Wachovia Lawyer Loan Workout Success Story Laguna Beach
This is a Wachovia stop foreclosure success story from Laguna Beach California. The client had been attempting for months on her own to negotiate her own Lawyer Note Modification with Wachovia.
She was 3 months behind on her note and was in one of those original “pick a pay” florida mortgage company from World Savings at a rate of 6.875%. The “pick a pays” are not exactly the same as the BOA 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 borrowers 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 Obama Attorney Mortgage Adjustment because she owed $960,000 on her home at the time, which is a loan amount that is too high for the qualifying with the program. As a side note, her original loan balance was lower, but with the Wachovia “pick a pay” mortgage, she had paid the lowest mortgage 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 housing 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 Mortgage Alteration, her housewas worth $700,000 or so, not sure what it is worth in today’s market.
She spent over 6 months fighting Wachovia and got nowhere except for a decline and plenty of stress 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 contacted 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 house. She did not want to short sale if at all possible.
While the Attorney was handling her case, she changed jobs, which is always a concern as any change in the individual’s financial situation could impact the outcome of the Lawyer Home Adjustment. 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 Lawyer Home Workout to Wachovia, our Attorneys had terms already negotiated. 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.
Fetch practical advice about the topic of forex managed accounts – make sure to study the web site. The time has come when concise info is really only one click of your mouse, use this possibility.
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
Comments
No comments yet.
Leave a comment