Posted by: Catherine | January 27, 2009

“Meaningful” loan modifications from Wachovia on the horizon?

I’ve been hearing that Wachovia is giving customers a reprieve in their foreclosures and giving them a window of opportunity to work with them on modifying their loans.  This period will go thru the end of February and may offer Wachovia customers in danger of foreclosure interest rate changes, extension of loan to 40 years and in some cases, per the report I heard, principal reduction.   See the quotes below from the article in Forbes today.

“Wells Fargo said 478,000 Wachovia customers, with loans totaling about $120 billion, will have access to the program, though San Francisco-based Wells Fargo said it was unsure how many customers would take part.

The customers within this portfolio that are being referred to foreclosure or are in foreclosure will receive an extension until Feb. 28 so they can apply for the modification program.”

If you have a Wachovia loan, in danger of foreclosure, please call them immediately and see what you can work out.

“The modifications can include extending loan terms to 40 years, reducing interest rates, charging no interest on a portion of the principal for a set period of time or even permanently reducing the principal of loans in areas where housing prices have significantly declined.”

If you’ve had any success with a “meaningful” loan modification with Wachovia, will you please let us know?

Here is today’s article about this :   Wells Fargo Expands Mortgage Modification Program

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