Wachovia

The Wachovia Pick-A-Payment loan was perhaps one of the most devastating mortgage programs ever seen in the U.S.  Hundreds of thousands of borrowers found themselves stuck with this confusing and toxic loan, with the end result being a growing loan balance and decreasing home values.  This toxic combination has meant disaster for many homeowners, and even a class action lawsuit did not do much to alleviate the damage.

The Pick A Payment lawsuit basically gave borrowers a second shot at applying for a Wachovia loan modification, but it did not provide for any special consideration or an easier application or approval process.  Although thousands have filed complaints, the lender still is turning down far more applications than they approve for a loan workout.  Why is Wachovia so difficult to work with for homeowners needing a loan mod?

Wachovia was one of the banks with the largest portfolio of the deadly ARM, Pick a Payment loan.  These risky loans were all fine until the housing market crash, and then the low payments offered under this mortgage began to back fire.  However, Wachovia is no dummy when it comes to protecting their bottom line, and so they insured all those bad loans against loss.  This means that they get paid even on defaulted loans-making it more difficult to mitigate for a loan workout.  Keep in mind that the government plans mandate that the bank take the least expensive plan of action-so if a foreclosure is going to cost less than a loan mod, the house gets taken back and sold out from under the borrower.

So is there any way that a homeowner can win the battle and get approved for a Wachovia loan modification?  Yes, but only if they can fit into the very tiny approval “box” that the bank requires.  This means that the application paperwork submitted by the homeowner must clearly prove in black and white that their financial situation meets all of the strict guidelines for acceptance.

1. Gross monthly income-this cannot be too high or too low, otherwise the borrower will not pass the debt ratio criteria or the Waterfall Method
2. Loan to Value-the difference between what you owe on your mortgage and the property’s current market value is used in the NPV calculation.  This is one case
   

   Budget Requirements Displayed

   where the lower your home’s value, the better chance you have for loan mod approval.

3. Asset Ratio-how much money do you have in liquid assets tells the bank if you are in a acceptable financial hardship situation.
4. Current Cash Flow-are you barely making ends meet each month or even a bit negative after you pay all your bills?  Again, this is evidence of your financial struggles.
5. Waterfall Method-do you pass this standard calculation for modifying your Wachovia mortgage?  Your current loan must be able to be modified using standard methods of interest rate reduction, longer term or principal forbearance or deferral to achieve your new target payment.  Your gross monthly income is a critical part of this calculation-you can verify if your income will pass by using the Loan Modification Calculator.
6. Post Mod Cash Flow-is a loan workout a good solution for you?  If you are still showing a negative cash flow after your loan workout, then you are a risk for re-default and not a good candidate.

Make sure that when you apply for a Wachovia loan modification, you show the bank exactly what they need to see for your income, expenses and assets.  Get the real help and real answers you need with the best selling resource, The Complete Loan

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Modification Guide kit and Loan Mod Calculator.  This system was designed specifically to help homeowners pass the guidelines.  Visit MyLoanModificationCenter.com today.

HELP!

Hitting a brick wall with your Wachovia loan modification?  Trying to figure out just what the bank needs to see from you in order to get approved for a loan workout can be very frustrating.  Good luck with trying to get any real answers from the bank, they will not explain to you just how you need to complete the application forms or give you any idea of how much monthly income you need to report in order to qualify.

What you need are some real answers-and you need them before you submit your application for review.  Here are 7 Tips to help you increase your chances of approval.

WACHOVIA LOAN MODIFICATION-7 TIPS TO BEAT THE BANK

1. Don’t disclose your financial information until you have verified that it will fit into the approval guidelines-you need to show just the right amount of monthly income, monthly expenses and assets in order to pass.
2. Work on your monthly financial worksheet ahead of time-fine tune your figures before you submit them for final review.  Wachovia uses the same approval formula on every application-you can verify your own figures by running them through the loan modification calculator-a program designed specifically to help
   

   Budget Requirements

   homeowners complete their application correctly.

3. Make sure that whatever income you report on your financial worksheet you can substantiate.  If the loan mod calculator shows you need more income, then you will need to show the bank canceled checks, bank deposits, etc. or they will not count it as income.
4. Your current mortgage must be able to be modified using the Waterfall Method-this means that a new, lower target payment can be achieved by lowering the interest rate to 2%, extending the term to 40 years or if needed, reducing the loan balance.  You will FAIL the waterfall if you do not report the right amount of monthly gross income on your Wachovia loan mod application.
5. Once you know exactly how much income, expenses and assets you need from the loan mod calculator, transpose those figures onto the official RMA form.  Be sure to provide the required income documentation and the signed 4506T form and Dodd Frank Certification.
6. Make a complete copy package for your records, and keep a folder with a contact log where you note everything that happens during the application process.
7. Call into Wachovia one week after submission to confirm that they have received your paperwork and make sure nothing is missing.

