Struggling borrowers needing a Wachovia loan modification may feel like they are hitting their head against a brick wall.  It seems like common sense that Wachovia would want to help homeowners with a loan modification instead of pursuing foreclosure given the fact that most borrowers owe more than their home is currently worth, and the fact that Wachovia already has a huge supply of bank owned properties on their books.  So what’s the hang up?  Homeowners calling into the bank for help with a Wachovia loan modification are often given the run around or flat out told that the bank is not doing loan modifications.  Here are some tips to help get your loan modification application into the right hands so that you will have a chance to get the help you need an deserve:

1. Speak with the right department-do not bother talking to anyone but the Loss Mitigation Department.  You may be getting calls from the collection department demanding that you pay the past due amount, but that is not who you need to be talking to.  Call the loss mitigation department, get the name and direct phone number for the employee you are speaking with, write it in the phone log provided in The Complete Loan Modification Guide for future reference.
2. When you speak with the loss mitigation department, ask them to send you a loan modification application.  Also ask them what their basic criteria for approval is-for example, what is the qualifying debt ratio they use?  Most lenders are between 38% and 45%-this is important information you need to know before you complete the application for a Wachovia loan modification.
3. 3.  Write a compelling and descriptive hardship letter.  This is a brief description of the circumstances that caused you to fall behind, what steps you have taken to correct the situation and your intentions to keep the loan current should the loan modification be granted.  The Complete Loan Modification Guide will provide you with an outline guide to help you compose an effective letter.
4. Work on a new family budget eliminating any unnecessary expenses.  Then, determine what “target” mortgage payment you can really afford to pay now and in the future.  The lender wants to see that after paying all of monthly obligations, you have approximately $250 left over in disposable income.  This will help assure them that you are not a risk for re-default.
5. 5.  Be sure to verify that your target payment meets the Wachovia loan modification guidelines-to do this add up your new principle and interest payment, your monthly taxes and insurance then divide that total by your gross monthly income to arrive at your debt ratio.  If it does not fit within the guidelines, revise it accordingly.
6. 6.  Carefully complete the required financial statements detailing all of your bills and expenses and your income.  In order to qualify for a Wachovia loan modification, you will have to clearly demonstrate that while you cannot afford the current mortgage payment, you will be able to pay and maintain the new lower payment.  The Complete Loan Modification Guide makes this easy to do as you are provided with a Current Financial Statement as well as a Proposed Financial Statement.  You also receive step by step instructions to help you complete the forms properly.
7. Provide your proof of income, bank statements and any supporting documentation.  Put it all together in a professional and acceptable Wachovia loan modification package by following the easy checklist provided in The Complete Loan Modification Guide.

The most important tip is that you must have the 3 “P”s- Preparedness, Persistence and Patience.  Preparedness means that you have take the time to research and learn about the Wachovia loan modification program so that you can complete the forms properly and increase your chance for success.  Persistence means you do not give up-even if told no the first time, keep calling and calling until you get the help you need.  Keep in mind that Wachovia has been buried with loan modification applications and is not prepared with trained staff to handle all the requests.  Patience is what will be needed so you can hang in there, not take it personally and pursue your goal of loan modification help to save your home.  Thousands of homeowners have already gotten the help they needed with a loan modification and you can too!

You can get the help you need to understand the Wachovia loan modification process by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook 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. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.

 For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com