Wachovia Stops October Foreclosures

What you need to do to save your home from foreclosure. Understand the foreclosure process and available alternatives to avoid foreclosure and keep your home.

Wachovia is making the attempt to help stop foreclosures. Wachovia is taking a bold step and stopping all foreclosures this month. There are just not enough non-profits and government agencies to stop the devastation that is approaching the housing market fast and furiously.  Other banks are expected to follow in attempts to help homeowners stay in their homes.  Check your mortgage company's Website regularly for any updates about workshops and foreclosure interventions.

So many homeowners are giving up and just walking away without knowing or even understanding their options. Even if you cannot pay for your home anymore, the banks will offer you a short sale.  It doesn't matter if you owe more than the house is worth, the banks are willing to sell at a loss.  The benefit to you is there is no foreclosure on your credit report.

Mortgage companies are recognizing their role in creating an atmosphere of fear and helplessness. With that in mind, Wachovia will be sponsoring a workshop to educate homeowners on their options and hopefully qualify more foreclosures into modifications. With 1 in 6 unemployed nationally, the rules and guidelines change monthly to reflect the times.  If you are in foreclosure, you must understand it can be stopped; you just need the tools to fight for your home or property.

At one time you could not use your unemployment benefits as permanent income. Now if you have someone else working in the home and you are getting unemployment benefits, this has become a workable scenario. You can also rent out a room, or use other people's (who live in your home) incomes to qualify. This is valuable information and just the edge you might need to save your home.

Wells Fargo is now Wachovia; these loans are included in the Wachovia program. Remember, you still have to qualify and have employment or income to get a loan modification. The workshop is a great way to learn about the process and ask any questions you might have about your property. Understand you are not alone. Many people are giving up because they want to hide the fact that they are facing financial difficulty. Even if you’ve lost your job there are still options. Attend this event and learn those options.

If you are losing your home this is a great program to attend. The Workshop dates are October 26-27, 2009. You can go to the Wachovia Website and find the closest workshop near you.

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Janet Hunt
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Posted on Oct 16, 2009