Wachovia Loan Modification is Easy to Qualify For, Hard to Get

By Adam Hefner
Wachovia has finally begun offering a option to modify loans for their borrowers that are relatively easy to get and cost effective, backed by the recent takeover by Wells Fargo. Wachovia loan modification is a way for both the bank and homeowner to get out of a tight spot. For Wachovia borrowers, a loan modification is the sole method to changing their unmanageable loan to affordable and fixed rate monthly payments.
 

The criteria for Wachovia is a little more lax than other lenders as the bank is eager to clear the billions of dollars of debt it has incurred. Any homeowner under a mortgage through Wachovia should consider applying for Wachovia modification. The base qualifications for this are as follows:
 

- The borrower must be living in the residence they seek assistance for.
- The home must be a single family home or a condominium.
- They household's debt ratio cannot be over 45%.
- The loan must not be in active bankruptcy.
- The property must not have an active foreclosure that has a sale date less than a month away.
 

These requirements are easy enough, but Wachovia has the homeowners seeking loan modification assistance jumping through hoops to get it.
 

When dealing with Wachovia and attempting to work out a loan modification agreement, be prepared for a fun around. When calling, be sure you speak to the Loss Mitigation Department -- no other department can deal with this and you might get stuck in a seemingly endless loop of transfers before you finally reach who you need to talk to. Specifically request Loss Mitigation, even if you are calling or getting a call from the collections department if you are late on your payments.
 

As with working with any other lender towards the process, have income documentation, as well as documentation on your taxes and monthly expenses. You are working towards having your monthly payments reduced, and in order to receive a form of loan modification, from Wachovia or any other lender, you need to prove that you are in financial hardship. Making late payments is not enough, and can even deter the bank from accepting your loan modification application if you push the envelope too far.
 

Wachovia is swamped with homeowners and families looking for a way out of their mortgage woes, and so patience is the key when working with them towards a successful loan modification agreement. Do not get frustrated and give up with Wachovia and move on to less beneficial ways to save your home, such as depending on a subprime modification provider. While not everyone is qualified for Wachovias service, many homeowners are and a little patience can go a long way in saving your home from foreclosure.

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