Another Wachovia Loan Modification Nightmare

help6 The fact is that Wachovia who is now “Wells Fargo” is one of the absolute worst and most abusive mortgage servicers in the country.

Good luck getting a loan modification from Wachovia because you’ll need both luck and some “real” thick skin to get you through one of the most stressful processes ever. Persistence, however, is the name of the game. Processing a loan modification with Wachovia will be nothing short of the fight of your life!

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I have written about the misdeeds of the Wachovia and Wells Fargo wolves in these past blog posts below. I have warned the media and Washington what these mortgage idiots are failing to do. Hopefully, with my persistence and some stories from actual Wachovia homeowners, these companies will finally get this already six month old message and finally do something to show they are trying to help improve the American economic landscape.


Wachovia Says they are NOT Offering Loan Modifications to Struggling Homeowners –

The word is out and 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, namely, a loan modification, they absolutely will not consider.

Where’s the Wachovia Loan Modifications? –

“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.”

This is a plea for help from an actual LoanSafe member and their loan modification nightmare:

To whom it may concern,

We are writing concerning our hardship with our mortgage. In 2003 we purchased a new home at 1075 Dahlia Ct, Tracy, CA. In October 2005, we refinanced our loan thru World Savings. World Savings offered us a great offer for a “4 option pick a pay” loan, in which we had the option of paying a low interest only payment, or, interest and principle. At the time I was making great money, and the low starting interest seemed like a viable option for us.

Everything was fine. No problem with making our mortgage payment but then Cancer hit.

A word no one wants to hear. In May 2006 I was diagnosed with squamish cell carcinoma throat cancer. I did not smoke or drink. The treatment plan was put into place and I would be forced to go on disability for one year. During this time, we had to file Chapter 7 Bankruptcy to protect our home and autos. We used our life savings to continue making the interest only payment on the house, which started out around 2500.00 per month. We would eventually fall behind on the mortgage, however, World Savings would work with us on repaying the late mortgage and waiving late fees to help us.

Sometime in late 2007 World Savings was taken over by Wachovia. I had gone back to work full time, however in a diminished capacity as the radiation and chemo had take it’s toll on my body. My income suffered due to this, and I was making about half of what I was making prior to getting sick. 2008 arrived and we started to fall behind again on the mortgage due to the pay decrease. Wachovia was very unsympathetic. All they wanted was their money. We fell two months behind in July 2008. In August we received a letter from Wachovia demanding full payment of 7000.00 for late fees and the late mortgage payments. We called them. They refused to negotiate with us. They refused partial payment and started pre-foreclosure processing. We tried twice to open a loan modification with customer service, then mitigation, and both times were turned down.

Sometime in or around October, we had thought we had done all we could to save our home. I made one last call and was told “we have just opened a new modification dept.” and they wanted me to fax in a hardship letter. I was told it would take several weeks to receive an answer.

What happened over the next four months was at the very least almost comical. I would call them almost every day to find out some information. I NEVER received any phone calls or letters from them advising me of the status, or any requests for documents. All the calls were initiated by me. Finally one day in early November 2008, I called in and was told to fax over pay stubs for the recent 30 day period. I faxed them immediately and rec’d confirmation that the fax was rec’d by Wachovia. Several days go by. I called them again and they told me that no fax was received , and that I must fax them again. So, I again faxed them in and rec’d confirmation that the fax was received on their end.

I waited a few days and called again. I was told they did not have the requested pay stubs and had closed the file. Of course I am furious at this. I continue to call the loan mitigation department. I am given a Supervisor to talk to. The supervisor was not available and I left a message. NO return call. The next day I left two messages. NO return call. The next day I talked to the actual processor that was working on my original file. She did some investigation and lo and behold, she found my two original faxes that were sent in earlier.

It was now the first week of November. The processor Danielle, told me should we reopen the file and send it to the underwriter. I was promised a call back in a “few days”. I did not get a return call. So again I made another call. All I could ever get from them was that the modification was in process.

This goes on for a few weeks. NO information other than being told that the modification was still being reviewed. Finally, on my next call I was given good news. Told that my modification was approved and to fax over a new set of 30 day pay stubs. Of course I did it the exact moment after the request. And again it was rec’d by Wachovia.

