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.
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.
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.