Options for Wachovia Bank Loan Modification

Having their home slip right through their hands is something that keeps many homeowners living in daily fear. The tanking global economy is causing incomes to decrease but loan payments are remaining stable. This creates a situation that is unaffordable for many homeowners, especially if they have been laid off or had to take pay cuts at work. This article outlines requirements for Wachovia bank loan modification and helps you make a decision.

If you’ve got a mortgage issued from Wachovia, you could potentially have them modify your loan. They generally require applicants to be the principal resident of the home in question and the home must be a single-family unit (not a rental or multi-unit property.) Your total amount of debt must not exceed 45% of your gross monthly income, including credit card debt, bills, mortgage loans, education loans, and vehicle loans. Not everybody qualifies for loan modification by Wachovia, but it’s good to look into one of their available plans and see how it can help you.

A financial counselor should be your first stop if you really want a loan modification on your home mortgage. Financial counselors can give you independent counsel and advice on all your home loan options (regardless of how profitable they are for your lender). They have your best interest in mind, and can fight to get you the equitable solutions you need and deserve. Having legal representation from your financial counseling firm gets you fair modification.

Prior to their acquisition by Citibank, Wachovia often issued "negative amortization" loans to customers. These types of loans carry high interest rates and increase monthly payments over time. The way the economy is now, many people with these types of loans are especially unable to pay and Wachovia has experienced a violent increase in foreclosures because of it. Citibank wants to transform these cases into equitable paying accounts before they turn into foreclosures, which are a financial drain. So getting a loan modification now from Wachovia is easier than it ever has been. It’s a good time to start seeking information on your options for loan modification now.

If you’ve got a loan backed by Freddie Mac or Fannie Mae, you’ll also be interested to learn about a new government plan called Making Home Affordable. By partnering with lenders nationwide, they facilitate successful loan modifications that bring payments to under 31% of gross monthly income. Incentive payments to lenders and borrowers alike makes modifications a win-win situation.

For additional information about home loan modifications.