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.

Federal Plan

Wachovia loan modifications were on a roll for a while-thousands of homeowners who applied for a loan workout were approved and given affordable mortgage payments under the federal plan, HAMP, and also under the bank’s own programs.  Recently however, they seem to be making it more difficult to qualify for a modified mortgage and are encouraging borrowers to consider selling their home instead.

A Wachovia loan modification is designed to provide a lower mortgage payment and help borrowers afford their home, thereby avoid foreclosure.  The goal is to reduce the monthly payment to an amount that the borrower will be able to pay and maintain.  This is done by using standard methods, called the Waterfall Method.  These are the steps used in this method:

Know the Guidelines

Wachovia Loan Modification Method:

1. Determine new target payment based on borrowers reported gross monthly income
2. Reduce interest rate as low as 2% until target payment is reached
3. Extend loan term up to 40 years to reach target payment if needed
4. Forgive or defer some principal balance as needed-but in no case more than 100% of the homes current value

A borrower who submits a complete and accurate loan modification application will be reviewed to determine if they fit into the above formula before a loan workout will be offered.  Unfortunately, the majority of applicants are not approved.  This may be due to a general lack of knowledge about how to prepare the application correctly on the homeowners part, and also may be because in many cases it is less expensive for the bank to take the home back and sell it-even at a loss.

Why would a borrower be denied a Wachovia loan modification but be offered the chance to short sale their home instead?  The bank has a big portfolio of bad loans-and one way or another those need to be eliminated so the banks bottom line is profitable.  Loan modifications are long, drawn out processes with a high failure rate.  If the house is short sold, then that toxic asset is off the books for good.

Homeowners who would really like to keep their home should always try a Wachovia loan modification prior to agreeing to a short sale.  The trick is to submit an accurate and acceptable application so that the bank sees in black and white that you are qualified.  Since the approval formula is standard for everyone, it makes sense to know and use this formula when you prepare your application.

Prepare your application correctly!

Not sure how to qualify for a Wachovia loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Download immediately!

Know the Guidelines

Homeowners facing a financial hardship situation should consider applying for a Wachovia loan modification in order to get a lower mortgage payment.  The bank is offering loan workouts to homeowners who can prove that they qualify under the federal HAMP guidelines within 30 days of submitting their application.

HAMP is the federal loan workout plan that is paid for by the Treasury Department and the Stimulus Bill.  The goal is to provide affordable monthly payments and help borrowers avoid foreclosure.  Most homeowners who have been affected by a loss of income or increased expenses may be qualified to take advantage of this program.

The Wachovia loan modification process is standard and as long as borrowers follow the steps outlined it is possible to receive assistance within 30 days.  The federal government is really encouraging banks to help homeowners keep their homes and to provide assistance with the government plans.

Wachovia Loan Modification Process:

1. Contact the lender and tell them that you wish to apply for HAMP
2. Prepare your loan modification application for submission.  Be certain that your financial statement is completed correctly showing your monthly income and monthly expenses.
3. Send the application back to Wachovia along with all of the other documentation requested-borrowers must submit a COMPLETE application in order to get their answer quickly
4. Follow up every 3-4 days to make sure that your file is being reviewed-use a Contact Log to note down every conversation or correspondence

A Wachovia loan modification can be done by the average homeowner within 30 days-as long as the correct process is used.  This is not the time to try to slap something together and hope it works.  This is a very important and detailed process that will have long term affects on borrowers-take it seriously and do the work required and the results will be worth it!

Prepare your application correctly!

Not sure how to qualify for a Wachovia loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Federal Plan

It seems that Wachovia has finally gotten their loan modification departments up and running somewhat effectively.  Many borrowers have already been contacted with offers to apply for the Obama HAMP loan workout program.  Thousands of homeowners have already been set up on the 3 month trial modification payment schedule.  Wachovia was one of the last to get going, but now they are aggressively offering help to qualified homeowners. Suprisingly, many borrowers have even been offered principal reductions of 10-20%!

What impact does the Obama loan modification plan have for Wachovia borrowers seeking a loan workout?  It has been a real challenge for homeowners stuck with one of the lenders adjustable rate loans when they tried to get new loan terms.  Now, Wachovia has announced however that it will participate in the federal government loan modification plan.  How will this benefit you?