A couple of weeks go by. No contact from the bank. I call in every other day and keep getting told it is in review.

Now it is mid-December. I don’t know why it’s taking so long. The bank had run my credit report on October 31st. I can’t get any answers from the bank and can’t get any supervisor on the phone to help me.

I remember what happened next very vividly. On December 17th I made my routine follow up phone call. I am told that my file was closed on NOVEMBER 17th because I did not supply them with my PAY STUBS. The exact same thing had happened again. I could not believe it. Now I am mad. I don’t usually scream and yell when a problem arises, however this time was different. I was of course cut off several times and hung up on before I reached an operator that took the time to listen to my entire story.

I was eventually directed to the loan processor Danielle. She promised to re-open the file if I could fax over pay stubs AGAIN! This time I made sure they rec’d them while I was on the phone with them.

Finally some resolution I had hoped.

Now we are in January. The long process and worrying over whether my house was going to be taken away had taken it’s toll. It was the holiday, and I assumed it would take some time to finalize the process. I quit making my daily call to the bank and waited a couple of weeks.

Finally, not hearing anything from the bank I decide to call in. It’s January 12th and I make the call. I am told everything was approved. Thank God. The processor tells me to finalize the deal I had to fax over my recent 30 day pay stubs again. Ok so you can guess what I am thinking. They could not lose my fax again could they? Wrong. I call in a few days later and am told my file was closed because I did not fax over the pay stubs.

I finally reach a supervisor and re-tell my entire story. She finds the fax and reopens the file. A few days later I FINALLY receive a call from Danielle.

Your modification has been approved and here are your options.

The bank would do a forbearance on the late fees and missed payments, and would apply them to the end of the loan. My interest rate and payment options would remain the same. I would start making payments again on March 1st 2008.
The bank would have a 3 year payment plan. They would start out at 2% payment of the new balance, forebear the missed payments and fees, this for the first year. I would not be charged for the negative interest accruing during this period. The second year, the payment would go to 4% and then the next year 6%. The interest rate, loan amount etc would remain the same, however, my payment would go up substantially.

NO reduction in house value to current market value. NO adjustment on interest rate. No real help at all.

I want to stay in my house. My three children have grown up in this house. This is our home. We watched it get built from the ground up. We have made many improvements on our home and invested a lot of money in landscaping and inside projects prior to getting sick.

I did not choose Cancer. Cancer chose me. I have fully recovered.

I have read and heard all the news reports of banks being helped out by government bailout money. I have read the FHA hope for homeowners guidelines and I fit into every category and requirement.

Why is the bank not helping me? My house is now valued around 280k. I owe 611k. Where is my family’s help.

Back to the modification. I feel cornered and helpless. I choose the first option that I was given. I was told it would take several weeks to get the papers to me to sign and my first payment is due in March.

Now it is late January. We get a call (can you believe that they actually called me?) and am told by Danielle that they could not get my modification approved unless I started my payments FEBRUARY 1st! I am literally given a weeks notice.

Finally on February 3rd we received the mod papers to sign and send back.

Do you have a Wachovia, ASC or Wells Fargo nightmare to share with the hundreds of thousands of people who visit this blog? Please comment below or send me an email.


134 Comments

134 Responses to “Another Wachovia Loan Modification Nightmare”

  1. Ja8869 says:

    Hope Now has is now No Hope Now. We are with Wells Fargo and after dealing with Hope Now our home is in foreclosure and is now costing more to keep my house then before. Wells Fargo must be looking to get into the real estate business. Still fighting to keep it.

  2. Ja8869 says:

    I find it hard to understand how it got to this point. After talking with Hope Now, Wells Fargo has both my homes in foreclosure and making it hard for me to keep either property. It’s not as if I have abandoned the properties. I have contacted Wells Fargo and have supplied the documents Wells Fargo requested yet I continually get turned down regarding a loan modification due to the fact we have negative cash flow every month. How does Wells Fargo suppose I got into this position in the first place? If I had positive cash flow after paying all my bills and the mortgages I would pay them and not be in this position in the first place.

