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Susan Gregory's Blog

By Susan Gregory | Agent in 92624

Wachovia Loan Modification Help

Distressed homeowners looking for relief may get Wachovia loan modification help with some new programs.  Wachovia is trying to eliminate as many of the high risk Pick a Payment adjustable rate loans from their portfolio as quickly as possible. These loans featured a low, minimum payment rate that resulted in negative amortization for many confused borrowers who saw their loan balances increase each month.

Wachovia holds one of the largest portfolios of these creative financing loans and have experienced high default rates as home values have declined and borrowers were unable to refinance.  The Pick a Payment loans featured a very low start rate where the minimum payment was not enough to cover the total interest due each month.  Consequently, the borrower's loan balance grew as the deferred interest was added onto the back of the loan.  Decreasing home values and increasing loan balances have made for a toxic combination for many homeowners.  The pressure is on to offer Wachovia loan modification help to as many struggling borrowers as possible.

Homeowners seeking a Wachovia loan modification must qualify by:
  • principle residence only
  • single family home or condo (not multi units allowed)
  • maximum 45% debt ratio

Homeowners must prove that they reside in the single family/condominium as their primary residence and submit financial statements detailing their total housing expenses-principle and interest, taxes, insurance and HOA if applicable, do not exceed 45% of their gross monthly income.  Some Wachovia loan modification programs

require the borrower to simply state their income, meaning that pay check stub, W2's, etc. need not be provided.

Wachovia loan modification help may include:
  • Note rate modification featuring: 2% year one, 4% year two, note rate year three
  • Missed payments can be included in new loan
  • Targeted for homes with declining value
  • Eliminates deferred interest or negative amortization

Borrowers with a Wachovia loan payment rate of more than 2% currently may be offered a loan modification that features a 2% payment rate fixed for the next 2 years.  This Wachovia loan modification program would still allow for negative amortization and is offered as a temporary measure to give the homeowner time to recover from a financial hardship.

Struggling homeowners seeking a solution to their unaffordable Wachovia home loan should start by learning about the loan modification process before contacting their lender.  Unfortunately, not all borrowers will qualify so it is important to know the lender guidelines to increase your chance of approval.

You can get all of the up to date and accurate loan modification information you need in The Complete Loan Modification Guide.  This is a low cost, easy to read handbook that you can order and download right online.  The Complete Loan Modification Guide will provide you with everything you need to prepare a professional and acceptable loan modification application.  You are given step by step directions on how to calculate your debt ratio, assistance to write an effective hardship letter, learn your legal rights and provided with all of the required loan modification forms.  Get the help you need-order and download The Complete Loan Modification Guide now.
To learn more about loan modification, please visit us at:  http://www.myloanmodificationcenter.com

