Wachovia Attorney Loan Modification Success Story California

This is a Wachovia loan workout success story from Laguna Beach California. The client had been trying for months on her own to workout her own Lawyer Loan Adjustment with Wachovia.

She was 3 months behind on her mortgage and was in one of those original “pick a pay” florida hard money from World Savings at a rate of 6.875%. The “pick a pays” are not exactly the same as the Countrywide negative amortization programs. However, these are those programs that were looked down upon by many! They seemed to be the dirty word in the industry, but I think they were great for certain people 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 [/spin]Obama|Federal|Government[/spin] Lawyer Note Change 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 mortgage balance was lower, but with the Wachovia “pick a pay” note, she had paid the lowest loan 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 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 Attorney Loan Workout, her property was worth $700,000 or so, not sure what it is worth right now.

She spent over 6 months fighting Wachovia and got nowhere but a denial and plenty of worry of course. By the way, Wachovia ranks at the bottom of the list as far as completing any type of work out programs for homeowners. So, my client finally reached out[spin] me with her story and decided to hire [spin]one of our Attorney to handle her case, as she really had no other option at that point if she wanted to keep her house. 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 person's financial situation could impact the outcome of the Attorney Home Alteration. 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 Mortgage 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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