    When I first contacted Wells Fargo regarding my declining business and that I would not be able to pay the mortgage for the month of October 2008, I was told by Wells Fargo to wait until the payment was late and then contact Wells Fargo. Wells Fargo then sent me information from Hope Now and HUD. HUD stated I could get some type of assistance if my mortgage was at least 4 months to 12 months behind. Wells Fargo foreclosed on my properties on the fourth month.

    If only I could receive $25 billion to get me through the tough times like Wells Fargo did.
    Now that Wells Fargo put my homes in foreclosure, Wells Fargo is charging me additional fees on top of what is already owed, making it even harder to save my property. It seems Wells Fargo is doing all it can to literally take my homes and have them listed on Foreclosure.com.

  3. gloria centeno says:

    after waiting for president obama to take office and be able to change from the bank bush at their discresion about helping people to keep their home, i don’t see nothing on the tart money to make the banks to comply mandatory and not at thier discretion to help people to stay in their home by reducing the principal to the real market value of the property,
    their loan modification is a joke, they are doing loan modification based on the pass value of the property which does not exist, and people won’t be able to refy or sell their home, so they going to be stack with this big payment for ever, this is not right , do something president obama , don’t forget about the million of people who vote for you with the hope that you will keep them in their homes,you will be hold accountable for the millions of people who will be on the street and in welfare, blaming you for not doing what you promised to keep the people on their homes.

  4. melissa says:

    Why bail out the banks that put homeowners into predatory loans? Take for instance my case: In 2006, I had a credit score of 700, 20 percent to put down, and made good money, yet since the government decided to lax laws against predatory lending, I was put into an awful loan and didn’t even know it—thanks to my broker’s deceptive practices. I realized I had been royally taken as I was put into two piggy back loans with interest rates of seven and 12 percent ; plus it was a negative amortized loan on top of that. But, when I figured it out, three days before closing, it was too late to turn back and lose my money I already put down. I am not a stupid person; more a victim of a scam. But the story doesn’t end there. In fact, what followed with EMC was worse; a daily nightmare.

    Of course, my note was immediately sold to EMC mortgage servicing—then a subsidiary of Bear Stearns, now under JP Morgan. This is when the nightmare really began. Although I paid dutifully every month, EMC harassed me as much as six times a day trying to collect on a payment already debited from my account! I would fax proof of payment, and they would lose it. The next day, I get a call from a new person and the process repeated itself. This happened frequently even though I always paid my mortgage! When I asked them to stop calling (in writing and via phone) as I was at work, of course they didn’t. I had calls coming in before 8am even, and one lady even told me to shut up when I asked for a supervisor. Also, they have damaged my credit, misapplied payments and charged false late fees, and sent me three false default notices. EMC basically turned my life as upside down as the value of my house. Bear Stearns did try to modify, but the terms didn’t do anything to reverse the damages caused by this predatory and illegal loan coupled with severe harassment and irresponsible behavior from EMC. There is now an FTC order against EMC mortgage for their abusive practices, but I am yet to see my justice.
    Meanwhile, the politicians keep talking about modification programs, but we are yet to see a clear plan. What about modifying these predatory loans into affordable terms as we deserved in the first place? Why not give the good people who dutifully paid their loans a little respect. Watch how the economy will start to bounce back as homeowners, who are now upside down, now have a little wiggle room. This isn’t even a bailout for us; we are only demanding what was justly ours—a fair loan with equitable terms. It is time the government recognizes their role in this crisis and makes a clear, just plan. If we can bail out CEOs that make billions, why can’t the government even help the hard-working homeowners who did everything right and still were taken.