Homeowners stuck with a Wachovia loan will have a new advantage, and the lower payment they need will be easier than ever to get-here’s why.  The Obama loan modification plan is a standardized program that seeks to lower the monthly payment for millions of homeowners facing financial hardship.  Wachovia can actually get paid up to $4500 for each loan workout they complete under this plan-that is a big incentive to help their clients that might have previously been turned down.  So, if you are interested in finding out how you can apply and qualify for this option, here is some good information to know.

A Wachovia loan modification using the Obama federal government plan has some strict approval criteria.  There is no negotiating involved, basically you either qualify or you don’t.  That can be good news-if you know how to complete your application so that it has a good chance of meeting those approval guidelines.  This also means that you can apply directly to Wachovia yourself, you do not have to pay anyone a large fee-the program is free for homeowners.  However, if you want to have the best chance of success, you do need to dedicate a few hours of your time before you contact Wachovia to apply.

Wachovia must consider every homeowner who requests help under the Obama federal loan modification plan.  This means that even if you have been turned down before, you get  a second chance.  This is not the time to simply throw some paperwork together and hope for the best, however.  Nor do you have to entrust your home and future to a company for thousands of dollars-with no guarantee of success.  You can save your hard earned cash, and instead spend a few hours learning the basics of how to qualify for the program.  It’s not complicated or hard, and the average homeowner can learn enough to be successful by using a good reference book and software program that acually computes all of your budget for you.  The Treasury Department is encouraging homeowners to apply themselves, and discouraging the payment to anyone to represent you with your lender.

So, if you need to lower your monthly mortgage payment, now is the time to begin learning and preparing so you will be able to submit an acceptable do it yourself Wachovia loan modification.  But, before you contact the bank, make sure you dedicate 3 hours of your time to be certain you have the best chance of success.  Then you can contact the lender, and ask to be considered for the Obama federal loan modification plan knowing you have a good shot at approval.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier! Visit myloanmodificationcenter.com and order today

Federal Plan

There is some real assistance being given to homeowners who meet the requirements for a Wachovia loan modification and understand how to prepare their application correctly.  The lender has really stepped up the number of modification being offered, and thousands of borrowers who were at foreclosures door have been able to stay in their home.  The Fed has actually set up standard guidelines and a streamlined process-the secret to success is to learn this process and then work diligently with the bank until you receive your loan workout.  Here are some important things to know:

1.  Take the time to learn the 4 step formula that Wachovia will use to determine if you meet the approval guidelines.  It is not difficult to follow these same steps when you complete your own application-it just makes sense if you want to get approved, know what the bank is looking for and then fine tune your application ahead of time.

2.  Be prepared before you call Wachovia to begin the application process.  Don’t call in and start disclosing your financial information until you have worked on your financial statement and made sure that your figures are accurate and acceptable.  You can do this by following the step by step directions in the best selling handbook for homeowners, The Complete Loan Modification Guide Kit and using the software program that mimics the Federal guidelines for HAMP.  It’s simple-just input your financial information and the computer tells you where you might need to adjust your budget.  This is a critical step to success.

3.  Provide Wachovia with all of the documentation they will need for a loan modification approval.  This means that you should gather your paycheck stubs, tax returns, W2′s and bank statements so that you will have a complete package the first time.  So many delays are caused by missing documents-but this is something that you can and should be careful about.  Many homeowners are actually getting a trial loan modification within 3 weeks because they are following the directions in The Complete Loan Modification Guide and using the Loan Mod Quick App software.

4.  Keep careful records of all of your correspondence, telephone calls, faxes and anything else you do while working on your Wachovia loan modification.  Use the Contact Log and remember that you are building your case with the bank for a loan workout.  Write everything down with the time, date, person your spoke with, etc.  This can be the difference when it comes to finalizing your loan workout.

5.  Once you get your trial period modification, you will have to make at least 3 payments on time before your loan workout will become final.  This is critical as no delinquencies are allowed!  You will also be asked to provide updated financial information just to verify that your circumstances have not changed since the trial began.  Again, keep all of your correspondence and documents organized so you will be able to provide everything Wachovia is going to need.

