Wachovia Lawyer Home Modification Success Story California

Posted on October 2, 2009
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This is a Wachovia loan workout company success story from Laguna Beach California. The client had been negotiating for months on her own to workout her own Attorney Note Alteration with Wachovia.

She was 3 months late on her note and was in one of those original “pick a pay” florida fha lender from World Savings at a rate of 6.875%. The “pick a pays” are not exactly the same as the Bank Of America negative amortization programs. However, these are those programs that were shunned by many! They seemed to be the dirty word in the industry, but I think they were great for certain homeowners because the interests rates were very low on some and allowed cash flow for those that needed it during tough times.

Anyway, my homeowner did not qualify for HAMP) under the Federal Lawyer Mortgage Modification because she owed $960,000 on her home at the time, which is a loan amount that is too high for the qualifying for 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 increased. She also had not paid her property taxes for the last two payments.

Since the housing market was in a decline at the time, she found herself underwater in her loan, meaning she owed more than her house was worth. At the time of the Wachovia Lawyer Mortgage Modification, her housewas worth $700,000 or so, not sure what it is worth today.

She spent over 6 months fighting Wachovia and got nowhere but 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 called me with her story and decided to hire one of our 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 foreclose if at all possible.

While the lawyer 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 Attorney first!

Within three weeks of submitting the Attorney Note Alteration to Wachovia, our Attorneys had terms already modified. A principal write off 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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