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Are You Trying To Get a Wachovia Mortgage Modification Approved? Must Read Info…

wachovia loan modificationThe Wachovia Bank is one of a number of banks that currently have many loans in default.  To combat this problem, they have embraced loan modification programs to help struggling homeowners.  The Wachovia Bank provides these services to its loyal and eligible customers to help them end their financial struggles. They offer in-house  programs as well as government sponsored programs.

Wachovia is of of the few banks that are known for actually getting mods done relatively fast. This not only helps homeowners stay away from foreclosure, but also helps the banks reputation.  There are many borrowers that had been unsatisfied with their mortgages or had been unable to pay the mortgage anymore.  Wachovia responded and updated their mod programs.  Now the bank is all prepared to be able to analyze and approve modifications.  This doesn’t mean that you should rush to call them and try to get approved, you must first do some research and get your paperwork in order.

What kinds of programs do they offer?
Wachovia mortgage modifications utilize both government and lender specific programs.  Both of these are relatively similar to qualify for.  They even have a few programs that do not require as much paperwork, which shows they are open to modifications and willing to help.

However, this doesn’t mean that everyone who applies for the program will get approved.  They must screen all applicants and make sure they qualify carefully.  This is why it is so important to take the time and learn how to prepare you loan modification package with Wachovia before you call.

What to do before you call the bank.
Before you call, make certain you go over your monetary statements to ensure you qualify. With most lenders, you need to have a negative/surplus of $100 every month to qualify.  This means, when you add up all of your expenses and subtract those from your monthly take home pay, you are left with either $100 or a loss of $100.  Anything relatively close to this number is usually what lenders are looking for to fit into their guidelines.

There are many things you must do to prepare yourself for a home modification with Wachovia.  We have prepared a detailed tutorial on how to get a loan modification.  We suggest you take the time to read through this tutorial before you call up your lender.

If you do call you lender and tell them you need help with your payments, they will start asking you all sorts of questions, most of them financially related.  If you are not prepared, you will most likely answer these questions wrong and you will be denied on the spot! Don’t make the same mistake many homeowners have before you.  Visit how to get a loan modification and read up on all the steps you must take to get modified with Wachovia.

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