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.
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3 Responses
Yeah, right! But if you happen to be single and unemployed (with no other source of income except unemployment compensation), you’re offered squat! Oh, and as long as you’re current on your payments, you’re offered squat!
After months and months of their runarounds and empty promises, I’m at the point of walking away. I’ve talked to my senator, my local congressman, even the governor’s office and everyone sends me to the same sources that I’ve been to before, and after 8 months, I’ve no loan mod, no forbearance/moratorium and now, no savings. I’ve proactively talked to a foreclosure attorney and I can probably sit in my home for at least 2 years without making payments. Hmmm….
Posted on January 2nd, 2010 at 5:44 pm
This is faults!!!!!
Posted on January 31st, 2011 at 6:05 pm
We have had the run around as well . They told us that we owned to much of our house to qualify. Are they kidding. We need help after losing our jobs. We went on the so called UP program. They knew how much we had left in our mortgage but they never said anything. I would like everyone to know that they are giving people who are complete losers modes. People that have no equity and haven’t made a payment in two years. They are putting the non payments at the end of the mortgage as a ballon payment. They are in bed with NACA a and this is there words Bank Terrorist. They help only the people that have no right to buy a home in the first place. Obama is a very sick and scary man. He is in bed with all these groups. Like ACORN! Be afraid , be very afraid!!!!
Posted on January 31st, 2011 at 6:19 pm
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