Success Wachovia Loan Modification Under HAMP

Sample1: I am happy to report that Wachovia approved my HAMP modification after gruelling 7 months and 2 turn downs. I am behind 7 months and was in pre foreclosure. After the 2nd turned down letter I wrote to the CEO of Wells Fargo and lo and behold someone called me the next day and told me that he will reconsider to open my file and will work on it. After 2 days he called me back and said I’m approved. PRAISE GOD IN HEAVENS !

Here’s the details.
Old Principal owed $395,000
Principal Reduction $75,000.00

New Interest Rate:
5% for for 5 years fixed Interest
5.05 % for the balance of years the loan (40 yrs)
New monthly payment goes up $200.00 on the 6th yr fixed

New monthly before escrow taxes & insurance $1,375.00,Monthly payment reduced to $900.00 after Modification.

Sample2: I have received his modification in 10 days after submission. Here is the offer I received from Wachovia:

Pick a pay loan mort.: 305,000 (started at 285K…neg am.),Principle Reduction/New Prin. $249K (19% reduction),5.5% beginning int. rate. w/payment increasing by $25 each yr. until year 6 with the payment @ 6.5% fixed for the remaining life of the loan. The loan is now amortized over 40 yrs. All past late fees, missed payments, returned check fees forgiven.

I hired a lawyer who specializes in Wachovia Pick a Pay loans. He takes it on a contingency basis, and he deals directly w/the legal dept. not the loss migation dept. He is getting Wach. ln. mods . at the longest, within 30 days, and many in 10. Ours was done in 10 days after we faxed him last two paystubs. He is one of the few who has a contact within that particulary dept. (He has his own AM radio Loan Modification. program in LA)

Sample3: After 9 months…. we got our UPS package! Wachovia Loan Modification Under HAMP, (we didn’t qualify for the Gov. version, over the 729k limit).The offer as follows.

Reducing principal by 60k and forgiving missed payments 40k, 5.3% fixed interest only for first 5 years, 40 year term, autopay on the date we choose.

Fax all your docs automatically asap. (paystubs weekly, Bank statement monthly, P&L monthly if self employed) Call often.

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