Wachovia Loan Modifications Qualification Can Be Possible With The Right Measures
- Date: 2010-02-25 - Word Count: 286
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Wachovia has begun offering loan modification for their borrowers that are easy and cost effective for the homeowners and back by Wells Fargo. With the loan modification both the bank and homeowners are able to get out of a difficult situation. With a modification, homeowners are able to make an affordable, fixed monthly payment.
The Wachovia loan modification is not quite as stringent as other lenders, as they are happy with whatever money they can make. The basic qualifications are:
The homeowner must be living in the residency they are asking assistance for.
The home is to be a single family home.
The debt ration cannot be over 45% of their entire income.
Bankruptcy can be in the homeowner's history.
The property cannot currently be in foreclosure with a sale date a month or less away.
These qualifications are easy enough to work with.
Be prepared for anything and everything when working through the modified loan process. It is important to speak to the Loss Mitigation Department, this is the department that deals with loan modifications, and it will save you from being transferred non stop.
Just like working with any other lender, make sure to have the following documentation: income, taxes, and monthly expenses. You need to be able to prove you are having financial difficulties. You cannot just make late payments; don't push the envelope too far.
Make sure to pack a lot of patients when working towards a loan modification agreement as Wachovia is swamped with many homeowners looking for help out of their financial difficulties. Do not get frustrated or give up and then move on to another way that may not be the best option just to save your home. If you aren't patient you may miss out on being qualified.
The Wachovia loan modification is not quite as stringent as other lenders, as they are happy with whatever money they can make. The basic qualifications are:
The homeowner must be living in the residency they are asking assistance for.
The home is to be a single family home.
The debt ration cannot be over 45% of their entire income.
Bankruptcy can be in the homeowner's history.
The property cannot currently be in foreclosure with a sale date a month or less away.
These qualifications are easy enough to work with.
Be prepared for anything and everything when working through the modified loan process. It is important to speak to the Loss Mitigation Department, this is the department that deals with loan modifications, and it will save you from being transferred non stop.
Just like working with any other lender, make sure to have the following documentation: income, taxes, and monthly expenses. You need to be able to prove you are having financial difficulties. You cannot just make late payments; don't push the envelope too far.
Make sure to pack a lot of patients when working towards a loan modification agreement as Wachovia is swamped with many homeowners looking for help out of their financial difficulties. Do not get frustrated or give up and then move on to another way that may not be the best option just to save your home. If you aren't patient you may miss out on being qualified.
Related Tags: loan modifications, home loan modification, mortgage modifications, wachovia loan modifications
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