WaMu Loan Modification Program
The WaMu Loan Modification Program is available to help home owners keep their houses. This also helps WaMu from having to deal with foreclosed properties that they can not unload.
With encouragement from the Obama Administration, financial institutions like WaMu have become easier to deal with. There are still some requirements to qualify, but it is a lot easier than before. One of the requirements is that the house needing a modification to the loan must be the home owner’s principal residence. This excludes all property that was purchased as investments. The loan amount can also not exceed $729.750. The loan must also be a first mortgage that has never been modified or changed.
The best part of a loan modification is that a credit check or reference to the borrower’s credit score does not come into play with this modification. What is required are the documents that show your income, expenses, taxes, and any other financial responsibility that you want them to take into consideration, including your savings account.
Most WaMu loan modifications aim to make your payment about 31% of your monthly income. This should leave enough for you and your family to live on. Some people can contact WaMu directly and negotiate their modification. This is a very complicated procedure. Most credit counselors advise hiring a middle man that is experienced in this type of matter to handle the negotiations for you. This is best since the bank will do what they can to keep your payment as high as possible. They are professionals that are only in business to get money from you. Remember this is how they make a living.
Being involved in the WaMu Loan Modification Program is a very complicated deal. Get help from an expert unless you are a financial expert.