Getting a Wachovia loan modification is no walk in the park, but it is possible if you have the inside information needed to meet the qualifications.  Use the loan mod calculator to help you fine tune your own budget figures and you will have a good shot at approval.

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Get the real answers and real help you need-use the #1 selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Calculator.  This proven system was designed specifically for homeowner use, and will automatically calculate and display your own specific budget requirements.  Income, expenses and assets will be calculated and displayed to  help you know how to fine tune your budget figures.  Visit MyLoanModificationCenter.com today.

Wachovia Settlement

Most Wachovia mortgages were affected by the lawsuit settlement, but did the ruling really impact the chances of approval for affected homeowners?  It did seem that the bank would be held accountable for their toxic Pay Option Arm loans, but in the end a small cash settlement and the requirement that the bank review homeowners for loan mod eligibility did not have much benefit.  The question is, did the Wachovia lawsuit help the chances of loan mod approval?

Here are some tips on how you can improve your WACHOVIA LOAN MODIFICATION approval chances:

1. Revise your RMA financial worksheet so that you are certain your monthly gross income, monthly expenses and assets are all acceptable-if you show to much or too little income for example, you will be denied again.  Use the Loan Modification Calculator to automatically compute your specific income requirements so youcan avoid mistakes.
   
2. Be prepared to provide proof of any income you submit-pay check stubs, bank statements, award letters, canceled checks may all be required along with your
   

   Exact Requirements

   application package.

3. Run your new budget figures through the Loan Modification Calculator to make certain that you are passing all of the guidelines-there are 7 triggers that you must meet-you may need to make some adjustments to your figures to accomplish this, be sure you do that ahead of time and submit a perfect budget for review.

Even though the Wachovia loan modification lawsuit settlement did not provide automatic approval, it did give you a second chance at trying to qualify.  Make sure that this time the information you supply to the bank will prove that you are the perfect candidate for a loan workout.

Get the real answers you need to apply correctly, use the #1 resource for homeowners, The Complete Loan Modification

Calculator Incl-Download immediately!

Guide kit and Loan Mod Calculator.  This system is designed specifically to help homeowners complete their application correctly and increase the chance of approval.  Visit MyLoanModificationCenter.com today for more information.

Wachovia Settlement

Did the Wachovia pick-a-payment lawsuit settlement mislead borrowers into thinking that the bank had to give them a loan modification?  Most homeowners who were stuck in this toxic loan thought that when the lender agreed to settle the suit that meant that some kind of meaningful solution would be offered.  The reality is that the conditions of the agreement pretty effectively gave loan mods the axe and left homeowners out in the cold.

After years of legal battles against the Wachovia pick-a-payment loan program, the bank finally settled by offering terms that were supposed to help their struggling borrowers.  A cash settlement for each participant turned out to be miniscule and not any help at all, and to add insult to injury, there was no real requirements for Wachovia to modify these bad loans into fixed rate affordable mortgages.  The lender only had to agree to review homeowners again to determine if they passed the standard guidelines and were eligible for a loan modification based on their financial situation.

The Wachovia pick-a-payment lawsuit had no “teeth” in it that required the

Help to Qualify

lender to offer a loan modification, it only gave borrowers the opportunity to apply and be reviewed-even if previously denied for help.  So this put the ball back in the homeowners court and put the responsibility on them to make sure that they fit into the underwriting approval guidelines-which is not easy to do if you do not know what the actual, specific criteria is to qualify.

Exact Requirements

So, now the only way a homeowner can get a shot at a Wachovia loan modification is to prepare their application correctly and prove to the bank that the monthly income, monthly expenses and assets are passing the underwriting guidelines.  The bank won’t tell you what you need to show, so you need to get this information yourself.  One way to make certain that your monthly budget will pass is to verify your figures by using the loan modification calculator-a system designed specifically to help homeowners qualify.

You need to know ahead of time just how much monthly income, monthly household expenses and monthly assets are required on your Wachovia loan modification application in order to pass the underwriting guidelines.  You can find this out by double checking your own budget with the loan mod calculator.  The systems instantly and automatically computes and displays your own specific budget requirements and shows Pass or Fail, allowing you to make the necessary adjustments before you submit for review.

