Where’s the loan modifications Wachovia?
That’s what many homeowners are telling me daily and also your employees who seem readily available to tell us that Wachovia is not offering loan modifications at this time and to literally take a hike.
The San Francisco Gate came out with a story about Wachovia and there unwillingness to assist struggling homeowners today. I wrote about it on my blog two weeks ago on the 19th in a post titled, “Wachovia Says they are NOT Offering Loan Modifications to Struggling Homeowners.”
Here’s an excerpt:
Attention American homeowners, the FDIC, the OCC, the FTC, Barney Frank and anyone else who will listen to this BS coming from a bank that must be afraid of write downs and or is about to go under or implode.
The word is out, Wachovia is NOT offering loan modifications to struggling homeowners at risk of losing their homes.
Apparently as of June 30, 2008, several employees and negotiators have communicated to my staff that they have stopped modifying mortgages and will only offer short term “payment help”. Anything that involves modifying a note, a loan modification, they absolutely will not do.
Apparently Acorn and many other consumer groups have also received the cold shoulder from Wachovia.
As Wachovia Corp. struggles under a souring portfolio of loans inherited from an Oakland company, the nation’s fourth-largest bank is proving among the least willing to modify mortgages in ways that would help local borrowers hold on to their properties, housing rights groups claim.
ACORN, an advocacy organization representing low-income communities, staged a rally at a Wachovia branch at Mission and First streets in San Francisco on Wednesday, with about 30 people calling on the bank to be more flexible in adjusting loan terms to prevent foreclosures.
“Wachovia has been the least responsive,” said Grace Martinez, lead organizer with ACORN, noting that Bank of America Corp. and Citigroup Inc. have been more willing to work with distressed borrowers to find solutions. “We want them to partner and to be a good bank and start negotiating.”
Moe- So the cat is out of the bag and you would think that Wachovia would step up to the loan modification plate and be honest with their customers and also with the people who are trying to help American’s save their homes.
But, that is NOT the case. Apparently they are either in denial or into propagating propaganda to the media to cloud the truth with smoke. AKA lies.
Response from Wachovia:
“It’s just so hard to respond to the (claim) that we’re the ‘least flexible,’ “she said. “Our policy is that we have been offering modification assistance, and we continue to offer loan modification assistance, to delinquent borrowers as well as those who anticipate difficulty remaining current with their payments.”
Moe- Here is more proof from a very respected man in the predatory lending and lender/servicer watchdog arena. This is what Kevin Stein, associate director of the California Reinvestment Coalition, had to say about Wachovia.
“Wachovia representatives have told a handful of housing counselors working on behalf of struggling borrowers that the company isn’t allowing any mortgage modifications”
Here is more proof from actual Wachovia clients who are members of my forum at www.LoanSafe.org.
From 925 Girl (Identity Protected):
This is what I’ve been told for months. I was taking it personally as they led me to believe it was my own fault for being late in the past (although we came through and paid up). I received a letter yesterday after writing for a QWR stating I have a conventional ARM. That’s it. No documents, nada. I was under the impression they HAD to let us look over the doc’s they have to check out if violations occurred. If they go down does it mean the FEDS/taxpayers are picking up the pieces?
This company holds my note. They have been uncooperative and it’s been 5 months since I made a payment. They gave no options, so don’t feel bad, they are equally obnoxious to all. I used a credit counseling service to try to talk with them in March 08.
Same deal-no to everything. I will submit paperwork thru a HUD agency mid Sept. If anything happens fine. If not, I’ll stay till I get pushed out. When a bank does not want to work with you and you have steady employment, but there is a housing crisis, a lending crisis, gas crisis then really what am I supposed to do?
Would you like to read more stories about Wachovia? Then read them right here. Lots of stories, run arounds, and abuse. But guess what? No loan modifications!!!!!!!
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