How to Get Mortgage Payment Help from Wachovia

If it looks like you are going to join the legion of other Americans who are having difficulty making their mortgage payments at the moment, don't freeze up in despair. Millions are having the same troubles these day as the economy slows and loans reset to higher rates. The most important thing to do is contact your lender -- and ASAP. Lenders are keen to give their borrowers assistance and advice because they don't want to be stuck selling your house in a lousy market. So, forget your embarrassment and get on the phone. Each lender has a different policy when it comes to helping its borrowers and if you're a Wachovia customer this what you can expect by way of assistance from them.

Difficulty: Moderate

Instructions

1. Contact the Wachovia at the first sign of being unable to make your mortgage payment. The number to contact is usually on the billing statement provided by Wachovia. "Contact Wachovia as early as possible once the borrower knows there will be a challenge with the payment," the lender tells Bankrate.com, the Web's leading aggregator of financial rate information.
   Wachovia adds there are NO fees associated with a workout option.

2. Although every call is dealt with on a case-by-case basis, Wachovia says it can present a number of possible solutions to the borrower in trouble. According to the bank, solutions range from a payment plan for short-term relief to a loan modification for longer-term financial challenges.
   "If you are having problems paying your mortgage or think you will have problems, contact Wachovia -- the earlier the better, as more and better options will be available to you," Wachovia spokespersons say.
   "Wachovia has people who are trained to handle these calls. We will work with you whether or not you have already missed payments. But if you already have missed payments, there are generally three options for making you current on your mortgage."
   These three Wachovia options are:
   1. Increase your monthly payments over time by an agreed upon amount to make up the difference in missed payments.
   2. Add the missed payments onto the end of the mortgage term.
   3. Rewrite the terms of the loan.

3. When a Wachovia borrower calls they should ask for the loss mitigation or loan collections department. The bank gives the following two numbers:
   Customer service: [phone].
   Loan counseling: [phone].

4. To get right down to business, when Wachovia borrowers call the bank they should have a complete package of financial information available, including income data (W-2 forms) and expenses information (all bills, expenses, etc., for which the borrower is currently responsible).

5. Wachovia says that while it is difficult to determine the percentage of borrowers who have and can receive payment assistance, they are always available to discuss options.
   "The factors that make mitigation successful are the borrower's ability and willingness to pay going forward," the bank says.
   "We review the entire state of the loan. Different mitigation options are available depending on the tenure of the loan, the current payment amount and the specific financial situation of the borrower."

6. In a departure from the general policy of other lenders who will not accept partial payments, Wachovia does.
   "Yes we do, depending on the amount of delinquency, the reason for default and the current status of the loan," the bank says.

Tips & Warnings

• Keep the number of a Dept. of Housing and Urban Development (HUD) approved counseling agency handy since they offer many free services that could help you. Call [phone] or TDD [phone] for the housing counseling agency nearest you.
• NeighborWorks America is a great place to bounce ideas off non biased credit counselors (link below)
• Make sure any credit counselors you talk to work for a HUD-approved organization.
• Beware of anyone who offers to buy your home offering to "help" you buy it back later.
• Avoid offers of mortgage help that require a payment for counseling and other help.
• Don't sell your home without first talking to your lender.
• Bankruptcy is a last resort when dealing with your financial problems because it will damage your credit record for at least seven years.

Resources

• HUD
• NeighborWorks America
• HopeNow
• Wachovia web page

[elle545]

on 3/23/2009 My experience with Wachovia is THEY WANT YOUR HOUSE OR MONIES! I have breast cancer and my husband

[chicky38672]

on 12/8/2008 Wachovia is a joke, they help no one including me. My business partner was killed therefore I lost my job due to that. I called them up to explain and got no help. I did get another job soon after but the house is now being foreclosed on. I have begged and pleaded but nothing!

[chicky38672]

on 12/8/2008 Wachovia is a joke, they help no one including me. My business partner was killed therefore I lost my job due to that. I called them up to explain and got no help. I did get another job soon after but the house is now being foreclosed on. I have begged and pleaded but nothing!

[chicky38672]

on 12/8/2008 Wachovia won't work with me either. They would rather have the house back then try to help you get current. I lost my job due to my business partner was killed in wreck so I got behind on payments and I finally got another job thankfully. I have never been late in 3 and half years and this is what I get from them, a foreclosure notice!! Thanks Wachovia!!

[chucky01]

on 12/5/2008 I to have contacted Wachovia just this month (12/08) to try to get a loan Modification and they told me that the best they could do for me was to have me send them a hardship letter and then maybe they would consider helping me. The Problem with the deal they were offering is that my monthly payment would increase. I have been paying my mortgage but it is not until my 30 days are almost up which causes me to pay a penalty and nothing coming off my principal. I would probably get more help from them if I was a month or two behind but since i'm not they won't help. It's almost like they want you in the hole.