Comments

By Logan,  Fri Jan 23 2009, 21:21
after waiting for an hour for Wachovia Loss Mit representative, i finally got through and spoke with the lady named Jerita, her first response was " why are you behind on your payment? " so i told her about the downturn in the market, resulting my company to cut our hours at work (up to 16hrs per pay period) she asked about my income and calculate all of my expenses. After doing all of these, she told me that i am short of $300 a month and theres nothing she can do for me, she told me that i have to get a part time job or find it somewhere else, if i have all of these obvious resources, why do i have to let myself be degreaded and be more frustrasted than i already am by dealing with them? obviously i needed some kind of help. She is rude and demeaning, i called them in good faith because i want to save the place that i truly worked hard for, my home and by all means willing to work with them. Wachovia needs to understand that alot of homeowners are already stressed with their finances even before they contact them, after waiting for an hour and felt insulted, i felt like i have nothing else to go or turn.
By Susan Gregory,  Sat Jan 24 2009, 06:27
Logan, Unfortunately you are going to find that dealing with the lender is not pleasant-however, remember you are trying to save your home, so try to take the emotion out of it and just know that you have to do what you have to do! If you are only $300 away-that sounds workable. Find some other source of $300 income-a roommate, etc. Don't give up-in the big picture a rude clerk is not important-ignore that and keep working on your loan modification until you get the results you want.
Best of Luck,
Susan Gregory
http://www.myloanmodificationcenter.com
The Complete Loan Modification Guide
By Christine,  Tue Feb 3 2009, 11:48
Hi Susan. I've been going back and forth with Wachovia for about 6 months. They contacted me! telling me I am in a terrible loan(neg-am) and they were going to help me. I needed to complete all the loan apps, pay stubs, tax forms, which I did and 2 months later I was denied. I called again and spoke to another rep, explained the whole story and they asked me to complete ANOTHER APP! That if I got to the appraisal stage I was in good shape. Wachovia sent an appraiser and then turned me down again! Saying we can't go the Refi route, we would have to wait 2 weeks, that Wells Fargo is coming out with Loan Modifcation programs. That was a month ago. Meanwhile my equity is getting eaten away. Any advise?
By Susan Gregory,  Wed Feb 4 2009, 06:54
Wells Fargo released an announcement that they are beginning to offer loan modifications to Wachovia clients, and have put a hold on foreclosures until Feb. 28 to allow folks time to get in the system. They are implementing the program now, so it may take a while for you to get an answer, but get your application back in-make sure you have your forms completed properly-if you are being turned down you need to review how you are submitting your financial statements, etc. Not sure if you have downloaded The Complete Loan Modification Guide, but that would be helpful to understand how to increase your chances of approval.
Regards,
Susan Gregory
By Dinah,  Sat Feb 21 2009, 16:57
Hi Susan,
Same think happened to me! I got a call today (on a Saturday, uggghhh, nice way to ruin a weekend) from Wachovia telling me that I don't qualify for the modification of my neg-am because I owe more that 200% percent of what my house is worth. Sort of the same thing that Christine went through. They sent me a brochure in Dec asking me to contact them. When I contacted them they painted a beautiful picture of how it was almost 100% guarranteed that we would qualify for the modification and that they wanted to help.
When the rep called to tell me we had been declined, she told me that Wells Fargo would be rolling out new programs. I am beginning to lose hope. I don't think the Obama plan will help either because we owe more than 5%. What are your thoughts?
By Maria,  Mon Feb 23 2009, 18:36
hello i am at the same place all of you are in . its just horrible that we want to work something out with wachovia and all they want to do is forclose on our HOMES, we all have worked so hard to keep. i just pray that we can all come to some kind of resolution that will be affordable and workable for all of us.
By Susan Gregory,  Thu Mar 5 2009, 09:33
President Obama's new Making Home Affordable Modification Plan may open up new opportunities for borrowers who have faced uncooperative lenders in the past. The plan allows for financial incentives to banks who participate. I would highly recommend learning more about this new plan, and then contacting your bank to begin the application process.
You can learn how to pre-qualify yourself, obtain the required forms and learn how to submit an acceptable application in The Complete Loan Modification Guide.
You can order and download this comprehensive, home edition handbook at: http://www.myloanmodificationcenter.com
Susan Gregory
By Von,  Thu Mar 12 2009, 19:44
Just wanted to spread a word of hope and encouragement! I have met Wachovia with great resistance over the last year regarding a loan mod. I had the pick a payment loan and was 3 mos behind in the mortgage. To my surprise, I received a letter at the end of Jan '09 saying I may qualify for a loan mod. Although I was 3 mos. behind, I made 3 consecutive mortgage payments in Dec, Jan & Feb '09. I am self-employed, in business for 1 year and haven't filed taxes yet. When I called, it was very fast and efficient (that was a surprise in itself). They requested 3 months of receipts (as proof of income but I submitted 4 months), profit and loss statements for the year I've been in business (which I prepared myself), my business license, a cable bill as proof that I live in the house, and I also included a letter explaining my situation although they did not request a hardship letter. It took about 3 weeks total. I received my loan mod agreement today and am still in disbelief! I had over $100k in neg amortization. My loan balance went from $645k to $513k, they reduced the principal 20%, erased all past due fees, payments, etc, 40 yr term, interest only the first 8 years (1st 3 yrs - 2.75%; year 4 & 5 - 3.35% and a little bit higher rate each year until the 9th year), year 9 is principal and interest payment @ 6.5% fixed for the rest of the loan. Your income is heavily weighed NOT your credit, although they did check my credit. I told them that I am not paying anything on my credit report, my only concern is the mortgage. STAY ENCOURAGED. DON"T GIVE UP! TO GOD BE THE GLORY!!!!!!!!!!!
By Isaac Bensussen,  Thu Mar 12 2009, 20:09
Von

I never heard anything like your experience before. You are one in a million. Bringing down your loan balance to reflect the declining value of your property is quite an achievement. I had arranged for a loan modification for a friend of mine with IndyMac and they sent their loan modification propossal. It was accepted eventhough my friends' condo had gone down in value more than $ 150,000. When he submitted his financials, IndyMac changed their mind and requested $ 9,000 within 30 days because they argued that my friend had $ 1,500 in disposable income.

