Wachovia Settlement

The class action lawsuit against Wachovia and World Savings Pick a Payment loans has some homeowners wondering what they actually accomplished.  In the settlement notification, borrowers are given the opportunity to apply again for a loan modification-even if they were previously turned down.  But the fact is that the borrower must still prove that they meet the same approval guidelines in order to be qualified.

A Wachovia loan modification is only given to those homeowners who prove in black and white that they fit into the program guidelines-whether they are part of the lawsuit or not. So what advantage did the Wachovia lawsuit give homeowners who want a loan mod?  The wording can trick borrowers into thinking that they have a better chance of approval because of the settlement, but the fact is that the same approval qualifications are being used-and if you don’t meet those guidelines then you will not be given a loan workout.

Guidelines Met!

Homeowners who participated in the Wachovia lawsuit are given another shot at applying for a loan modification-and this is another chance to fine tune your application and get it right this time.  The monthly income, monthly expenses and assets are all reviewed carefully by the bank, and if they fit into the approval formula then that borrower has a good chance of approval.  Knowing how much income  you need to qualify is the tricky

Fine Tune your Figures to Pass

part-too high or too low and you will just be turned down again.  It is a good idea to double check your own budget by running your figures through the Loan Mod Quick APP calculator-this will show you if you are passing or failing and where to make any changes.

However, since the second chance is available, it makes sense to take the time to learn exactly how to prepare the perfect Wachovia loan modification application.  Once you know the standard approval formula, you will be able to fine tune your own figures so that you fit right into the approval guidelines.

Don’t blow this second chance-make sure you prepare your loan mod application correctly- use the #1 selling resource for homeowners, The

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Complete Loan Modification Guide kit and Loan Mod Quick APP calculator.  You get step by step directions for preparing your monthly budget worksheet, and the calculator provides monthly income, expense and asset requirements to help you avoid mistakes.  Visit MyLoanModificationCenter.com today for more information.

Pick A Payment-NegAM

Homeowners who have a Pick A Payment mortgage are able to take part in the Wachovia loan modification settlement that gives them another chance for loan mod approval.  In addition to varying amounts of cash settlement, the lawsuit also allowed for affected borrowers to apply again for either the HAMP loan mod program or Wachovia’s own in house loan workout plan.

The Pick A Pay loans that Wachovia offered to homeowners turned out to be a toxic mess-increasing payments and growing mortgage balances have placed borrowers in a very unstable and risky situation-especially given the current market depreciation of home values.  In response to a class action lawsuit, the bank has contacted borrowers with notification that they can apply again for a loan modification and their situation will be reviewed for possible loan mod assistance.

However, homeowners must still be able to meet the HAMP approval guidelines or Wachovia’s in house plan criteria-and this means that the new loan mod application must prove in black and white that the homeowner has the right monthly income, expenses and current bank balances to pass the approval guidelines.  This is often where borrowers stumble, without

Fine Tune your Figures to Pass

knowing or having a basic understanding of just what the bank needs to see on the monthly budget worksheet, most of the time the application will be denied simply due to unacceptable financial information.  Avoid mistakes, double check your figures with the Loan Mod Quick APP calculator.

The Wachovia lawsuit did not promise or guarantee loan modification approval-it just opened the door to re-apply and to be reviewed for eligibility.  The homeowner still has the responsibility to prepare and submit their application.  This is a second opportunity, so it is critical to apply correctly and submit your paperwork so that it proves that you are a good loan mod candidate.   Be sure to fine tune your monthly budget worksheet before you submit it, because you may not get another chance to apply.

Do you need help to prepare your Wachovia loan modification application correctly? How much income should you indicate?  Are your expenses and cash flow acceptable?  Use the #1 resource for homeowners,

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The Complete Loan Modification Guide kit and Loan Mod Quick APP calculator to help you get it right.  Step by step directions, required forms and the calculator automatically generates your very own sample monthly budget with income, expense, and asset requirements.  Find out just where you need to fine tune your budget before you submit it.  Visit MyLoanModificationCenter.com for more information.