    Buying a home is supposed to be the American dream, yet for many of us, we have lost our health and happiness. I know that many of you, whom are victims of EMC, have called me daily with the same issues: give it time and we will prevail. Again, see all the sites and victims of this company; here is a prime example: http://video.google.com/videosearch?q=EMC+Mortgage+Corp.&sa=N&tab=ev#q=EMC+Mortgage+Corp.&sa=N&tab=ev&start=10
    Call your congress person, the Federal Trade Commission, the Better Business Bureau, and your State’s Attorney General and fight for justice. It seems to make sense to modify these loans to an equitable rate when the lenders will lose more money if they foreclose on us, or we end up having to short sale due to unacceptable loan terms. And we bailed out the lenders with our tax dollars, yet they are still so resistant to help us. This is not right. Do as I have done: write letters to the press, file every complaint that you can, and don’t stand for EMC’s abusive practices that violate the Fair Debt Collection Practices Act as we have rights. I have countless files and records that show proof that EMC has not abided by these laws. Keep every conversation and email noted and as people across the USA have called and emailed me daily with horror stories; know this not your fault. As we all band together and ask questions, soon unethical and predatory
    servicers such as EMC will be out of business. We, the Americans, who did not deserve these predatory loans to begin with, and tried to do the right thing by paying our mortgage monthly even as our principal skyrocketed under unfair terms like negative amortization and astronomical interest rates while our credit was defamed with false reporting, along with being emotionally accosted by EMC employees who claimed we did not pay when we did; and had to spend hours during work time on the phone trying to prove that, yes, EMC did take my money, but we had to fax proof with bank statements, only to be hung up upon, or harassed by a new person the next day who had no clue where our money was—Yes, we lost our emotional and physical health, but understand that you are not alone. This is deception. Hopefully, with Obama in office, he will rectify the wrongs they have cost us—the wrongs that not only caused financial loss, but wrongs that hurt us down to the soul and made us lose hope. Remember, we are good people, we did nothing wrong, even if you are a couple months behind these lenders should understand the hardship we face these days with job loss, etc. Instead they belittled us in a sadistic fashion, and for most of us we suffered from EMC’s malpractice way before we ever even missed a payment. Just as my CPA said, he never saw such sloppy payment history that was so filled with subterfuge that, most likely, no average American could figure it out. Even he, a seasoned accountant took weeks to read their statements, didn’t understand how would we, the average consumer, would be able to understand their records. Yes, we are victims, but victims that must keep faith that one day justice will prevail. Please keep calling me and reading my articles. I will always try and help. I have talked to hundreds of you, who always paid on time, yet were slapped with false late fees and defaults and consistently told you that you did not pay at all, when of course, we did, I know that I still have FALSE credit errors on my report from EMC that has cost me dearly. I have not qualified for lower credit card rates and other things, and unbelievably this still rests on my report. I feel your pain EMC victims. Also demand to know who owns your note. My most recent modification papers said Wells Fargo now owns my first, but why was I never told, when asked? This is not fair. NO reduction in house value to current market value. NO adjustment on interest rate. No real help at all.Same monthly payment: here are the terms, no help for me and the fact my loan will go back to the original horrible terms: NO reduction in house value to current market value. NO adjustment on interest rate.

    From EMC
    As we discussed over the telephone on Tuesday evening, the modification documents are unable to be revised. The documents were prepared and approved by our legal counsel and we are unable to make changes to the original documents sent for signature. However, as we agreed, I have detailed the terms below:

    • Loan is calculated at 3.5% interest only starting with January 1, 2009 effective with the February 1, 2009 payment.
    • Payment is due in the amount of $842.98 interest only for the first 94 months (until the November 2016 payment). Escrow added to that is currently $273.29 for total payment of $1,116.27 until the next analysis.
    • Effective with the November 1, 2013 payment, the interest will adjust based on the original note effective every 6 months
    • Effective with the November 1, 2016 payment, the fully amortizing principal and interest will be charged.
    • The maturity date of the loan is effective October 1, 2036.

    Hopefully, this explains the terms of the modification easier.

    Unfortunately, EMC is unable to waive the payments as requested by Ms. Schulz and the modification is effective with the February 1, 2009 payment. I will however, waive the late fees outstanding on the first lien in the amount of $259.65 for Ms. Schulz.

    If you have any further questions regarding this account, please do not hesitate to contact me.

