EasyNoPayLoanModification.comDon’t Pay To Do Your Loan Modification

This is a Wachovia loan modification success story from Laguna Beach California. The client had been trying for months on her own to workout her own Attorney Home Workout with Wachovia.

She was 3 months in arrears on her mortgage and was in one of those original “pick a pay” florida cash out from World Savings at a rate of 6.875%. The “pick a pays” are not exactly the same as the Bank Of America negative amortization programs. However, these are those programs that were scorned by many! They seemed to be the dirty word in the industry, but I think they were great for certain folks because the interests rates were very low on some and allowed cash flow for those that needed it during tough times.

Anyway, my borrower did not qualify for Home Affordable Modification Program under the Obama Lawyer Home Workout because she owed $960,000 on her home at the time, which is a loan amount that is too high for the qualifying with the program. As a side note, her original note balance was lower, but with the Wachovia option arm note, she had paid the lowest mortgage payment which was always less than her interest, and thus her principal balance grew. She also had not paid her property taxes for the last two payments.

Since the housing market was in a decline at the time, she found herself underwater in her note, meaning she owed more than her house was worth. At the time of the Wachovia Attorney Note Alteration, her homewas worth $700,000 or so, not sure what it is worth at this time.

She spent over 6 months fighting Wachovia and got nowhere but a denial and plenty of hassle of course. By the way, Wachovia ranks as the worst of the list as far as completing any type of work out programs for homeowners. So, my client finally reached out me with her story and decided to hire an Attorney to handle her case, as she really had no other option at that point if she wanted to keep her home. She did not want to bankruptcy if at all possible.

While the Attorney was handling her case, she changed jobs, which is always a concern as any change in the individual’s financial situation could impact the outcome of the Lawyer Loan Adjustment. So, as a reminder to all, do your best to keep your financial situation the same, i.e. NO CHANGES, unless cleared by the Lawyer first!

Within three weeks of submitting the Lawyer Home Adjustment to Wachovia, our Attorneys had terms already modified. A principal write off of $120,000, forgiveness of the late payments, property taxes added on to the principal balance, and a 40 year fixed rate at 6.125% were the final terms.

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