AFfordable Payments

The only way to get approved for a Wachovia loan modification is to prove that your situation fits right into the approval criteria. The lender does not decide to give some homeowners a loan mod and turn others down because they feel sorry for you!  The entire process is based on a standard mathematical calculation that is based on the homeowners financial statement-the monthly income, expenses and bank balances are all part of this equation.  Basically, either you fit or you don’t – and if you don’t then you will be turned down for a loan workout.  Here is some inside information that you need to know because it could be the difference in whether you get approved or not!

WACHOVIA LOAN MODIFICATION APPROVAL TIPS:

1. Do NOT disclose your monthly budget information to the lender until you have had time to work on your figures, double check them for acceptability and make any necessary adjustments ahead of time so that you know you fit into the approval criteria.  If you are not sure how much monthly income you need to qualify, or how to figure your debt ratio, you can use the Loan Modification Calculator to show you whether you are passing and where you need to make adjustments to your budget.
2. Do NOT overestimate the current market value of your home-most homeowners like to think that their home is worth more money than their neighbors, however for the purpose of your Wachovia loan modification, the LOWER the current market value the more advantageous a loan mod will appear to the bank.  Make sure you ask the bank what they have in their system for your home’s current value, if it is overstated then you can contest it by providing proof with a market analysis.
3. Make sure your hardship explanation fits into one of the standard approval criteria:  loss or reduction in income, increased expenses, lack of reserves (liquid assets), excessive debt (monthly bills).  Loss of equity alone is not a valid reason, you must prove that you cannot afford the current monthly payment but that after the loan modification you will be able to pay and maintain the new payment.  The loan modification software calculator will automatically calculate your cash flow, before and after the loan mod to show you how to adjust your expenses so they fit into the approval criteria.

If you follow these tips you will have a good shot at meeting the Wachovia loan modification criteria and beating the bank.  Remember, you must be

Sample Monthly Budget-Follow It

able to prove in black and white that you fit right into the approval criteria.  This can be tricky if you do not know the formula the bank uses.  When you prepare your loan mod application, be sure you double check your figures before sending it in for final review.  This is the best way to ensure that your will qualify for a loan workout.

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Need help preparing your Wachovia loan modification application correctly?  Use the #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Modification Calculator.  The kit provides all the information you need to beat the bank, step by step directions, forms and the loan mod calculator automatically generates your very own sample monthly budget that you can use to make certain your figures meet the approval criteria.  Visit MyLoanModificationCenter.com today for more information.

Re-Apply Now!

If your Wachovia loan modification is denied it could be due to wrong financial information being input by the bank.  Even though you send in your loan mod application with all of your monthly income, expenses and bank balances showing with the accurate amounts, very often the information actually put in the banks system is quite different.  Why does this happen so frequently and how can you avoid this happening to you?

There is only one way to get approved for a Wachovia loan modification and that is to prove on your application that you fit into the program guidelines.  This means that your monthly income, monthly expenses and bank balances are prove that you are a good candidate for a loan workout.  However, when you application arrives at the bank someone has to then input all that information into their system.  This is where the problem occurs-often the way your income is calculated and then put in their system differs from what is actually correct!  So, when the bank reviews this information they see something different than you sent in, and you may never know this is the problem unless you know to ask.

Why would Wachovia show something completely different in their system

Verify information

from what you wrote down on your monthly budget?  Remember that a human being has to review your loan modification application form, and very often they may incorrectly calculate your pay dates, gross year to day income, part time income, etc.  Many homeowners have been told they don’t qualify when in fact they would have if only their information had been reviewed and corrected by the bank.

What can you do if your Wachovia loan modification is

Sample Monthly Budget-Follow It

denied due to incorrect financial information?  First of all, you need to get a straight answer as to the specific reason for the denial.  Not enough income?  Too much income?  Monthly expenses too high?  Once you know the reason, then you need to have them read back to you the budget figures they have for you in their system.  This is your chance to clarify any mistakes, explain your income and expenses and make sure that the figures are corrected while you are on the telephone.

Wachovia loan modification denied?  You can re-apply-but your monthly budget information must be updated and corrected.  Learn how to complete your application correctly with the #1 resource for homeowners, The Complete Loan Modification Guide kit and loan modification calculator.  Not

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sure how much income you need?  The calculator automatically generates a sample monthly budget showing you just how much income, expenses and bank balances you need to qualify.  Visit MyLoanModificationCenter.com for more information today.

