This is a Wachovia affiliate loan mod company success story from Laguna Beach California. The client had been trying for months on her own to modify her own Attorney Note Adjustment with Wachovia.

She was 3 months behind on her mortgage and was in one of those original “pick a pay” florida map 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 frowned 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 borrower did not qualify for HAMP) under the [/spin]Obama|Federal|Government[/spin] Lawyer Home Adjustment because she owed $960,000 on her home at the time, which is a loan amount that is too high for the qualifying matrix of the program. As a side note, her original note balance was lower, but with the Wachovia option arm loan, she had paid the lowest note 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 real estate market was in a decline at the time, she found herself underwater in her home, meaning she owed more than her house was worth. At the time of the Wachovia Lawyer Loan Adjustment, 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 rejection 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 reached out[spin] me with her story and decided to hire [spin]one of our Attorney to handle her case, as she really had no other option at that point if she wanted to keep her home. She did not want to foreclose if at all possible.

While the Attorney was handling her case, she changed jobs, which is always a concern as any change in the client'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 Mortgage Modification to Wachovia, our Attorneys had terms already modified. A principal reduction 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.