The Mortgage Dictionary defines and explains the home loan process as it relates to the concept of buy and bail. Questions answered are; "Can I buy a new home while I still own a current home?", "Can I use the rental income on my current home to help me qualify for a new mortgage?", and "Can I buy a new home then walk away from my current home which is under water?" Lending guidelines aimed at preventing situations where buyers might walk away are put in simple terms and requirements for equity positions and gross and net rental income are outlined. For questions or scenarios, contact Rob Spinosa at RPM Mortgage, a licensed California home loan professional, at 877-270-5959 or rspinosa@rpm-mtg.com.
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Confused about how the Wachovia loan modification procedure works?� Frustrated trying to figure out how to get started?� It can be confusing, frustrating and stressful when you are facing the possibility of losing your home because you can no longer afford your mortgage payment.� Let's explain the application process and give you some help tips to get you going.
In order to apply and qualify for a Wachovia loan modification you will have to prepare some forms and provide some paperwork.� The first step is to know and understand what the bank will need to see from you and what is included in a complete application.� You do not have to pay someone to do this for you, it is really pretty simple and straight forward-but it is important to follow some basic guidelines to increase your chances of success.
You will be asked to complete some application forms and provide some income documentation.� You can follow a checklist provided to you to make sure you have everything that Wachovia will need to review.� You will also be given a short telephone interview and the counselor will go over your application with you over the phone.
Preparation is the key to success-you should have all of your forms completed, reviewed for accuracy and have� made any necessary adjustments before you call Wachovia to apply for your loan modification.� You do not want to be stumbling about and possibly say the wrong thing with your bank on the phone!� When you take time to learn the program guidelines for approval in advance, work on your loan modification forms ahead of time, and then have all of your paperwork right in front of you when speaking with the bank-you will have the best chance of approval.� It's not hard-just make the commitment to learn and prepare.
When your home is on the line a couple hours of preparation is not too much effort-just think about the thousands of dollars you could save once your loan is modified.� Isn't your time and effort worth the results?� Getting� a Wachovia loan modification means you must follow certain procedures-but you can be successful when you invest some of your time preparing and learning.
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