My friend response was that in his financial letter he had not included food, gas to go to work and health insurance monthly bill. IndyMac say "nay" and they are foreclosing in my friends condo in April 10. By the way, the foreclosure will cost IndyMac $ 120,000 in losses by failing to squeeze from my friend $9,000 that he does not have.
By Jessica,  Thu Apr 2 2009, 05:19
This thing just refuses to end. Everywhere I see people cribbing about the mod cos but at the same time there are crowds flocking to their offices. They say the reps are paid for a lead here whereas for refi they have to convert, so they end up selling leads for loan mods. I have seen the Service Loan Modification people work with me; some of them are really innovative. They make sure there are no reasons left for the mortgage companies to say no to your requirements. That doesn’t mean everyone out there is for selfless service only. But you still need to do ur due diligence.
By Christine,  Tue Apr 14 2009, 10:16
I would love to know who Von spoke with and what division of Wachovia helped him. I am getting no where. Almost 6 weeks after loan modification programs were announced, Wachovia & Wells Fargo still claim they are not ready to handle all these requests. As of today they told me to call back, perhaps in mid-May they will have more information. I think they are stalling to see what happens with the markets.
By Christine,  Tue Apr 14 2009, 10:18
I would love to know who Von spoke with and what division of Wachovia helped him. I am getting no where. Almost 6 weeks after loan modification programs were announced, Wachovia & Wells Fargo still claim they are not ready to handle all these requests. As of today they told me to call back, perhaps in mid-May they will have more information. I think they are stalling to see what happens with the markets.
By Susan Gregory,  Thu Apr 16 2009, 12:51
Don't get discouraged and give up yet! The new Home Affordable plan will be up and running soon and that is going to offer help to many of you needing a loan modification. Remember to call your lender NOW and ask to be put on the list for eligibility review. Under President Obama's plan, every homeowner who asks to apply must be given the opportunity. Get in the system now, and then you will be ahead of the line-thousands and thousands of homeowners will be asking for this program.
Use this time to become informed about how to apply and complete your paperwork so that you know what to ask for, how to prepare your forms correctly and will be able to answer the questions correctly. I would encourage every frustrated homeowner to become proactive, take control and be persistent. You can get the help you need to understand and apply in The Complete Loan Modification Guide. (http://www.myloanmodificationcenter.com) This best selling handbook was written for the average homeowner, so they can be successful working directly with the bank. I agree with President Obama, don't pay anyone your hard earned money-you can do it yourself.
By Depreciating In Fl,  Tue Apr 21 2009, 16:10
I have been in contact with Wachovia since Oct. 2008. At first we weren't behind on payments at all, they told me then that there wasn't really anything that they could do. I continually contacted their loss mitigation dept. and asked for the supervisor. Once I got the supervisor's name I asked for her boss and they gave it to me. Her boss ended up being a VP of their servicing department. Once I got her direct number I followed up every two weeks. It wasn't until earlier this week that we got on the list for a modification. I had all the paperwork ready to go for them so when I got the call all I had to do was email them the documents needed. I am hopeful still through all of this stress for the last 6 months that Wachovia will come through and modify our loan.
By Kl,  Sun May 10 2009, 15:41
By Kelvin Le May 10 2009

