Wachovia Loan Modification - Tips On Getting It

During this historic recession, Wachovia Bank has been willing to help struggling American homeowners from losing their homes to foreclosure. Those seeking assistance with their current mortgages find their applications get turned down by Wachovia, not because the bank does not want to help them but because they do not understand the loan modification process. You can learn about the process by doing a little research about the process before you apply for the program. The following advice can help you qualify for a loan modification from Wachovia or any number of financial institutions.Research before ApplyingBefore applying for any loan, always research the prospective lender and the products they offer. Having as much knowledge and information prior to visiting a lender can get you a lot further and your application processed as smoothly as possible. A little bit of preparation can go a long way during the loan modification application process.Write a Hardship LetterStart your application by drafting a hardship letter. The letter should explain several things, such as why you would need a loan modification for the mortgage you have, what steps you have taken to try to resolve your issue, and how much it means to you to remain in your home. A hardship letter is essentially the backbone of your application and can give the lender a more concrete picture of the person before them. This is an opportunity to personalize what your situation is and why it is so important for you to get approved for the loan modification for your mortgage.Filling Out the ApplicationYou have two options for completing an application for a loan modification with Wachovia. You can visit any branch and speak to a financial products advisor who is more than willing to help you with any portion you might have questions about. You can also fill out the application online, which can save you time because of the convenience of doing it from home. You also have several alternatives for submitting supporting documentation as well.You can submit items such as pay stubs and statements from your current mortgage lender electronically, or by fax or by mail along with your printed application. Most lenders nowadays allow you to either mail in your signed application or use a legal electronic signature. Please be sure to read the fine print thoroughly when submitting your application electronically as there might be legal disclaimers regarding using this particular method.Make a BudgetCreate a budget detailing your monthly income as well as all of your monthly expenses. This can be difficult for some people to do because they have not distinguished which expenses are essential and which are discretionary or optional. For example, paying your car insurance is an essential monthly expense; purchasing tickets to a sporting event is a discretionary expense.By creating a budget, you will see where your money is going every month and you can make crucial decisions that can save you a lot of money in the long run. This will also allow you to see what you can afford every month under a loan restructuring plan so be sure to present your budget to your lender so they help make that determination. Once you have created your new budget, be sure to stick to it! Not doing so can lead you right back to where you started despite qualifying for the program.