With the 2009 Stimulus Package all the banks are willing to help you save your homes through loan modification or refinance. Now all of them have developed now programs seeking guidance from the new government policies. Similar holds true for the Wachovia Bank.
The home owners stuck in any unaffordable adjustable rate refinancing mortgage (ARM) plan should take some time to learn about how to apply for a loan modification or a refinance with the Wachovia Bank. Before applying for the Wachovia loan modification, be sure that you have a complete understanding of the things you need to qualify.
Here are certain effective tips that would help you increase your chances for the mortgage modification or a refinance mortgage refinancing help you stay in your own home:
Wachovia loan modification might offer you options like reduced interest rate, a longer loan term or an interest only option for a predetermined period of time. But the loans that are excluded from this program are:
- Loans in active Bankruptcy
- Active foreclosure with a sale date less than 30 days away
- Loans on vacant or investment properties
The home owners have to submit an application along with the income and expense documentation. They are required to demonstrate a financial hardship letter too.
It becomes really important for the applicants to have a good & general understanding regarding the completion of loan modification forms properly so that they have a better chance for approval.
One may get the help needed to understand the whole process of Wachovia loan modification through 'The Complete Loan Modification Guide'. This is a handbook to help one write an effective and a professional application. You can download it from the official website of the bank.
While applying for any loan modification or a refinance, plan out how you will be approaching the bank as it's the approach basically that decides the approval for you. So try to approach in the right manner, you may take the help of the counselors of HUD when ever required.
Check this out that you meet the eligibility set by the Obama Package to apply for the loan modification or the refinance. That includes the condition that your mortgage value should be more than the current market value of the house over 105% and also your mortgage plan must be owned or / and insured by Fannie Mae and Freddie Mac.
To know more about Wachovia Loan Refinance Programs and to check if you qualify
Click Here --> Wachovia Loan Modification Help
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants
Click Here --> Federal Grant For Homeowners
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