I called Wachovia last April 2009 and they told me to call back in middle
of May 2009 which is next week ,they will have a modification program
I have a pick a payment loan from World Saving was sold to Wachovia
I will lose my house for sure by the end of this year 2009.Because next year
The payment will be a lots And I cant afford
Please advise I heard We can have a law suit against Wachovia
Thanks
By Susan Gregory,  Mon May 11 2009, 14:04
Wachovia is getting ready to offer President Obama's Home Affordable loan modification plan to eligible homeowners. Don't give up now-help is finally here. You should take the time now to learn about how to qualify, complete your application and gather your paperwork so that you will be prepared before you call them. You can visit the government website: makinghomeaffordable.gov or I also give you detailed directions on how to qualify and complete your paperwork in The Complete Loan Modification Guide kit. You only get to apply one time-make sure you do it right so you can get your rate reduced to as low as 2%. Good luck, Susan
more info at: http://www.myloanmodificationcenter.com
By Depreciating In Fl,  Fri May 15 2009, 09:39
Susan, can you give any details about how Wachovia qualifies homeowners for a"traditional modification" we can't qualify for HAMP, since we no longer live in the home? They have told us they are still processing our case and seemed optimistic.
By Susan Gregory,  Sat May 16 2009, 11:01
I have gotten feedback from other Wachovia clients that the maximum debt ratio allowed is 50% - they will not offer a principal reduction usually, but will reduce the rate and lengthen the term. If the value of the property is less than the loan balance, that will work in your favor-also if the rents do not cover the payments.
By Maria,  Sat May 23 2009, 09:25
Susan, I'm trying to get a loan modification, I send a hardship letter and a montly income expense that Wachovia requested. I send it to their Loan Counseling Department, my question is should of have send it to the Loss Mitigation Department. One of Wachovia employees told me that the Loan Counseling Dept are the one dealing with the hardships right now.
By Jenrav,  Tue May 26 2009, 16:52
Susan, what do you know about Car loans with Wachovia? We currently have a 2007 Hyundai Veracruz that we have financed through them and we are trying very hard to hold onto the vehicle and not have to have a repo that we have to pay for anyway!! They collections guy called us and said we could apply for a hardship refi once we were caught up which fine I dont see how that makes any sense, you wouldnt know or need a hardship refi if you were caught up, we are not sure if he is trying to scam us to get us to pay up or if this is something that might be legit and would benefit us?? Anything you might know would be great!!!! Thanks so much.
By Depreciating In Fl,  Tue May 26 2009, 17:58
Just an update to our Wachovia mortgage loan modification. We still do not have a deal done yet, someone from their loss mitigation department called this evening to ask for more documentation, after we have sent them everything 4 times. It has taken them so long to process everything that they now need updated bank statements and pay stubs. They don't ever bother to leave a last name so you know who to ask for when you call back, this time he didn't even give me a direct number to call back at. They assure us though that they are working on it and hopefully will have something for us soon.
By Taurus,  Wed Jun 3 2009, 15:16
So it is unanimous.....Wachovia needs to figure out how to do things...as they currently could not find their way out of a paper bag!!! Really sad that our Gov"t ( my taxes) are being GIVEN to them to help homeowners at risk stay in their homes but they seem to be using it to make money for themselves while Wachovia lies on the phone and says the Gov't has not approved the Wachovia Loan Mod plan submitted..Doesn't anyone want to do the right thing??? They will really see the costs when they end up foreclosing and owning all our homes....
Bob in Arizona....
By Susan Gregory,  Wed Jun 3 2009, 18:24
It is extremely frustrating that the lenders are not implementing the federal plans more quickly and are continuing to give homeowners the run around. I continually tell homeowners to keep calling in-don't give up-one lady called 4 times, got told no 4 times and on the fifth time she finally got a counselor who is helping her. It seems the employees are not trained or are just too slammed with requests to be proactive. That is why you must know a bit about the programs and have your paperwork all in order-that way you will be prepared to make adjustments based on the feedback you get from your counselor. You have to be REALLY persistent-even a pest to get anywhere.
By Otdave,  Fri Jul 3 2009, 10:17
We got foreclosure notices about a month ago.the other day we got the UPS delivered proposal from wachovia.There was no offer of principle reduction. The original loan was for 629k and now its 752. interest rate in the offer was 4.5% (better than it was).
2 weeks ago we got a letter from them offering a (cram-down) to 692k and a rate of 5.4% and few details besides that, when I called back then they said to ignore the first letter and that the underwriters were working on it.
Yesterday I called and talked to them and told the lady that a 31% payment was substantially less than their proposal. She said the interest only payment made it less. I said that that wasn't a payment then was it, especially with no taxes and insurance. The payment adjusted up a grand a month in ten years.
