Loss Mitigation Blog

If you are behind on your loan payments and are worried about losing your home the first thing you should do is to talk to Wachovia Bank's Loss Mitigation department. Most of the banks do have different process to handle these cases but the thing common is that banks don’t like their customers to foreclose. So the loss mitigation assistance will go through your case and suggest the best loss mitigation alternative to you. In fact Wachovia borrowers who have trouble keeping up with mortgage payments have a range of loss mitigations to choose from, from loan workouts to REO short sales.


Wachovia Bank Loss Mitigation Department Contact:
Call these numbers and ask for Wachovia's Loss Mitigation Department.
Customer service: (800) 642-0257
Loan counseling: (800) 282-3451

Or

Wachovia Corporation - (866) 642-8608
8:00 a.m.-5:30 p.m. Monday-Thursday
8:30 a.m.-4:00 p.m. Friday

How to qualify for Wachovia Loan Loss Mitigation Program?
Most loss mitigation options require the homeowner to be in a valid financial hardship; that is, the situation must be beyond the person's control. Some of the most commonly accepted are job loss, medical emergencies, and emergency service. For Wachovia’s bank loss mitigation program, the following conditions may also apply:

-The property must be a single-family home
-The home must be the borrower’s primary residence
-The debt cannot exceed 45% of the household income
-The home cannot be currently in foreclosure nor have a sale date less than a month away

What you need for Wachovia Loan Modification ?
The loss mitigation department, which deals with loan modification applications, may also require financial documents to properly assess your situation. Make sure to have the following on hand:

-Pay stubs or other proof of income
-Tax forms
-Monthly mortgage bills
-Bank statements

The information required may differ from case to case, so it’s best to have as much solid paperwork as possible. Most bank loss mitigation programs will need information for at least the last two months.

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