How to Avoid a Wachovia Mortgage Foreclosure

If you have got mortgage loan form Wachovia and are sensing that foreclosure is impending because your financial health does not allow you to make regular payments, do not get yourself all worked up. There are ways to put yourself back on track and avoid losing your money, home and legal action that the bank may take against you.

There are many factors that can hurt your ability to make your mortgage payments on a regular basis, plunging you in financial difficulty. Foreclosure is not unusual in the United States, but lenders like Wachovia gives borrowers enough room to recover from financial setback and maintain their account with them till the final installment of loan payment.

Instructions

  • 1

    Sound proactive

    The most important thing in your fight against foreclosure is that you sound proactive and do not let the lender know that you are hiding information and avoiding confrontation with the bank’s officials and representatives. Do not ignore emails or heads-ups that you are likely to receive once your payment starts faltering. The worst mistake you can possibly make is to show your resentment over the lender’s constant queries and notices. This is what gets most people in trouble as banks know how to deal with tough borrowers.

  • 2

    Communicate

    When you start to make irregular payments, big lenders like Wachovia do not penalize at once. They will send you notices and warnings. This is when you should communicate with the company and tell it what caused you to make irregular payments. Communication is usually done through email and phone.

  • 3

    Give genuine reasons that can be backed legally

    There must be a reason for you to stop making mortgage payment to your lender. So, the lender must know the exact situation.

    When lending companies issue mortgage loan to borrowers, they presume that some of the clients are going to face trouble making regular payments at some point during the loan life. These lending companies therefore want to know the genuine reason behind your failure to make payments.

    Once you convince them and let them know that your problem is genuine and it is hard for you to keep paying, they definitely have other options available. If you have lost your job and are trying to find another one, give a solid proof like termination or resignation letter to the lender.

    Wachovia has plenty of flexible options for people like you as the lender’s financial position is strong enough to give you relief.

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