I her asked how I could enroll in the HAMP program. She said they are starting it next month and some of their people were taking classes for it and this offer was not part of it.
I said that I didn't see much of an improvement over our old loan and asked if I could appeal. She told me that was their best offer and if I didn't return it signed next week it was off the table.
I was never asked for any kind of a hardship statement even though my wife lost her job last year.
I know that our balance is over the 729k limit for the HAMP 2% so we may not qualify for the 2%.
If anyone knows our options I am cautious and curious about our next step.
Thanks
Dave
By Otdave,  Wed Jul 8 2009, 16:46
Getting help from the 888-995-hope hotline, very sympathetic and they are contacting our lenders for us.
By Mother,  Sat Jul 11 2009, 11:50
I just got off the phone with Wachovia - Have a 500k pick a plan at 6.75% - Decided to not pay mortgage for 1 month - 30 days past due intentionally (scary but felt it was the right time) - Called and they said because I was 30 days past due I qualified for the modification. Answered alot of questions and faxed all the paper work to them - Told to call back on Tuesday and see where they are - Should have a packet within 2 weeks. In the meantime I will not pay anything. She asked when i wanted to start paying - Said Oct 1, - she offered a 20% reduction in prinicipal - a 40 year - 10 year only pay interest - regular principal and interest payments after 10 years and a reduction of interest rates to anywhere between 2%-4% depending on my paperwork and after a year if payments were received monthly on time a $500 redeemeable VISA card. She did state that the only thing bad about it was that my credit numbers would decrease and not be too good - What does she think the alternative is? Just happy to see what they have to offer. It was too easy. Will let you know how it turned out. The number we called was 888-565-1422. good Luck
By Dinah,  Thu Jul 16 2009, 19:14
Mother,
It sounds too good to be true. I hope that it works for you. I don't know that I'm ready to be late on my mortgage. But you are right, what is the alternative? No house or bad credit. I got a postcard from our tax assessor today saying that my property is 67% less than what we bought for. How sad. I called wachovia about a week ago and they said that my pick a pay loan is tagged for modification but that they are working in reverse order. They will first address the clients who are on the brink of foreclosure. Uggghhh... this makes me sick.
By Depreciating In Fl,  Fri Sep 4 2009, 20:03
Well here we are several months later and still no modification from Wachovia. We were hopeful, but are now just about ready to mail them the keys and move on with life. Now they have been telling us for 3 months that Fannie Mae has approved our loan for modification but that they are waiting for a reclassification, whatever that means? Everytime I've asked them to explain that to me they give me the runaround about how its some internal thing. Gosh, I've called Wachovia every week multiple times now for close to a year and nothing. I talk directly to the people handling our loan but they just don't seem to be organized and they seem to just make up stories on the spot. Its been a long battle but looks like they will win and get back a house that has lost over 100k in value.
By Susan Gregory,  Mon Sep 7 2009, 08:48
Your loan is probably part of a "pool" of Mortgage Backed Securities (MBS) and the bank cannot complete the modification until it is removed from that pool and reclassified. If you are still motivated to keep you home-hang in there-Wachovia is actively modifying loans now-I have seen some really great loan workouts. Just be a little more patient-this is a legitimate reason that the government has mandated they adhere to.
By Dinah,  Mon Sep 14 2009, 21:13
Well, for some good news, our interest rate on our pick a pay loan has dropped to 5.89%. We are STOKED!!!! Why is this happening? Anyway, I am calling tomorrow to lock in that rate. I am absolutely blown AWAY. So excited... Thought I would bring some good news to the thread.
By Dave,  Fri Sep 18 2009, 22:52
We have been in our home 15 years and working with the Loan Counseling Dept. since Oct. 2008. I had a hardship in my business along with a bad car accident that cost me a lot of time in therapy and wasn't able to continue the travel/sales to be successful in my business.They initially were nice to work with and gave me some support for a 90 period after a lot of questions, hardship letter, Etc.. The main purpose of all this was to help me until I recieved the loan modification. My balance is 500K, was a world pick a payment loan. 2500 per month. I was told they would offer a program for me sometime after Jan 1, 2009. Well, after my continued calls time has been drug out and here we are in September still hoping to here something positive.Today I was told they are still working Fannie Mae Freddie Mac loans. I was told this 3 months back. I was told 2 weeks ago the software program for Investment loans crashed and will be up and working soon. in my converstaion today they now say it will be more like the end of October.. I'll tell you the only bank worse to deal with is Bank of America. But, at least their on the same page. Wachovia doesn't apparently inform everyone of all their latest excuses, I mean developments that prevent a loan Modification.. Hoping to get something positive soon before it's just to late or maybe I just don't care any longer!!

