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.Â Some Wachovia loan modificationÂ programsrequire the borrower to simply state their income, meaning that pay check stub, W2's, etc. need not be provided.
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.Â 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.Â 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.Â This is a low cost, easy to read handbook that you can order and download right online.Â The Complete Loan Modification Guide will provide you with everything you need to prepare a professional and acceptable loan modification application.Â 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.Â Get the help you need-order and download The Complete Loan Modification Guide now.
To learn more about loan modification, please visit us at:Â http://www.myloanmodificationcenter.com