The trial period is your chance to show the lender that you are able to afford the new modified loan payment and gives the bank confidence that you will not have a problem in the future with your mortgage payment.  If you miss a payment, you are out of the program and cannot re-apply.  Make sure you have made whatever changes to your budget so that you will be able to get a permanent Wachovia loan modification and be able to stay in your home for many years to come.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide Kit. You can do it yourself with this low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You get all the required forms, and an easy to use Loan Mod Quick App software program that actually computes your budget and tells you where you may need to make adjustments so that you have the best chance of approval.

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Don’t waste time and money, this kit makes it easy to prepare your application! Order The Complete Loan Modification Guide Kit now. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

All of you Wachovia loan modification applicants can finally get a break and see some headway on your application.  Just when you were about to give up the lender announced that it has implemented Obama’s Home Affordable Modification Plan effective October 17, 2009.  I know-the program has been out since March-but for some unknown reason Wachovia has been behind the curve in getting their system up and running.  What does this mean to you?  Now is the time to prepare your financial statements and gather all of your documents and contact the bank to re-apply for help!

The Wachovia loan modification process has been streamlined under the Obama plan.  Effective October 17, 2009, the loss mitigation department will take your basic financial information right over the telephone.  If your financial information fits the guidelines, then you will be sent the trial modification paperwork.  This could be mean a lower interest rate, all the way down to 2%-and a new modified payment that you can actually afford.

The best way to get a quick approval is to be prepared before you call the bank.  It is never a good idea to slap some paperwork together and start giving your financial information to Wachovia until you have had the chance to fine tune your budget and make sure you fit the approval guidelines.   This is finally your chance at some real help-don’t blow it now by saying the wrong thing and being denied.

Wachovia loan modification approval depends on qualifying using a standard 4 step formula outlined by the Treasury Department.  Did you know that you can learn this very same formula and use it to prepare your own loan workout application?  This is the key to success-learn how to adjust your budget so that you have the best chance of getting approved.  Homeowners who can instantly tell the loss mitigation the correct information get fast results.

The wait is finally over for Wachovia loan modification borrowers-make sure you don’t miss out on this opportunity to get a low affordable mortgage payment.  The lender is following Obama’s Home Affordable Modification guidelines and even offering principal reduction to qualified homeowners.  Do you homework, prepare an acceptable application following the 4 step formula and get back on track to secure home ownership!  You can do this-use the #1 resource for homeowners and get started today.

You can get the help you need to apply and qualify for a Wachovia loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Obama’s federal stimulus plan offers a Wachovia mortgage loan modification that features an interest rate as low as 2% and provides affordable payments for struggling borrowers.  Tired of the lack of cooperation from banks, lenders and servicers, Obama has stated that he expects 500,000 completed loan modifications within the next 2 months.  This is a window of opportunity for homeowners who need immediate relief from delinquent payments and help to avoid foreclosure.  Are you one of the approximately 5 million borrowers who may qualify for this assistance?

A Wachovia mortgage loan modification is a way to change the terms of your existing loan so that you will be able to afford the payments.  It is unlike a normal refinance, because you do not have to have a certain credit score or get an appraisal of your property.  Basically, the bank agrees to new terms so that you can stay in your home and the bank does not have to foreclose.  Wachovia will do this because very often it is the most cost effective method for them.

A mortgage loan modification under Obama’s federal stimulus plan will give you a new, lower payment

Federal Plan

that is designed to equal just 31% of your gross monthly income.  This is called a target payment, and it includes principal, interest, property taxes, homeowners insurance and any homeowner dues.  In order to arrive at this target payment, certain methods are used:

1. Reduce interest rate by .125% increments to as low as 2%
2. Extend the loan term to 40 years
3. Defer or forgive some principal balance

You are a good candidate for a Wachovia mortgage loan modification if your application meets the guidelines for approval and you can demonstrate in black and white that you will be able to afford the target payment.  The federal guidelines are standard, so take the time to learn exactly how your lender will review your paperwork and then make the necessary adjustments so that you know you fit into the guidelines.  Learn the 4 step formula the bank will use to prepare your own application with the step by step directions provided in the #1 resource for homeowners, The Complete Loan Modification Guide.  Don’t take chances with your success, take the time to learn and prepare before you contact the bank.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes.

Home Edition Loan Modification Kit with Customer Assist

Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com