    Sincerely-

    Deana DeLaura
    Vice President
    EMC Mortgage Corporation
    (214) 626-2671

    Please note change in email address effective immediately to DeLaura.Deana@jpmorgan.com
    ________________________________________
    From: Arthur Stockton [mailto:art@lawafs.com]
    Sent: Tuesday, February 03, 2009 6:57 PM
    To: DeLaura, Deana (Exchange)
    Cc: ‘melissa schulz’
    Subject: Schulz – Modification

    Hi Deana:

    I had a chance to review the documents. First, the documents are less than clear about the post-2013 period. They would imply that, perhaps, any interest rate is possible past 2013 – instead of what I think you intend, which is that the loan revert back to the May 2008 terms. I could take a shot at a revision – your choice. Definitely needs clarification.

    Melissa is also requesting that the last three payments be waived, as additional compensation for her heartfelt grief. Please run this by the investor. Also, she would need to start her payments on March 1st, due to the delay in the documents. Hopefully that will not be a huge problem. I have let her know that she needs to bring the second current as soon as possible. She wants to make sure that the first is solidly in place before she brings the second current. The property value has dropped to $210,000 and it is continuing to decline, so she does not want to put any more money in if she needs to walk on the property. I didn’t see any fees for the modification – but she wants to make sure that there are no additional fees or charges.

    Please let me know and thanks for all your help.

    Arthur F. Stockton, Esq.
    o real help at all.

    The recent modification I was offered I look forward to more of your emails and calls, and I still write the press daily. Keep hope and pray.
    Melissa Schulz 949-690-3379

  5. jeana reed says:

    I am in foreclosure and I had talked with hope but they are never answering there phones or call back. It seems to me we are all in the same boat, Just give us a 5% interest rate and be done with it. Simple enogh. They make it harder than it is so they can charge eccessive fees on top of fees and get more money. We have to show where every dime goes but it sure is funny how they Govt put any restrictions on the banks. I read in a article the other day the banks are in it for them and what they can get. It is not about you. It is in it for the money for the banks and investors. GREED.

  6. Diane M says:

    We have been trying to work with Wells Fargo since Oct 2008. Getting no where fast has been the story here. While they have told us we qualified for a loan modificaiton we have yet to receive any paperwork. Our payments were suppose to go down, but when I called them, they had increased. They refuse to lower the interest rate stating that the loan is with Fannie Mae and they have said NO to lowering interest rates, however, one loan modification interviewer told us they had seen rates as low as 3 1/2%. Next thing we know – that’s not the case. Nice that Fannie Mae gets a bail out – but forget about those who need help. My husband is currently off work because of a back injury, his disability pay is not adequate to meet the needs of our household, this is how we got into trouble. Now we need ligitemate help and are unable to get the help we need because the bank isn’t willing to lower the interest rate to decrease our house payment. Wha’ts a person to do, they can pay these big bank executives huge bonuses with government bailout money, but help the little people, nope – not going to happen.

  7. Joseph says:

    I hava a pick a payment plan option with Wachovia. I received a call from them last year to have my loan refinance into a more traditional loan and lower interest rates. But nothing materialized for one reason or another. Nevertheless, they are not really serious in helping out struggling homeowners. Wachovia is no more different from other lenders when all they care about is their own self interest. Be as it may. The ultimate outcome is great number of homes being foreclosed all over the country. This trend will continue on and things will get worst. The banks are pretty much in a secured position since they always get bailed out not matter what. But there is still hope out there for struggling homeowners, and this would come in a form of “Cram down” bill which would give power to bankruptcy judges to strip down the loan principal based on the market value of the property. Moreover, they can alter the interest rates and terms to make the mortgage payments more affordable. If this bill passed legislation, struggling homeowners will certainly have a leverage. Of course, banks vehemently oppose this bill because it would have a tremedous impact on their bottom line, and would force them to come up with a new and better loan modification policy.

  8. kevin says:

    Quit whining.

    I cannot believe you are all upset that Wells Fargo will not reduce your loan balance to the new current value of the property. Would you be writing them complaining if the house had doubled in value? How many of you took seconds or thirds and bought Hummers and Escalades? You dont deserve your houses. No one owes anything to you! Go get a job, work hard, and pay the money you promised the bank you would pay!

    What has happened to my Country?!

    Sounds like all of you would be great renters! When you get foreclosed on and have to rent from a responsible homeowner, let me know how far you get trying to modify your rent when you cant pay that!