Stoked and blown away will be great but right now feel Blown off and ignored!!
By Susan Gregory,  Sat Sep 19 2009, 12:13
Wachovia has been one of the last to begin aggressively modifying loans, however I have gotten copies of loan mods completed from several Guide owners just this month. Two of those mods included some pretty substantial principal reduction-so that was encouraging to see. All I can say is to keep in the system and don't give up. You need to make sure your financial statements and budget meets the federal guidelines though-that is critical. If you can prove you meet the Guidelines by submitting acceptable forms, then you have a good chance of approval.
Susan
By Carol,  Sun Sep 27 2009, 21:24
Dear Susan,

Is Wachovia participating in the Save the Dream restructuring home loan program that naca (HUD affilliated agency) is sponsoring at the Los Angeles Convention Center through tomorrow Monday 09/28/09? Naca is promising that they can help restructure home loans the same day.
Carol M.
By Struggler,  Thu Oct 15 2009, 18:38
I've been told several times by Wachovia that they don't have their software set up to do modifications and to call back next month. Here's a story from the Wall Street Journal about their software problems:
"Wachovia's Loan Bug: Computer Software"
http://online.wsj.com/article/SB125496432789572321.html
By Susan Gregory,  Fri Oct 16 2009, 08:46
It seems that Wachovia is still a challenge to work with-however I have had homeowners receive loan modifications with this lender. This month 2 Guide owners received their 3 month trial modification under the Obama Home Affordable Modification Plan-so I know they are actually giving some folks assistance. It may be that certain regional offices are more active and helpful than others-not sure why some people get help fairly easily while others seem to get nowhere.
Persistence is the only way to get anywhere with Wachovia-don't take no for an answer. One man called in 12 times until he got his mod.
By Caa,  Thu Oct 22 2009, 11:01
We have been making payments one month behind for the past 6 months on our Wachovia loan. It was originally a World pick-a-payment loan converted to 30 year fixed 2 years ago (6.675%). Wachovia called daily and sent letters weekly. In early Sept., we received a loan modification letter from them, offering the possibility of an 18% reduction in principal and up to 2% reduction in interest rate. I thought it was just a way to get my attention, but I decided to call them. They were very pleasant and matter of fact. They asked about our income and household expenses - no credit card debt, etc. Told me to send proof of income for the past 30 days, and a letter explaining our problem - that's it. They also gave me an 800 # to call every 3 days for a status update and that it should take 10 business days. Needless to say, I had little faith in a positive outcome. Unbelievably, I received an overnight letter 8 days later with the following: conversion to 40 yr term - 18% reduction in principal and interest rate reduced to 5.02%. Also included was request for 1st month payment and automatic checking withdrawal. It seems that they are only interested in the fact that you now have income. End result is that my payments are nearly halved - and with the principal reduction, I have hope of recovering the value of my home. I live in Las Vegas, so this may account for their desire to work with me. Hope this helps someone. If you get a UPS Overnighter from Wachovia, by all means respond. Good luck.
By Susan Gregory,  Fri Oct 23 2009, 07:42
Thanks for a the ray of sunshine! I have seen several homeowners receive principal reductions from Wachovia, but I am not sure why they are willing to offer really aggressive mods to some homeowners while they flat out refuse to do anything for other, deserving homeowners! All Wachovia borrowers should get together and march in to demand some action.
By Dfla,  Wed Oct 28 2009, 11:19
The Wachovia program in now up and running. The call center phone number is 877-272-8951, where you do your application. They are offering either the Federal Make Home Affordable Plan, or if you do not qualify for that one, a in house Wachovia modification plan. After the initial call you receive the application, and it takes 4 to 6 weeks to be reviewed by the underwriters, who then tell you which program they will put you in. The call center for that is 888-565-1422.

