Many borrowers have been challenged by Wachovia's adjustable rate loans, while attempting to negotiate new mortgage terms. However, Wachovia is now participating in the government's loan modification plan. How does this affect you and other Wachovia customers?

This federal program gives homeowners with a Wachovia loan improved options. Lower payments are now easier to obtain, thanks to the Obama incentives. This plan is a standardized program for the purpose of lowering mortgage payments for millions of Americans under repayment duress. Wachovia is now eligible for up to $4500 on every loan workaround completed under the federal plan. This opens the door for many Wachovia clients who would have been turned down in the past.

The government plan is very straightforward: either you qualify, or you don't. While the terms for approval are strict, there is no negotiation involved. The good thing about this, is that if you understand how to complete an application so that it meets those approval guidelines, you have a good shot at getting the help you need. Furthermore, you can apply for help directly to Wachovia, rather than paying a large sum to a middleman. This government program is free, and the government is discouraging homeowners from paying a third-party service to act on their behalf. So to stand the best odds of success, you must spend some time before you contact Wachovia, to learn the ins and outs of the program.

Under the Obama plan, Wachovia must consider any homeowner who applies. So even if you were turned down by Wachovia before, here's your second chance. You will need to be diligent and take plenty of time to put together your paperwork in order to conform to the federal guidelines. Basically, you must do the middleman's work. However, this is not difficult or complicated. You just need to ask questions about anything that confuses you, and take the time to complete the paperwork accurately.

So this is definitely a case where your preparation leads to likely success. Learn how to submit a do-it-yourself Wachovia loan modification. Before you talk to Wachovia, however, be sure to spend three hours to get the best possible chance of improved mortgage terms. Once you have your questions answered, and your paperwork together, then you should approach Wachovia to be considered for the Obama federal loan modification plan.