    GROW UP!

  9. greg says:

    wachovia is not helping in anything Im losin my house Im just behind two months and start getting harder into the payments but wachovia deny all my aplications for a modification loan whats going on with OBAMA help your brothers we put you into the office we re the ones paying all the money you re giving to the companies and the banks and mexico, and they are not helping the people from america ,OBAMA we need at least 400,000.00 dlls for each homeowner in this country to pay our houses anyways we are the ones who pay everything in this country ,yeah but we the poor people are paying for all the corruption who is gonna stop all the crying our investment for years for our sons of my sons our daughters ,people are gonna start living in the streets,living in the darkness god bless us all ,

  10. Angela says:

    I used to work for Wachovia and a major subprime servicer. Don’t forget Wachovia purchased Golden West late in 07 and went subprime after many said it was a dying market and a bad idea. They are just trying to recover massive lossess. The pick a pay portfolio is a “joke” in the lending industry. I left the servicing company ( which used to be owned by wachovia) prior to golden west back in December 08. The last management meeting I attended on 11/08 , leaders were being yelled at for thier agents not collecting enough payments and spending too much time talking to 3rd party counselors. Customers need to remember that the banks are not here to help, they are here to make a profit. They say one thing, nod thier heads, and then foreclose on your home. Unless the govt forces them to correct and address thier misdeeds we can never return to a free market banking system. I have serviced the paper for Bear Sterns, UBS, Merrill, Citi, Bank Of America, Wachovia, Ameriquest,Lehmen haha…and I can confirm it was some of the most fraudulent, morally irresponsible, crap I have ever seen. May I remind you of Alan Greenspans comments about how surprised he was that the banking industry did not regualte itself. ( Duh!) I have spent 15 years in debt collections and have never been so embarrassed to be associated with a group of people in my life. Even when they do modifications it is with thier interests in mind not the feesability of whether or not it will work for that particular household. As a mother and a former manager who punched the budgets of thousands of customers, its not about you or your illnesses, hardships,or persoanl lives its about $$$$$$$$$ and fat banker bonuses. ( please note, of which I have not been a recipient, and glad not to have blood money in my bank account.)

  11. Ed says:

    REsonse to Kevin.

    You forget the facts that the mortgage companies are what started this mess. They promoted loans that people could barely or not afford. Yes there are those that dont deserve it, and there are those that do deserve it.

    Im sure if you had cancer and needed help you would think diffently.

    Lets just pray you never get sick.

  12. Lisa says:

    Well, let me mentioned first off, that the “LoanSafe” member above, is ME. I tell you, it was my story all over, except for the Cancer situation, which I truly feel you are very blessed and after looking back at all this (which must have caused great great stress), your health is way more important.

    Moving on, I tried to do all of the same, as my husband had lost his job. He is in sales and it has been a grueling year!

    I started this process in Sept 08′ and it is now Feb 09. I applied for a skip a pay, for a month or so, and was given a 2 month skip, with it deferred to the back of my loan. THen I had a great person in the loan mitigation department, tell me that she could give me a 2% rate for the first year, 4% rate for the second year and by then we should be comfortable to refinance. Well, I was so thrilled but then received a phone call that I was in a temporary loan modification rate already and they could not do another loan mod on top of a loan mod. So instead, they gave me a 3rd month to skip my payment, thereby my loan balance increasing. Yes, it helped temporarily but we are still in a terrible situation. So they told me I could refinance and maybe get a 2% loan rate, w/ a second mortgage at that same rate. My fingers cannot bear to type how many times I called them and w/ my persistency they called me back to tell me they lost my paperwork, as well!

    Then when I finally received my paperwork in the mail, the rate was no better than what I have now. I did send it back as they told me this does not mean it will be your rate. this took until the end of December 08. And for them to tell me our refinance was denied, as my debt to ratio income is too high. Well, of course it is, we have been llving on maxed out credit cards to keep our home!

    So, I am seriously in trouble now. They said there is one more final step for all the people that have been denied (as apparently, I’m not alone as I can see). They are opening up a new loan mod dept and will be giving these people options, whom have been denied for a refi. I should qualify for this.