AFfordable Payments

Homeowners must pass the Wachovia loan modification waterfall method in order to qualify for a loan workout.  This standard method of modifying home loans for Wachovia borrowers includes three options:

1. Lower interest rate to as low as 2%
2. Increase loan term to as long a 40 years
3. Reduce the principal balance (the loan balance can only be reduced to equal the current market value of the home-never less)

The goal of the Wachovia loan modification Waterfall Method is to achieve an affordable and sustainable mortgage payment so that the homeowner can avoid foreclosure and keep their home.  This new payment is called a Target Payment and is a predetermined amount that is based on the borrower’s gross monthly income.  The new target payment will always:

1. Equal 31% of the borrowers gross monthly income
   

   Debt Ratio Formula

2. Include principal, interest, property taxes, homeowners insurance and any HOA dues
3. Mandate a Trial period of 3 months, where the borrower must make target payment on time and at the end of this successful payment period, the loan mod will be made permanent.

When a homeowner can no longer afford their mortgage payment, they can request consideration for a Wachovia loan modification.  An application must be completed by the borrower, detailing their current financial situation and breaking out their monthly income, monthly expenses and current bank balances.  Wachovia uses this financial information in the Waterfall Method of Modification to determine if the new target payment can be reached using only the three standard methods of modification, listed above.

Sample Monthly Budget-Follow It

Many times homeowners are denied a Wachovia loan modification because they did not indicate enough monthly income, or their expenses or bank balances were not acceptable.  If the loan cannot be modified to reach the 31% target payment, the loan mod will be turned down.  Homeowners can find out ahead of time how much income will be required by running their monthly budget through the loan modification software calculator-this helpful tool automatically displays passing or failing and shows just where to make adjustments to the numbers in order to pass the standard guidelines.

Make sure you pass the Wachovia loan modification Waterfall method-get help to apply correctly with the #1 resource for homeowners The

Completes-Loan Modification Guide kit and loan mod software calculator.  Follow thestep by step directions, and the sample monthly budget that is automatically generated for you to follow-avoid mistakes and pass every guideline!  Visit MyLoanModificationCenter.com for more information today.

AFfordable Payments

Struggling homeowners often find that trying to figure out just how to apply for a Wachovia loan modification is a very confusing and frustrating process.  Most borrowers do not understand how much monthly income is required to qualify for a loan mod, and that when preparing the application if too much or too little income is shown then the application will be turned down.  Unfortunately the bank is not much help with giving details on how the approval formula works, so this means that the homeowner has to try to figure it out by trial and error-often resulting in having to re-apply many times.

The Wachovia loan modification requirements for approval are standard for everyone – in fact the bank uses a mathematical formula on every application that they review.   Depending on the information supplied by the homeowner on the loan mod forms, the borrower will either pass or fail the standard guidelines.  However, if you know ahead of time just how much income is required and how to fine tune your monthly budget to prove that you fit right into the standard guidelines, then the chances for approval increase

HAMP Calculator

substantially.  That is where using the HAMP loan modification calculator can be a big help – this easy to use program actually mimics the very same mathematical formula the bank uses when determining homeowner eligibility.

Before you send in your Wachovia loan modification application, be sure to run your own monthly budget through the loan mod calculator to verify that the 7 approval triggers are being passed.  Here is how it works:

WACHOVIA LOAN MODIFICATION HAMP CALCULATOR DIRECTIONS

1. Use the Worksheet to itemize all of your income, expenses, bank balances, current mortgage balance, mortgage payment, taxes, insurance, HOA dues, etc.
2. Input the financial information into the corresponding numbered categories from the worksheet you prepared
3. The results will populate immediately and show either Passing or Failing
4. Fine tune your figures where needed until all of the approval guideline triggers show PASS
5. Use this adjusted budget on the final application you submit to the lender for review feeling confident that your situation fits right into the program guidelines.

