Wachovia is always willing to lend a helping hand to struggling homeowners in order to keep them from losing their homes. However, loan applications get turned down day after day. Why is this happening? It is not because Wachovia does not want to help you. It is because people misunderstand the loan modification process and really need to do a little research before attempting to apply for one. The tips below can help you qualify for modification not only with Wachovia, but with many banks.
Research Before Applying
Research the loan application process of the lender before you attempt to apply. You should plan your application according to their guidelines. You need to have all the necessary information available in order to get your application processed quickly and smoothly. A little bit of preparation can go a long way towards modifying your loan, and making the process of modification simpler for both you and the lender.
Write A Hardship Letter
A hardship letter should be presented to Wachovia to explain your unique situation. You should explain why you are in the situation that you are in, let them know how you have tried to resolve the issue, and stress why it is so important to you that you don't lose your home. This letter is vital to the application and will really give the lender insight into why you need the help. It also adds a personal touch and allows you to explain why you arrived at this problem in the first place.
Filling Out The Application
Fill out the application for the Wachovia Loan Modification. This can be done quickly and easily online and will save you some time as it is processed faster when done online. It also saves you time because you do not have to leave your home if you have internet access at home. Many of the documents that you will need to submit to the lender for your modification can be presented in an electronic format, using a facsimile machine or by attaching a scanned copy of the document in an email. For signatures, most lenders will require that you print out, sign, and return the copy of signature documents via FedEx or some other overnight carrier; other lenders may be comfortable with allowing you to sign your loan modification paperwork electronically.
Make A Budget
Draw up a budget of your monthly expenses to prove that you will be able to repay your loan in a timely manner. Only put the bare essentials in this budget, but be thorough by listing the expenses that must be paid. Being honest with the lender will allow them to help you come up with a modified payment arrangement that is agreeable to both of you, and also one that you can comfortably manage with your existing income constraints. Do not mention trivial and useless items that the bank might consider frivolous. This budget should be presented to Wachovia.
Check For Completeness
Be sure you have all the necessary documents and information in your application. If you don't, it can hinder the approval process. After all, you want your money as quickly as possible. All the information will be verified so be honest.
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