The biggest negative I have seen is the 90 day trial payment period, during which time they report you 30 days late to the Credit Agencies -30 days monthly for 3 months, even if you have paid on time, and pay the amount requested. It does show a reduced payment on your Credit Report, so for someone who has paid on time by needs a modification to get out of a high payment and high rate, be prepared to have creditors close your credit accounts with this information hits your report. I guess this is the price to pay to get out of a pick a pay, upsided down mortgage at 7.2%...I am sending in my application, I will let you know how it goes.
By Susan Gregory,  Wed Oct 28 2009, 21:45
Great news for all Wachovia borrowers who have been waiting, and waiting, and waiting for the lender to get their act together! The bank has begun offering the Home Affordable Modification Plan, which has a low 31% target payment (including principal, interest, property taxes, insurance and any homeowners dues) and I have even had two homeowners tell me they got an 8% principal reduction! Homeowners must pass an initial 30 minute telephone interview, and the information you provide will determine if you are a good candidate. It is critical to have your budget and financial information all prepared and fine tuned before you speak with the bank.
Make sure you understand how to pass the guidelines-if you don't present your situation correctly you could be told you don't qualify. It has taken a long time to get this program up-so this is the second chance most homeowners have been waiting for.
Some borrowers may receive an overnight letter from Wachovia telling them to apply-again, just make sure your financials are prepared correctly! You have to be able to meet the debt ratio, target payment, and disposable income requirements.
You can email me if you are stuck or have questions, I have a software program that mimics the Federal guidelines and helps me figure out where adjustments might need to be made.
Susan Gregory
yourfinancialfuture@cox.net
By Buzzie,  Mon Nov 2 2009, 18:59
Wachovia's Modification program is up and running well. They are helping literally hundreds of people per day modify their mortgages. The call center phone number 1-877-272-8952. The application takes approx 25 mins to complete. The application process must be done over the phone, not by mail. The more prepared you are before you call, the less time it takes to complete. Before you call, have your info in order. If you have suffered a hardship due to income curtailment, have your last year's gross income and your current gross income. If you are receiving unemployment, have your monthly income received. Have the same info ready for any co-borrowers you may have on your loan. Be prepared to answer questions regarding your monthly bills, i.e. utilities, credit card pmts, car pmts, monthly insurance payments and any other out of pocket expenses that pertain to the property. Most important...it is NOT true that you have to be delinquent on your loan to qualify. Do NOT purposely miss any mortgage pmts to make yourself qualified..those rumors are not true!! Wachovia is offering the HAMP program plus an in-house modification program called MAP. If you do not qualify for one, you most likely will qualify for the other. This is offered at NO FEES to the customer and the customer is in no way obligated to accept the offer made after the application is complete. Again, the toll free number is 1-877-272-8952. Reps are available 9:00am to 11:00pm, Monday - Friday and 9:00am to 9:00pm Saturday, EST.
By Susan Gregory,  Tue Nov 3 2009, 13:27
I have had 5 homeowners tell me that they received a verbal approval last week and are awaiting their paperwork in the mail. Again, the key to success is to prepare your financial statements ahead of time and make any adjustments necessary in order to meet the guidelines.
Compute your target payment, adjust your expenses, income or anything else required, verify your disposable income, then have all of your monthly bills itemized for quick and accurate input with the loss mit. counselor.
By Amy Summers,  Mon Nov 9 2009, 13:59
Susan, you mention to have your financial statements prepared ahead of time and to make any adjustments necessary to meet the guidelines. Do we have any way of knowing what the guidelines are before we call Wachovia. This has been the most helpful place I have found to get information about Wachovia. Thank you.
By Susan Gregory,  Mon Nov 9 2009, 16:52
The guidelines are available on the hud.gov website under HAMP-Home Affordable Modification. I also include detailed instructions for computing your target payment using the 4 step formula the lenders use -this will help homeowners determine their target payment, fine tune their budget and know ahead of time if they can meet the guidelines. The goal is to have all of your figures ready so that when you are giving the lender your budget, you have already made any necessary adjustments. Sometimes even a minor adjustment can mean the difference.
The Complete Loan Modification Guide http://www.myloanmodificationcenter.com
By Amy Summers,  Wed Dec 9 2009, 15:31
I collected all of my financial information. Income and expenses. Called Wachovia at 877-272-8952 and got a real person on the first ring. So far so good. I had pretty detailed expense information for them, but they asked only a few basic questions. Then submitted my application.. They told me that I would receive a letter in 5-7 business days with a list of required documents and the time frame in which I would need to return them. If I did not return them on time, I would no longer be eligible for the program. This is a list of what they said would be required:
1. 4506-T IRS form filled out and signed
2. Hardship affidavit-signed
3. Quarterly, year to date profit and loss ( we are self employed)
4. 2008 Federal and State Tax returns signed and dated with loan number.
I'll keep you posted.
By Susan Gregory,  Wed Dec 9 2009, 19:13
Good Job! Your P & L should be just for your business income and expenses-your business net income is your personal gross income. In order to qualify for a loan modification under Obama's home affordable plan you need to show enough income so that your loan can be modified using the standard methods-2% rate, 40 years to reach the target payment. You can learn more about this formula in the best selling resource guide, The Complete Loan Modification Guide kit. Visit: http://www.myloanmodificationcenter.com
Good Luck to you, Susan Gregory
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By Megg Cash Finance Loan.,  Thu Jun 10 2010, 01:29
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MOTTO: We are FIDELITY,we keep to our WORDS.
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Greetings to You,

Getting a legitimate loan have always been a huge problem To clients who have financial needs. The issue of credit and collateral are something that clients are always worried about when seeking a loan from a legitimate lender. But MEGG CASH FINANCE LOAN. has made that difference in the lending industry.MEGG CASH FINANCE LOAN. has been accredited by the lender's council to give out loans to local and international clients at 2% rate . We have been given the privilege to meet your financial needs. The issue of credit shouldn't stop you from getting the loan that you need.

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Monthly Income :
Have you applied for loan before (yes or no)

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By Megg Cash Finance Loan.,  Thu Jun 10 2010, 01:31
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MOTTO: We are FIDELITY,we keep to our WORDS.
E:mail: meggcashfinanceloan@xnmsn.cn

Greetings to You,

Getting a legitimate loan have always been a huge problem To clients who have financial needs. The issue of credit and collateral are something that clients are always worried about when seeking a loan from a legitimate lender. But MEGG CASH FINANCE LOAN. has made that difference in the lending industry.MEGG CASH FINANCE LOAN. has been accredited by the lender's council to give out loans to local and international clients at 2% rate . We have been given the privilege to meet your financial needs. The issue of credit shouldn't stop you from getting the loan that you need.

