I bought a used Wii at a garage sale and it turns out its hacked. Has Homebrew channel 1.0.8 ios58 v24.32. It's version is 4.3u. Idk what else it has I rather have it run on official firmware but I read in these forums that I should not format or update I don't want to brick it. I want to remove everything I want it back to factory settings official firmware etc. I don't know what soft mod is or if my wii has it or how to tell if it does.
Your wii does not have an unofficial firmware. By the sounds of things your wii is softmodded to some extent, otherwise you wouldn't have the homebrew channel. If you want to format the wii to factory settings you could follow this guide if you have bootmii installed. to test if you have bootmii installed you will need an SD card with the bootmii files placed on the root. you can obtain the files from here wiidownloader once you have placed the files on the root of your SD card just place it into your wii and boot it up, if it loads up normal you do not have bootmii installed. and cannot follow the above guide. I am sure someone else here will be able to help you factory default your wii.
Sorry for the rough description.