporate finance and M&A advisory services are offered by WCM. Mezzanine capital, private equity, municipal securities trading and sales, cash management, credit, international, leasing and risk management products and services are offered by various non-broker dealer subsidiaries of Wachovia Corporation. Banking and financial services offered by Wachovia Bank, National Association and its affiliates. See specific product pages for details. Customer Service Login
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