Loan Modification - Smart Tips To Save Your Home

by Paul Davenport

The Wachovia loan modification plan has been established in answer to the rise in the number of borrowers falling into arrears on their loans and mortgages. Most borrowers who have ARMs from Wachovia are struggling to pay them after time with the unpredictable and inflating rates of interest. Wachovia Home Loan Modification aims to solve this issue. They achieve this largely by converting the ARMs (adjustable rate mortgages) into fixed rate loans with a good interest rate, thus making the monthly repayment affordable for the borrower.

However, to qualify you must meet a number of eligibility criteria. These include:-

- The mortgage must be taken out against a home in which the homeowner lives as a primary residence.
- Wachovia Loan Modification is only available to those with a debt to income ratio of at least 45%.
- You must be able to demonstrate a genuine hardship.

There are likely to be other criteria considered during the application process as well, which is why it is always recommended that you call the Wachovia loss mitigation department before applying to discuss these criteria. They should be able to indicate whether or not your own specific situation might warrant an application for Mortgage loan modification.

Of course, the application process is detailed, as you would expect with an application for any sort of financial service at all. But the potential rewards are extensive. If you are able to renegotiate the terms of your loan in such a way that you are able to afford the payments again, you can avoid falling into arrears and thus avoid foreclosure. Avoiding foreclosure does not only mean that you avoid losing your home, but that you also avoid the added social stigma associated with foreclosure and the damage to your credit rating as well.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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