There are several choices for homeowners to choose from with a mortgage loan modification from WaMu. Since November 2008 WaMu has been willing to assist homeowners on the verge of foreclosure. And after the new modification regulations and incentives under the Obama Administration, they have recently become even more open to loan modification negotiations.

Mortgage loan modification from WaMu is only available to homeowners with mortgages from WaMu. The existing mortgage can also not have been modified or refinanced in the past to qualify. Besides these two special bits of criteria, WaMu has same basic requirements as other lenders.

Find the guidelines for WaMu mortgage modification before attempting to apply. Applying without full knowledge of that they expect from you before a modification can and usually will disqualify you. Besides that, knowing what their requirements are will give you a sense of peace of mind from being informed.

Wamu offers an application for mortgage modification online, and it is the fastest method to get approved. Be sure to fill out and all fields truthfully and make sure you do not miss any fields. Even accidentally skipping a field can be means for denial.

They are going to be looking mostly at your income, mortgage payment history, and expenses to determine whether you are qualified or not. Keep in mind that anyone applying for mortgage modification must be going through times of financial hardship, and otherwise will not be approved.

The Home Affordable Modification Plan ensures that homeowners who are going through financial hardship are given the right to apply, but not necessarily be approved depending on the criteria the lender is looking for.

Submit your hardship letter in at the same time to send in your application in order to speed up the approval process. It takes approximately eight weeks for your application to be looked at and then approved. Submitting the hardship letter after the application can push it back at least a week.

WaMu is relatively easy to get a loan modification from in comparison to some other lenders, but that does not make it easy. They require that you fill out the loan modification application as perfectly as possible and have a convincing and professional hardship letter.

Mortgage loan modification from WaMu is a great step in the right direction for homeowners across the country, but it’s a shame that even small mistakes can disqualify you. All lenders require attention to detail on your part, but WaMu requests more than average.