    I spoke to a great person by the name of Jennifer and she kept my number on her bulletin board (I do believe that). She told me that in February they will be starting them. Well, you can bet what happens next. Yes, I called them, and did get through to her and she told me they do not have enough people to work on these loans yet. The dept will not be up and running until March now! So it is the last week in February and I decided to make a phone call again today. Of course it rang off the hook. Maybe everyone left the company by now. Who Knows? All I know is I am desperate and need to do something.

    The topper is that there are companies out there that can help us. It just costs money upfront (which I don’t have right now). There are people that will investigate your original loan application for all the fraudulency. I did have Wachovia send me my original loan application. And do you know how much money me and my husband made. $14,000 in one month. Yep, if we made this kind of money we would not be in this situation at all. That is how your’s and mine loans were approved. By them increasing what we made. Just do it for the heck of it. Call Wachovia and ask them for a copy of your loan application. It is on the second page. I was floored when I saw that number and actually laughed.

    Yes, at the time we all needed these loans to work for us but never did I sign such an application! It was all over the phone originally.

    This company that can go in and fix all this tells me it could take up to 6 months and you could end up getting the principal reduced on your home, and some money back…. $20,000 to $60,000 for example, while them giving you a decent interest rate.

    The good news is they can do this even if you are in a new loan modification. I WANT OUT OF WACHOVIA which soon we all will be w/ Wells Fargo, which was my mortgage company many years ago. I did try and call Wells for a new loan and they cannot do anything for me.

    O well… I am being persistent still and sometimes persistency DOES pay off!

  13. caliking says:

    The deal Wachovia is suppose to do for me is a 1st for current mkt. value and a silent 2nd for 3 yrs on whatever else is owed on my current loan balance. Wachovia is SUPPOSEDLY trying to work out for me. The reason I say supposed is because they started the loan application in Oct 2008! I think they are full of CRAP. What refi takes this long???They are very vague on the phone & email, STILL haven’t locked in a rate. The only concrete things they’ve said is that my loan is NOT underwater. The appraissal they did came in at 500,000. my existing loan balance is 469k. I have a pick-a-pay but only paid the minimum pymt once. So I don’t currently have negative ammorization. My credit is just fine 699 & my DTI ratios are good, been on my job 15 yrs and have sufficient income to service loan. Never been late or skipped any payments. I really think Wachovia isn’t trying to help ppl because, my refi should’ve been a slam-dunk & completed alongtime ago. Supposedly, my file is with the underwriter for FINAL approval and I should be getting a call anyday now to discuss a rate-lock!!!! Yea whatever….

  14. Jen says:

    OMG caliking! We started our loan with Wachovia back in October of 2008. We too have the pick-a-payment and are current on the loan. We want out of this loan too. Wachovia called us and asked if we wanted to redo our loan.

    After months of calling them sending any information they needed we just an email from them stating we do not qualify for the loan. they told us:

    Our appraised value came in at $305,000.00. The amount that is estimated owed on your first mortgage is $314,597 and on the second is $59,029. The total of the two loans are $373,626. As you see, the amount owed is much higher that the appraised value. The underwriter was working very diligently on your file to try to make your refinance work. Unfortunately, you combined loan to value is above 100%, the actual amount is 125%, which means that the total loan amount compared to your appraised value is 125%. Wachovia is not able to approve the loan with a combined loan to value that high.

    Wachovia is a joke! I guess we are done for it when our loan gets too high for us to pay. What do we do? No one at Wachovia will help. why in the heck did they have info with the underwriter for so long and then they finaly give us this BS.

    Good luck caliking. our loan lady kept on saying she would know about our loan when I emailed her and she decided to get back to me ” We will know tomorrow” Don’t count on it!

    I think these Pick-A-Payments need to be all modified so in the future they won’t come back to bit us in the ass.

    Good luck you all!