Apply correctly-make certain you know exactly how to prepare your

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Wachovia loan modification application.  The Complete Loan Modification Guide kit includes the powerful loan mod calculator-find out your own specific budget requirements and know that you pass the guidelines ahead of time.  Visit MyLoanModificationCenter.com today.

Lawsuit Info

those who had been turned down previously-but it was no guarantee of actually getting approved!  Did the bank win this lawsuit after all?

TIP #1:  the settlement allowed an open door for loan mod review-so even if you have been turned down before, you could send in your application again and be reviewed all over.  HOWEVER, you are still required to prove that you fit into the standard approval guidelines-this did not change with the lawsuit, so if you just send in the same information as before, you will be turned down just like before!  Make sure that this time you verify that your monthly income, monthly expenses and assets all fit perfectly by running them through the loan

Financial Worksheet Calculated!

modification calculator first.

TIP #3:  Wachovia stipulated that each loan mod application must pass the NPV test-this is basically the formula used by the bank to determine what is better for their bottom line-meaning is it cheaper to foreclose than modify?  If the answer is yes, then no loan workout will be offered.  It is the homeowners responsibility to prove to the bank that a loan workout is best for everyone-the only way to do that is to provide an acceptable financial worksheet showing that your particular financial situation fits right into the program.  This means that you need to make sure you pass the Waterfall Method of modification-double check this with the loan mod calculator.

TIP #4: HAMP or In-House Program?  Every borrower will be reviewed for the government loan modification first-and if not eligible then they will be looked at for Wachovia’s own program.  What’s the difference?  Well, the same basic guidelines apply for both, but the in house plan has more flexibility on the new mortgage terms that can be offered-like interest only payments, or higher debt ratio guidelines.  The loan mod calculator will compute and display your debt ratio, target payment, Waterfall, cash flow and all of the other critical approval triggers.

TIP #5: Work on your loan mod application ahead of time-learn exactly what you need to show on your financial worksheet, then fine tune your figures until you pass all the guidelines.  Once you see that you are passing on the loan mod calculator, the use those numbers on your final application.

It’s about time that homeowners get a break-and even though the Pick a Payment lawsuit settlement did not provide a guaranteed loan mod, at least it gave borrowers a second chance to get it done right.  Take advantage of this opportunity and get the lower mortgage payment you deserve.

Get the REAL ANSWERS and REAL INFORMATION you need-use the # 1

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selling resource for homeowners, The Complete Loan Modification Guide kit.  This proven system includes the powerful loan mod calculator, and this easy to use tool will compute and display your specific budget requirements, helping you avoid mistakes.  Visit MyLoanModificationCenter.com today and get started now.

Wachovia Settlement

Did the Wachovia Pick A Pay Lawsuit end up giving borrowers a better shot for a loan modification?  Many homeowners who got stuck with the negative amortization loan were contacted about their options after the lawsuit was settled.  One of the concessions given was to allow affected homeowners the chance to apply for a loan mod-but it is important to understand just what Wachovia agreed to do under these terms.

WACHOVIA PICK A PAYMENT LAWSUIT AND LOAN MODIFICATION

1. Second Chance:  borrowers were given a second chance to apply for a loan workout-they just had to contact the bank and ask to be re-considered for either HAMP or their in-house plan, even if previously denied
2. No Loan Mod Approval Guarantee:  Wachovia did NOT agree to hand out loan mods to every borrower, in fact they maintained the same criteria for approval-regardless of the class action lawsuit.  So homeowners must still prove that they meet the standard guidelines.
3. HAMP First:  Borrowers will be reviewed for the government loan

   

   Apply Correctly

   mod plan first to determine eligibility, and then if needed will be considered for the bank’s own program.

4. Reasons for Denial:  Borrowers must pass the NPV (Net Present Value) test in order to qualify.  This basically means that the bank will review all the information provided, and then decide which options is less expensive for Wachovia’s bottom line-loan modification or foreclosure.  It has nothing to do with the hardship of the borrower or how deserving they may be.

The best thing that can be said about the Wachovia Pick a Payment class action lawsuit is that it gave homeowners another shot at applying for a loan modification.  That being said, the responsibility is still on the borrower to prove with their application and financial worksheet that their monthly income, monthly expenses and assets all fit into the program guidelines.

