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