Wachovia Foreclosures
Despite the fact that neither the borrower nor the bank wants to let the foreclosure happen on a property, it does happen, and brings troubles to both. The only bright side of the whole process is that investors and first homebuyers get opportunities to own residential properties at a less-than-market price. So most banks usually have loss mitigation department to contact troubled borrowers and save them from bankruptcy. There are broadly two kinds of homeowner assistance programs. One aims at helping borrowers retain homeownership while paying all outstanding dues whereas the other helps them dispose of the property and use the proceeds to clear off debts. Loan modification, repayment and refinance come under the first category of mortgage assistance plan and the second category offers solutions like deed in-lieu-of foreclosure and short sale. Here are the contact details of Wachovia Loss Mitigation Department for residents in North Carolina.
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