Home modification with wachovia is it possible with attorney?

Question

My parents have two properties that they refianced approximately 5 years ago. They are the adjustable rate type loans that give you four options to choose a payment. My parents do not know how to read and write and the person tricted them by telling them its a fixed rate. Know they are making payments but their equity is being eaten away. I want to get an attorney and remodify their loan. Is this possible and should I get an attorney. My parents are old and I am not sure if they can get it refianced or remodifiy the loan.

Answer 1

An attorney can not modify a loan.  An attorney would write a letter requesting a modification.  You can do the same thing. Wachovia has not allowed any modifications of the sort that you need.  They will allow you to pay a little chunk of money now and raise the monthly payments by $1,000 for 6 months. You will laugh.

Your parents walked away from their refinance with a big pile of money.  They knew it wasn't a gift from the banking fairy. Even people who can't read understand that.  So i am not quite as sympathetic as you might like.

You will have to analyze if this house is worth saving.  A $100,000 house with a $115,000 loan is not a keeper.  Your options are very limited. Even if your parents declare bankruptcy they will only get 6 more months in the house before the sheriff escorts them out.