Wachovia Attorney Home Modification Success Story California
This is a Wachovia affiliate loan mod company success story from Laguna Beach California. The client had been attempting for months on her own to modify her own Attorney Home Change with Wachovia.
She was 3 months in arrears on her note and was in one of those original “pick a pay” florida commercial loan from World Savings at a rate of 6.875%. The “pick a pays” are not exactly the same as the BOA 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 borrowers 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 Government Attorney Note Alteration because she owed $960,000 on her home at the time, which is a loan amount that is too high for the qualifying matrix of the program. As a side note, her original note balance was lower, but with the Wachovia “pick a pay” loan, she had paid the lowest mortgage payment which was always less than her interest, and thus her principal balance got larger. She also had not paid her property taxes for the last two payments.
Since the real estate 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 Lawyer Note Workout, her homewas worth $700,000 or so, not sure what it is worth today.
She spent over 6 months fighting Wachovia and got nowhere except for a denial and plenty of frustration 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 property. She did not want to short sale 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 Mortgage Workout. 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 Attorney Home Adjustment to Wachovia, our Attorneys had terms already negotiated. A principal decrease of $120,000, forgiveness of the late payments, property taxes tacked on to the principal balance, and a 40 year fixed rate at 6.125% were the final terms.
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There’s so much misinformation out there that people don’t really know what is and is not. It’s refreshing to see people that know what they’re talking about. You have an Informed commentary seems to be a rare commodity these days. Keep it coming.
California loan modifications
This is a Great article. I couldn’t agree more! There’s so much misinformation out there that people don’t really know what is and is not. It’s refreshing to see people that know what they’re talking about. You have an Informed commentary seems to be a rare commodity these days. Keep it coming.
California loan modifications
This is a true story as I wrote it! And our Attorneys are having alot of success. It is tough on homeowners especially with all the new programs.