Loan Modification Denial:

One of the main reasons why Wachovia may deny your loan modification application is simply because you can not afford to live in your current place. Your income is simply not sufficient.
You should know that homeowners must meet certain basic qualifications to be eligible for a modification under the Wachovia Program.
You must pass their guidelines and the most important one is the 31 percent test.
If the  the mortgage payments are  31 percent of the homeowner’s monthly income, then you can do a modification. . if you are at 32 percent or higher. . you will not qualify.
 

• In the event that a loan modification does not fit your current financial situation and/or a modification is denied. . .a short sale should be your best next option.. .

Wachovia has developed another program call FAST TRACK SHORT SALE 
Simply it allows eh homeowner a dignified exit from an upside down mortgage.
Some highlights:

• A 7 Day Short Sale Approval. A Wachovia Manager will come to your home to approve your hardship.
• You will be paid $2500 in moving expenses from Wells Fargo/Wachovia if they approve your hardship for a short sale.
• THE BEST NEWS! :  No deficiency liability against the seller upon approval!!!!!
• Closing can be in 45 days or less.