What is the process to modify your mortgage with Wachovia? World Savings was taken over by Wachovia. Wachovia was taken over by Citigroup. If you have a World Savings loan you need to check your current mortgage statement about who your loan servicer is. Wachovia will not just modify your mortgage just because your home went down in value. The only way that Wachovia will modify your mortgage would be due to a hardship.
What Do I Need To Give Wachovia To Modify My Mortgage?
You will most likely need to give Wachovia two pay stubs, two months of bank statements and two years of tax returns. If you do not have an income don’t expect a loan modification. You must keep a debt to income ratio in most cases below 45%
How Do I Get A Mortgage Loan Modification For Bank Of America? Bank of America does have a loan modification department. They may not call it a loan modification department so you may want to ask to speak with someone in the loss mitigation department. Bank of America will only modify mortgages for homeowners that are facing foreclosure. Just because the value of your home has gone down does not insure that you will be granted a modification. B of A looks at its mortgage modifications on a case by case system. If you have a mortgage with Countrywide you may need to call Bank of America because BofA purchase Countrywide in 2008.
What Documents Do I Need To Give My Lender For A Loan Modification?
Bank of America will not just modify your mortgage based on your word. They will want to see income and asset documentation from you. They wont modify your loan if they think that you will be unable to meet the new payment. In this case you will probably just have to go with the foreclosure process.
If you cannot pay your mortgage do not wait to long to call your lender. The sooner you contact your lender the more likely they will have enough time to modify your loan.
How do you modify a mortgage from Countrywide? What you should not do is to run out and hire a loan modification company to handle it. Your first step should be to call your mortgage servicer is and to see what the procedure is to request a loan modification. If your mortgage is with Countrywide and you want a loan modification just call the number that is on your statement and ask to speak with someone in the loss mitigation department. They may not know what a loan modification because that is not terminology that a lender uses.
Can I Get A Loan Modification Because The Value Of My Home Went Down?
A loan modification is specifically designed to help people stay out of foreclosure. Just because your home went down in value does not automatically mean that you will be able to get a loan modification. If the stock market goes down, your stock broker is not going to mail you a check. You get the idea. You still need to demonstrate that you can afford to make the payments. So do not be suprised if the bank requests income documentation from you. If you don’t have the income, don’t expect your mortgage to be modified.
How Do I Modify My Mortgage With Washington Mutual? Whether you have a loan with Wamu, Countrywide, Interfirst, Bank of America, Wells Fargo or Countrywide, the process to modify your mortgage loan is relatively similar. Your first step to do a loan mod is to call your loan servicer. This information should be on your mortgage statement. Just call them and ask them for the loan modification department.
Is It Hard To Modify Your Mortgage?
The process to modify your mortgage is relatively simple. Whether or not the bank will work with you is a different story. You must be able to show hardship. The bank is not going to just modify your loan just because your home value has gone down. Think of it like the stock market, if your stocks go down, you are not going to call your stock broker and ask for refund. It’s like that with the housing market unless you are facing a foreclosure.
You will need to show the bank your income and assets. You need to be able to show that you will be able to continue to pay the mortgage after they modify your mortgage.
Should I Pay An Attorney Like Phillips & Associates to modify my mortgage?
You can hire a lawyer or a third party to modify your mortgage but you may want to try and do it yourself first before you hire some. The process is fairly simple, you just need to stay on top of it with your bank.
Your first call if you are concerned about your mortgage is to call your bank. You should just look on your mortgage statement for the loan servicing number. Just call it and ask for the loss mitigation department. From there someone should be able to tell you what the bank policy is for the mortgage loan modifications. They can take a while so it is better to call soon than later.
Who Do I Call About A Mortgage Loan Modification
Here is a link to the major banks and their loan work out departments. They are also know as loss mitigation or better known as loan modification departments.
Phillips and Associates is now doing loan modifications. Do you need to hire an attorney to do a loan modification? No you can do a mortgage loan modification yourself. Just call your lender and ask for their loss mitigation department. They will have a process that you will need to meet in order to meet the loan modification process. An attorney should be hired only as a last resort. Their will be instances that you will need to hire an attorney for a loan modification but for the most part you should be able to handle it yourself.
Is A Mortgage Loan Modification Hard To Get?
The process for a mortgage modification is relatively simple. The bank will need to be able to see that you will be able to meet the new debt obligation. They will want to see that you are employed as well as request asset and bank account information as part of the modification process. You may also have to write a loan modification letter to explain your circumstances that got you in the position for requesting a loan modification.
You do not have to hire a company to get your mortgage modified. You can just call your lender direct and see what the procedure is for a loan modification. Just because the value of your home went down does not mean that you will be able to get a loan modification. You must be headed towards a foreclosure to be eligible. Be prepared to write a loan modification letter for your bank. They will want to know the circumstances that got you in trouble with your mortgage in the first place. You will need to have an income. The bank does not want to put the effort into modifying your mortgage just to have you go into foreclosure a few months later. The numbers have to make sense. The bank will have a target of a 38% dti ratio.
There are a lot of scam loan modification companies out there that will be making a lot of promises to your about modifying your loan. The truth is that you can do it yourself. Follow this link to free information.