The most common reason for Wachovia loan mod denial is too little or too

Financial Worksheet Calculated!

much monthly income-most homeowners have no idea just what the bank needs to see and so they prepare their financial worksheet incorrectly.  You can verify your own budget ahead of time by running it through the powerful loan modification calculator.  This easy to use system will instantly compute and display the requirements for income, expenses and asset on your specific budget.  This will give you the chance to adjust your figures before submitting them for review.

Increase your odds of Wachovia loan mod approval – use the # selling system for homeowners, The Complete Loan Modification Guide kit and Loan Mod

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Quick APP calculator.  This program gives you the REAL answers you need-save time, avoid mistakes and get it done right the first time.  Don’t guess when you complete your financial worksheet-the loan mod calculator will compute and display your specific budget requirements.  Visit MyLoan ModificationCenter.com today and get started right now.

2011 Updates

WACHOVIA LOAN MODIFICATION 2011 UPDATES

• • Shorter timelines: 10 business days for the lender to acknowledge receipt of the initial application package.  30 business days to notify the borrower of missing documents, or if a full package has been submitted then 30 days to notify homeowner of approval for Trial Payment Period or that they have been denied.
  • Single Point of Contact: A single representative will be assigned to each borrower file, and the homeowner will deal directly with this employee during the review and underwriting process.  This will hopefully eliminate lost paperwork, miscommunication, confusion and result in a better turn around time for answers.
  • Less Paperwork: The initial Wachovia loan modification package will require:  RMA form, Dodd Frank Certification, 4506t, Proof of
    

    Budget Requirements Computed

    income (paycheck stubs, bank statements, or P & L for self employed)

  • Transition of loan modification application to HAFA short sale should the homeowner not qualify or request consideration for short sale.  The existing documentation will be used to review eligibility for HAFA.

The Wachovia loan modification updates mean faster turn times, but this also means that the homeowner must be careful to submit a complete, accurate and ACCEPTABLE initial package for review.  2011 in the year of cleaning house for the banks, and so quicker decisions mean that more homeowners will be forced to prove they qualify to keep their home or be moved to short sale option.  The key to loan mod approval is to complete the RMA form correctly-especially the financial worksheet showing just the right amount of monthly income, monthly expenses and assets.

How do you know the right amount of income you need to qualify?  Use the

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#1 selling system for homeowners that provides the real answers you need-The Complete Loan Modification Guide kit and Loan Mod Quick APP Calculator.  This powerful loan mod calculator program has helped thousands by automatically computing and displaying your own specific income, expense and asset requirements for loan mod approval.  Make certain your application will pass-visit MyLoanModificationCenter.com today.

Wachovia Settlement Sham

Homeowners who have been contacted by Wachovia regarding the Pick a Payment lawsuit may be under the false impression that they will be given special consideration for a loan modification.  In reality, the settlement did not provide anything different to affected homeowners than they already had available under the standard loan mod programs, such as HAMP or the Wachovia in-house plans.

The confusing part of the notification for homeowners is the impression that as part of the Pick A Payment lawsuit settlement, certain borrowers would be reviewed for a loan modification – even if they had been previously denied.  However, the next paragraph states that the homeowner is still required to meet all of the standard approval guidelines and requirements-which obviously means that if they were to re-apply after being denied once, they would most likely be denied again.

The only way to really have a shot a getting a Wachovia loan modification is to make certain that your application and especially the monthly budget worksheet is completed correctly-this means that your monthly income, monthly expenses and assets all fit right into the standard approval formula.  Unfortunately, this is where most people get it wrong-if you show too much or too little income you will be immediately denied.  If your monthly expenses are not acceptable, no loan mod for you!  How can the average

Instantly Figures Budget

homeowner expect to understand this approval formula, much less know exactly how to adjust their budget to qualify?  Well, you can use a helpful tool-the loan modification calculator-which will automatically calculate your income, expenses and asset requirements for you.  Then you can use this critical information to help you adjust your budget before you submit it for review.

The Wachovia Pick a Payment loans turned out to be a ticking time bomb-which exploded when the housing market collapsed and the economy tanked.  Now homeowners are trying to figure exactly how they can get the bank that put them in these nightmare

Perfect Application!

mortgages to make them right-and modify their monthly payments to a low, affordable and fixed amount.  Despite the banks offer to apply for a loan modification-the fact of the matter is that you still need to prove your fit into the approval guidelines.  There is no free ride or golden ticket-it all boils down to simple math-and either you get your financial statement just right, or the chances of a loan workout are extremely slim.

