Have a Wachovia loan problem? Here may be some help!

<span class=”Apple-style-span” style=”font-family: Arial; font-size: 12px; “><span style=”color: rgb(0, 0, 191); “>Distressed homeowners looking for relief may get <a title=”The Complete Loan Modification Guide” href=”http://www.myloanmodificationcenter.com/” target=”_blank” style=”text-decoration: none; cursor: pointer; color: rgb(0, 102, 204); “>Wachovia loan modification</a> help with some new programs.  Wachovia is trying to eliminate as many of the high risk Pick a Payment adjustable rate loans from their portfolio as quickly as possible. These loans featured a low, minimum payment rate that resulted in negative amortization for many confused borrowers who saw their loan balances increase each month.<br /><br />Wachovia holds one of the largest portfolios of these creative financing loans and have experienced high default rates as home values have declined and borrowers were unable to refinance.  The Pick a Payment loans featured a very low start rate where the minimum payment was not enough to cover the total interest due each month.  Consequently, the borrower’s loan balance grew as the deferred interest was added onto the back of the loan.  Decreasing home values and increasing loan balances have made for a toxic combination for many homeowners.  The pressure is on to offer<em>Wachovia loan modification</em> help to as many struggling borrowers as possible.<br /><br />Homeowners seeking a <strong>Wachovia loan modification</strong> must qualify by:<br /></span><ul><li id=””><span style=”color: rgb(0, 0, 191); “>principle residence only</span></li><li><span style=”color: rgb(0, 0, 191); “>single family home or condo (not multi units allowed)</span></li><li style=”color: rgb(0, 191, 0); “><span style=”color: rgb(0, 0, 191); “>maximum 45% debt ratio</span></li></ul><p><span style=”color: rgb(0, 191, 0); “><span style=”color: rgb(0, 96, 191); “><span style=”color: rgb(0, 0, 191); “>Homeowners must prove that they reside in the single family/condominium as their primary residence and submit financial statements detailing their total housing expenses-principle and interest, taxes, insurance and HOA if applicable, do not exceed 45% of their gross monthly income.  Some</span></span><a title=”The Complete Loan Modification Guide” href=”http://www.myloanmodificationcenter.com/” style=”text-decoration: none; cursor: pointer; color: rgb(0, 102, 204); “><span style=”color: rgb(0, 96, 191); “><span style=”color: rgb(0, 0, 191); “>Wachovia loan modification</span></span></a><span style=”color: rgb(0, 96, 191); “><span style=”color: rgb(0, 0, 191); “>programs require the borrower to simply state their income, meaning that pay check stub, W2’s, etc. need not be provided.<br /><br /><strong>Wachovia loan modification help</strong> may include:<br /></span></span></span></p><ul><li id=””><span style=”color: rgb(0, 0, 191); “><span style=”color: rgb(0, 0, 191); “><span style=”color: rgb(0, 96, 191); “>Note rate modification featuring: 2% year one, 4% year</span> two, note rate year three</span></span></li><li><span style=”color: rgb(0, 0, 191); “>Missed payments can be included in new loan</span></li><li><span style=”color: rgb(0, 0, 191); “>Targeted for homes with declining value</span></li><li><span style=”color: rgb(0, 0, 191); “>Eliminates deferred interest or negative amortization</span></li></ul><p style=”color: rgb(0, 0, 191); “><span style=”color: rgb(0, 0, 191); “>Borrowers with a Wachovia loan payment rate of more than 2% currently may be offered a loan <strong>modification</strong> that features a 2% payment rate fixed for the next 2 years.  This <strong>Wachovia loan</strong> modification program would still allow for negative amortization and is offered as a temporary measure to give the homeowner time to recover from a financial hardship.<br /></span><br />Struggling homeowners seeking a solution to their unaffordable Wachovia home loan should start by learning about the loan modification process before contacting their lender.  Unfortunately, not all borrowers will qualify so it is important to know the lender guidelines to increase your chance of approval.</p><p style=”color: rgb(0, 0, 191); “><br /></p><p style=”color: rgb(0, 0, 191); “>Thanks to Susan Gregory for this info!</p></span>

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