How do I get a modification for my home mortgage with Wachovia with whom I am having trouble?
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No, there are no government agencies that will put pressure on Wachovia, however, you can apply for the federal government loan modification program. I’ve attached an article that gives you the steps that you have to take to see if you qualify for this program. You do not want to delay. The program expires in the spring.
The loan modification program is for people that are having trouble making their payments or are behind on their mortgage payments so it sounds like it would be a good fit for you. There are other requirements. Your mortgage had to originate before January 1, 2009 — so if this is a new mortgage you won’t qualify. Your home has to have four or fewer units. If you have a big apartment complex you won’t qualify. Your current mortgage payment must be greater than 31 percent of your pre-tax income (you can include insurance, home owners payments to the mortgage amount to figure out if it is high enough to qualify). And you must have some sort of documented financial hardship to explain why you cannot make the payments now. Did you lose your job and get one that pays less? Did you have a health problem that prevented you from working? You get the idea.
The other option is a refinance with the federal government program, but you can’t have more than 30 days late in the last 12 months. The refinance option helps to lower your monthly payments to something that you can afford. Don’t give up.