Lower your payments

A Wachovia loan modification can provide a low affordable mortgage payment, include all past due amounts and give you the fresh start you need to get back on track.  However the bank will only approve your loan mod application if it proves in black and white that you are an eligible candidate, and this means that your financial situation fits into the mathematical approval formula.  The loan mod calculator shows you exactly how much monthly income you need, as well as your expenses, bank balances, displays the new loan terms including any principal reduction that may be required.

Don’t just guess at how to prepare your Wachovia loan modification application, use the #1 resource that has helped thousands of borrowers.  The Complete Loan Modification Guide Kit includes the HAMP loan mod

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calculator and provides you with everything you need to prepare your application correctly.  You will be able to generate your very own sample monthly budget that you can follow to be sure your financial statement meets the approval criteria!  Visit MyLoanModificationCenter.com for more information today.

Homeowners who are part of the Wachovia Pick A Payment lawsuit are part of a special offer that includes additional consideration for a loan modification.  But that does this settlement offer include a guaranteed loan modification approval?  The short answer to that is a big NO, but there is a real benefit to those borrowers who apply for a loan workout through this lawsuit process.

The Wachovia Pick A Payment lawsuit included the ability for all participating borrowers to apply for a loan modification, whether they had already been denied or not – everyone will get a second chance.  The lawsuit provides that homeowners will be reviewed for eligibility either for the government loan mod program, HAMP, or for Wachovia’s own loan workout plans.  Depending on whether the borrower fits into the guidelines for these programs or not, a new lower mortgage payment may be offered.

So while an automatic loan modification is not guaranteed by the Wachovia pick a payment lawsuit, it does provide a big window of opportunity for borrowers.  It is critical that when you apply for either of the loan mod programs, you understand just what is required for your monthly income, monthly expenses and bank balances in order to prepare your application

Apply Correctly

correctly.  The information you provide on the application form, especially the financial statement, will be used to determine if your situation qualifies for either HAMP, Wachovia’s in house plan, or if you will be denied any type of loan workout.  This is not the time to guess or take chances with your loan mod approval, in fact, this could be your last shot at getting help with a lower mortgage payment.

If you are not sure how much monthly income, monthly expenses and bank balances you need in order to qualify for a Wachovia loan modification, you can use a loan mod software program that was designed specifically to help homeowners with their application.  This simple to use, but highly effective

Uses Approval Formula!

program will do all the calculations for you automatically and show you where you may need to fine tune your budget in order to fit right into the approval guidelines.  The Complete Loan Modification Guide kit and Loan

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Mod software program has already helped thousands of homeowners,  get more information by visiting MyLoanModificationCenter.com.

Homeowners who are part of the Wachovia pick a payment lawsuit may have a better chance at getting a loan modification.  As a condition of the settlement, each borrower who is part of the class action has the opportunity to be considered for either the government loan mod plan called HAMP or Wachovia’s own in-house plan.  But does being part of this lawsuit really give you an inside edge for loan modification approval?

The majority of the borrowers who are in these toxic Wachovia pick a payment loans had no idea exactly how these loans really worked and that is the basis for the lawsuit.  So, in order to give homeowners that chance to exchange these bad loans for better, modified terms each person will be given the chance to apply for a loan modification.  However, there is no guarantee that a loan workout will be approved – even if you are part of the class action.  It is still up to the bank to determine on a case-by-case basis just which homeowners will be eligible for a loan workout and which ones do not qualify.

Apply Correctly

The Wachovia pick a payment lawsuit simply opened a door for borrowers to apply for HAMP or the in-house plan – however it is up to the homeowner to apply and hopefully meet the approval qualifications.  Only those people who can prove in black and white that their financial situation meets the approval guidelines will be given a loan modification.  The trick is to prepare your financial statement correctly and so that it proves that you are meeting all of the standard guidelines needed for monthly income, monthly expenses and bank balances.

Uses Approval Formula!

Wachovia loan modification approval really depends on how your financial statement is prepared.  If you are not sure how much monthly income, monthly expenses or bank balances are required to qualify then you may want to use a loan modification software program that will do all the calculations for you.  The #1 resource for homeowners, The Complete Loan Modification Guide kit and Loan Mod Software program will give you step by

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step directions and mimics the standard approval formula including just how much monthly income you need to qualify.  Visit MyLoanModificationCenter.com for more information.