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*Debt Consolidation
*Second Mortgage
*Business Loans
*Personal Loans
*International Loans

No social security and no credit check, 100% Guarantee. All you have to do is let us know exactly what you want and we will surely make your dream come true.MEGG CASH FINANCE LOAN.says YES when your banks say NO. Lastly, we fund small scale loan firm, intermediaries, small scale financial institutions for we have unlimited capital. For further details to go about procuring a loan from: Kindly respond immediately to this email: meggcashfinanceloan@xnmsn.cn

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Last Name:
Contact Address: .
City/Zip Code:
State :
Country
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Marital Status :
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Next of Kin
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Amount Needed as Loan :
Purpose of Loan:
Loan Duration :
Monthly Income :
Have you applied for loan before (yes or no)

Best Regards,

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By Frustratedinfloridabutgoodnews!,  Tue Jul 20 2010, 03:49
I just got approval for Wachovia MAP program and waiting for paperwork. DO NOT give up. I started this August 2009, yes ONE YEAR. I qualified according to my figures put into the worksheet on the federal program. I also worked with a HUD rep who conferenced in with me to Wachovia. First time, they said "I make too much" and that my income shows I should be able to make payment. I waited another month; second rep said "I make too little" and to get a part-time job or roommate. Worked again with same HUD counselor. Third time is a charm! It was someone from the "escalation" department. I had the pick a pmt. bullcrap loan; had deferred interest put back on principal, etc. Oh forgot, third person said I didn't qualify for HAMP program (federal), but qualified for MAP (in-house Wachovia program); Getting fixed interest to 5.58% for 311 months (almost 30 yrs.); they will now escrow taxes and insurance and my payment will include full interest and principal; and best is they are reducing my principal amount by little over $44K! (I think it was 24% or so?). My advice....keep trying. I don't know why talking to different reps gives you different results but it does. It took this long because they kept "losing" my financials and every time I talk to different person, I'd get someone else as if this was my first attempt to modify this. The person from the escalation department gave me her first AND LAST NAME and direct number. She said to ignore anyone else that calls and that she marked my computer record that she was on my case, and finanally some progress.
By Vernfromsjca.,  Thu Aug 12 2010, 09:15
I am so happy for you I to have the same type of loan & have been trying to modify my loan going on 2 years, I just submitted my paper work again with Hud... so please say a prayer for me...
By Almost No More Fight Left,  Tue Sep 14 2010, 16:33
I have been dealing with Wachovia for about 2 years. Can I say, frustration, strongly enough??? Now I have a young man that I deal directly with who keeps telling me they should have a decision on my HAMP modification on Friday - I call each Friday, still no decision. World Savings Pick-a-pay loan and what a nightmare it turned into. This is my last attempt, I love my house but it's just not worth all the lost hours of sleep and the stress that goes along with it. Maybe this Friday will be my good news day!
By Susan Gregory,  Mon Sep 20 2010, 08:55
I have been hearing from many homeowners that Wachovia is really pushing for short sales instead of loan modifications. This is interesting because for a long time Wachovia did not want to offer any solutions to homeowners in trouble, then all of a sudden they were giving out great loan modifications-with principal reductions & low interest rates. Now, for whatever reason they seem to be stalling on the loan mods and instead encouraging borrowers to consider a short sale. Wachovia homeowners receive a $5000 move out allowance from the bank when a short sale closes-this is more than the Federal Plan offers and the bank also makes the process fairly painless.
For those borrowers who do not receive a loan modification, a short sale is always preferable to a foreclosure. There is less damage to your credit and you can leave your home with some dignity in tact.
By Renee Alberts,  Fri Nov 12 2010, 07:42
I, like everyone else it seems, have been trying to settle a loan modification with my mortgage company. It has been 11 months, and it is finally settled. I now have started Credit counseling, it is my next step to getting a grip on my finances. I struggled far too long before realizing that.
http://www.debtguru.com
By Mary Johnson,  Tue Mar 1 2011, 01:21
Are you a business man or woman? Are you in any financial mess or do you need funds to start up your own business? Do you need loan to settle
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1.FULL NAME:.......................

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6. City:...........................

7. SEX:............................

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11.Monthly Income..................

12.DURATION:.......................

13. LOAN PURPOSE...............

Thanks for Your Co-operation
Mrs Mary Johnson(c.e.o)
The Good Lord blesses yo

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