If you have a Wachovia Bank home loan that has become a burden, the recent take over by Citibank may have a beneficial impact on your chances for a loan modification. Citibank is under pressure to quickly straighten out the mess caused by the billions of dollars of bad loans issued by Wachovia Bank. The quickest and most cost effective way to turn these delinquent loans into performing assets is by offering their existing home loan borrowers a loan modification to convert their bad loans into affordable, low interest rate loans with affordable monthly payments. This is a win-win, the homeowners avoid foreclosure and the bank looks great on paper.
advance cash loan, cashloans online without bank account, cashloans online without bank account,
Many borrowers currently are saddled with toxic "negative amortization" loans that were issued routinely by Wachovia. These loans feature high interest rates and rising payments, where the borrower is not paying any principle, and in fact is "adding" to their loan balance each month. These loans are time bombs waiting to go off as rates rise and property values decrease. Citibank is anxious to get these loans converted to affordable loan programs that will have a lower chance of default.
Now is the time to apply for a loan modification with Wachovia Bank. Their loss mitigation departments are set up and ready to offer qualified borrowers fixed rate loan modifications as low as 2%. This low fixed rate program is available on a graduated interest rate increase, to allow borrowers to get caught up and maintain the new lower payment. Some of these programs only required "stated income" applications, meaning you do not have to provide pay check stubs, tax returns, etc.
Who will qualify for a Wachovia Bank low rate loan modification? Well, you must show the lender that this home is your principle residence, it must be a single family home (no 2-4 units) and your debt ratio must be at 45% or less. This means that your housing debt, including taxes, insurance, homeowners cannot be more than 45% of your stated income. This is only a brief overview of some options available to Wachovia home loan borrowers, and not everyone will qualify for these programs.
If you have one of these bad loans, you should start right away to learn about the loan modification process. Once you know how the process works and what your lender needs to see from you, your loan modification application will have a fighting chance of getting approved. Before you call Wachovia Bank or World Savings, do your homework. There is a lot of information on the internet about loan modifications. In fact, you may be overwhelmed by all the information-it is almost impossible to be sure you are getting the most up to date, accurate and complete information you need.
A very good source of loan modification information and detailed instructions is The Complete Loan Modification Guide handbook. This is a low cost, easy to read and easy to follow Guide that you can purchase and download right online. You will be given the required forms and also provided step by step instructions on how to complete the loan modification forms properly. Included are the direct contact phone numbers, loan modification hardship letter assistance, and invaluable insider negotiating tips to use with the bank. You can save hours of frustration by using The Complete Loan Modification Guide handbook and be assured that you have prepared a successful loan modification application. So get informed and get going to save your home!
$ 100 - $ 1500 Cash Advance Online. No Need Your Credit Score. 99% Approval. Apply Now!
Rating of cash for title loans
Get Online Application at online payday loans.
0 comments:
Post a Comment