Well, another lender bit the dust this week and it was banking giant Washington Mutual. Saddled with billions of dollars in bad mortgage debt, WAMU was snapped up by J P Morgan Chase for $1.9 billion dollars. Depositors were assured that the takeover would have no impact on their money or accounts, but what about homeowners looking for a loan modification out of their bad home loans?
The assumption is that J P Morgan will have to write down about $31 billion in bad mortgage debt. That means there is great incentive for J P Morgan to offer solutions to homeowners with delinquent WAMU home loans to turn those bad debts into performing assets. Simply put, this could be great news for distressed WAMU borrowers who apply now for a loan modification to cure their default and to get a long term modification with an affordable monthly mortgage payment.
If you have a WAMU loan that is not affordable and you are facing foreclosure, don’t wait, start the loan modification application as soon as possible. This could be a window of opportunity to get your bad loan modified into a low, fixed rate loan with an affordable payment. The government is encouraging J P Morgan to get this mess cleaned up ASAP, and you could be in the right place at the right time with your WAMU loan.
Get started with your loan modification by learning all you can about the loan modification process. Find out what the lender will need to see in order to approve your loan modification application. There are some good reference sources that you can get online that will help you to prepare and submit your loan modification application so you have a better chance of approval. It takes some upfront knowledge and preparation, but this is your opportunity to modify your toxic, bad loan into one that features a low fixed rate, longer term and even a lower principle balance. Sounds like that would be worth your time and effort, right?
One excellent source of loan modification information is The Complete Loan Modification Guide handbook. This is an easy to read and easy to follow handbook that will show you the 7 Steps to a Successful Loan Modification. You will also be provided with the necessary forms along with detailed instructions on how to complete them properly. The Complete Loan Modification Guide handbook also provides you with invaluable negotiating tips, hardship letter advice, and contact phone numbers. You can save hours of frustration and stress by following the steps outlined in The Complete Loan Modification Guide handbook. Give yourself the fighting chance you deserve-get informed and get going to save your home!
