There are several pitfalls that trip up homeowners trying to get a Wachovia loan modification and cause the bank to turn the application down.  It’s important to know what NOT do so that you won’t find yourself kicked out of the loan mod programs.  Here is some important information to know before you send in your own application.

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

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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.

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.