Apply Correctly

Homeowners who need a Wachovia loan modification should understand the right and wrong way to complete the application forms.  Remember, the information you provide on the paperwork will determine if you qualify for a loan workout, so it is really important to understand the right way to prepare the application in order to prove that you fit right into the program guidelines.

The most important Wachovia loan modification form is the financial statement that details your monthly income, monthly expenses and bank balances.  If you fill this out wrong you will probably be denied a loan mod and lose your chance at a lower mortgage payment.  So, what is the right way to complete this important form?  You need to know the basics of the standard approval formula and understand how much income you need to prove in order to qualify.  If you know this ahead of time, then you will be able to complete the loan mod forms correctly and prove to Wachovia that you fit right into the guidelines.

The wrong way to prepare your Wachovia loan modification forms is to just

Know the Guidelines

guess at what you need to qualify, slap the paperwork together and send it in hoping for the best.  Think about it this way, if you were preparing a new dish you would follow a recipe right?  Well, the approval formula is the recipe for a loan modification approval, and if you can use this information to help you it certainly makes sense to do that.  It is stressful and confusing enough to try to qualify for a loan mod and you really need to take advantage of every piece of information you have available to make it easier.

But since Wachovia will not explain the right way to complete the loan modification forms to homeowners, that leaves it up to you to figure out.  Fortunately, you can use a loan mod software program that actually mimics that standard approval guidelines for monthly income, monthly expenses

Uses Approval Formula!

and bank balances.   The loan mod software will do all the calculations for you automatically and you will see immediately if you need to make any adjustments to your budget in order to fit into the programs.

Download immediately!

Need help preparing your Wachovia loan modification forms?  The Complete Loan Modification Guide Kit and Loan Modification Software program has helped thousands of borrowers-easy to use and it gives you step by step directions for preparing your own accurate and acceptable financial statement.  Get more information and help – visit MyLoanModificationCenter.com.  Don’t take chances – complete your forms the right way, avoid mistakes and get the best chance for success on your loan workout.

HELP!

What the heck is the problem with the Wachovia loan modification process?  It just does not make sense-why does it have to take months and months for them to review a loan mod application?  To make matters worse, it seems like paperwork is regularly lost, and it gets very frustrating when you have to send the same thing in over and over again.  How can you get out of this Wachovia loan modification hell?

The simple truth is that the bank is overwhelmed with requests for help from hundreds of thousands of struggling homeowners.  They were not prepared to handle the high volume of requests and so they did not have the manpower or the procedures in place to work effectively and efficiently.  Literally thousands of pieces of paper are received everyday and are just stacking up on loss mitigation counselor’s desks.  How can you make sure that your Wachovia loan modification application gets reviewed quickly and that you have the very best chance of approval?

Federal Plan

The good news is that Wachovia is participating in the federal plan called HAMP.  This means that they have agreed to use the standard government approval guidelines and that they will offer a loan modification to those borrowers who can prove that they meet the government approval criteria.  This is the best loan workout plan because it offers low interest rates-as low as 2%-and may even offer principal reduction to those borrowers who owe more than their home is currently worth.

The secret to getting out of Wachovia loan modification hell is to specifically ask for HAMP and then prepare and submit your application so that you know it fits right into the program guidelines.  You can actually use a software program designed just for borrowers that mimics those same guidelines to make certain that your application is prepared correctly.  If your debt ratio, target payment, disposable income and other critical triggers are correct, then you will have a much better chance of getting a great loan modification.

Homeowners who are not sure how to complete their financial statement could really benefit from using this loan modification software program, because it does all of the calculations for you.  Just put in your income, expenses and assets and the results will be displayed immediately.  If you are not passing the triggers, then you can fine tune your budget until you do.  Then use this information on your final application so that you are confident that you fit right into the program.

Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition.  She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies.

Prepare your application correctly!

The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a loan modification software program that mimics the federal approval triggers for loan modification.  An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications.  Thousands of homeowners have been helped using these materials.  Visit http://www.myloanmodficationcenter.com for more information.