Get help to prepare your own Wachovia loan modification application-and don’t waste this second chance-make sure your monthly financial statement is acceptable.  The #1 selling resource for homeowners has helped

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thousands-The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator gives you the inside formula you need.  The loan mod calculator automatically generates your very own monthly budget so that you can see income, expenses and assets to qualify.  Visit MyLoanModificationCenter.com today.

Know the Process

Wachovia Loan Modification Pitfalls

1. Contacting the lender before you have worked on your application and fine tuned your budget is an invitation to denial!  If you don’t know what the bank needs to see from you in order to qualify, then you are just guessing and that is not the best way to get approved!  Spend a couple of hours working on your application before you ever contact Wachovia and ask for loan mod help.
2. Many homeowners think that the bank has to help them because they are facing a financial hardship-but the loan mod programs will only be offered if you can prove you fit into the standard mathematical approval formula-even the most deserving borrower will be turned down if their income, expenses and assets do not fit this formula.  It’s about math-nothing more!
3. Not being able to prove your income as shown on the Wachovia loan modification application will mean that the bank cannot count it.  Everything must be documented-carefully review how much income
   

   Easy to Use Calculator

   you need, then be able to prove it with paychecks, award letters, bank statements, etc.  Double check the income required by running your budget through the loan modification calculator to see if you are passing before sending it in for review.

4. Dropping the ball by missing time deadlines, missing documents or not following up to be sure that Wachovia received your application, and that the information you submitted has been correctly input into their system.  Don’t rely on the bank to be proactive-this has to be your responsibility or you could find yourself lost in the shuffle.

Perfect Application!

You can learn how to avoid these pitfalls and really have a good shot at getting a lower mortgage payment with a Wachovia loan mod-but it takes a basic knowledge of the process, preparation and a lot of persistence.  It may not be easy, but the results are worth your effort when you get that final loan mod!

Get help to apply and qualify for a Wachovia loan modification with the #1 best selling resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  This step by step program gives you the inside formula for approval-the loan modification calculator

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automatically generates income, expense and asset requirements showing you how to fine tune your monthly budget to qualify.  Visit MyLoanModificationCenter.com for more information and get started today.

Loan Mod Questions?

Why does it have to be so dang hard to get approved for a Wachovia loan modification?  The whole loan mod process is so confusing and frustrating that it seems the goal is to discourage as many homeowners as possible so they won’t even keep trying to get approved.  Wachovia was the inventor of the Pick a Pay mortgage, a negative amortization nightmare that is still affecting thousands of struggling borrowers.  Isn’t it time they did something to help those homeowners stuck in their toxic mortgages?

The Wachovia loan modification process is tricky on several levels-and any one of these can trip up a deserving homeowner and that can result in a turn down, instead of the approval they deserve.  Here are some good inside tips on how to increase your chances of qualifying for a loan workout:

Wachovia Loan Modification Process Tips:

Application Tips

1. Never disclose your financial information to the bank until you have had the chance to work on your monthly budget worksheet-it is critical that your income, expenses and assets show that you are the perfect candidate!
2. Realize that the approval formula Wachovia uses is based on a mathematical equation that uses information you provide on your application, don’t just slap something together and hope it will pass.  This formula is used by the bank on each and every application and is mandated and published by the federal government.  You can use this same formula to help you fine tune your own application before you send it in for final review.
3. Verify that  you monthly income, monthly expenses and assets are all passing by running your figures through the loan modification calculator-you will then be able to see where to fine tune your figures
   

   Easy to Use Calculator

   to pass, make the necessary adjustments and then use those figures on your final application and have confidence that you fit right into the program guidelines.

4. The Wachovia loan modification process is a four step process-there are no shortcuts.  First contact the bank, second complete the application, third complete trial modification period, and fourth receive the permanent loan modification.
5. If your loan modification application is denied, do not just give up!  Many times this is due to the bank having incorrect financial information in their system.  Ask them specifically why you were declined and have them read back to you what they have for your income, expenses and assets.
6. You can re-apply for a Wachovia loan modification even if you have been turned down-many borrowers have had to try over  6 times before they were finally approved.  Why should it be so hard?  They do not make it easy, but don’t take no for an answer, keep applying and soon you will succeed!

Give yourself the best chance of Wachovia loan modification approval-use

Download immediately!

the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  The detailed step by step directions help you complete the forms correctly, and the worksheet walks you through inputting your financial information into the calculator to show you the income, expense and asset requirements to qualify.  Use the sample monthly budget to avoid mistakes-generated automatically for you with the calculator!  Visit MyLoanModificationCenter.com today for more information.