  15. Ed says:

    DO NOT GIVE UP. I am the Wachovia nightmare that started this thread. On the last day of my deadline with the bank, I had all but given up. With the help of Kelly Hansen,and Oliver Becker of Lawyers Loan Modifiers, I was able to forward my letter to the President of the Wells Fargo mortgage division. She in turn forwarded my letter to Rose Dunham at Wachovia. Within 3 days I was offered a resolution with a great apology.
    Reduction in principal balance. 40 year rate at 4.5 locked in for five years, with a cap of 6.5 for the life of the loan. Reduced my payment 700.00 per month.

    Wachovia is now responding to the issue. Wells Fargo is taking over 178,000 Wachovia pick a pay loans.

    DO NOT GIVE UP. KEEP CALLING. KEEP ASKING.

    GOOD LUCK ALL.

  16. DR says:

    Kevin, thank youf ro saying what most people are unwilling to say.

    I hear a lot of complaining about lenders and brokers and deceptive practices. I have to agree that the lenders shoudl not have come out with many of these products such as the pick a pay but when you were offered a lona with 4 payment options wiht a minimum payment of 1 or 2%, many of you were salivating at the mere fact that you could make such a small payment on your bigger and badder home.

    Brokers cannot be faulted entirely for this. Brokers are exactly that, brokers. they dont make the products they dont even come up with the idea for the products. They merely sell the products that are available to them. Many lenders made higher incentives on certain products if they sold them. SO BLAME THE LENDERS!!!

    Also blame yourselves for being greedy and pulling out your equity, living fat while values skyrocketed. Buying all kinds of stuff, hummers, jet skiis, motoycles, vacations.

    Now that th eproverbial crap has hit the fan, everyone wants their mistakes erased and washed away liek they never happened. How about owning up to your situation and taking responsiblity?

    Some of you have unforesceen circumstances, liek illness, lay offs, etc. But what about everyone else? what’s your excuse?

  17. Krishna says:

    This is the 4th time I’ve applied for a loan mod and I started the process a year ago when my rate started climbing. First time I was denied because I was not in default, second time was because I wasn’t living in my home(had to rent it out and move in with my parents to save it), third round, it was ok that i wasnt living there but i made too much, and last but not least, now that my tenants are gone, I dont qualify because I just don’t have enough surplus. These people are unbelievable.

  18. Rebecca D. says:

    While I agree with DR in part, let’s not forget that a broker is a sales person, and they do what they do best….sell!. When faced with scewed facts and limited information steering a homeowner in one direction (1-2% interest rate) and the broker having every incentive to sell that program (5% rebate payments), you have to ask yourself, did the homeowner really have a chance to make a good decision? The brokers are at fault just as much as the lenders. If as a broker your job is to assess your clients (homeowner) situation and make the best recommendation for their home loan, then there are plenty of brokers who did NOT do their job, plain and simple.

  19. RON BRUCE says:

    CIT IS REAL HARD TO DEAL WITH ALSO, THEY WON’T EVEN RETURN MY PHONE CALLS, EXCEPT FOR THE COLLECTERS. I HAVE BEEN FIGHTING WITH FOR 3 MONTHS, I AM JUST A NO.

  20. Chona Mejia says:

    we filed lawsuit against wachovia since November 5, 2008. They have defaulted, our case is still in litigation. They are the worst lender on earth.

  21. Chona Mejia says:

    our case: cv08-02993. We are disqualifying the district judge, he practiced at the firm for Wachovia’s counsel. If he will not disqualify himself, we will appeal to the supreme court.

  22. LVargas says:

    I’ve read most stories & mines sounds almost identical. I have written,& written hardship letters since beg of last yr08, lost reduction in income, layoffs for my husbnd, trng to find a job, my reduction in income, we cld not afford the mtg any longer so strted using crdit cards to live off, no crdit high, was offerd thru wachovia refi green program, their appraiser came to my house b4 xmas, had processor’s email said still in underwring, in meantime loan mod dept was offered to modify by pushing some mtg pmts to end of loan but processor sd if sign lttr to modify i would not qualify to refi. I kept requesting how will the refi work or what options I had no one would offer to explain so I can decide which one is better or if any, did not sign letter then I rcvd one cll a miracle from someone else denying my refi but not for credit reasons nor for value, only explanation was the green refi prgrm fell thru no longer being done. never recvd a denial lettr, have been tryng to find out the value of my house since wachovia’s appraisal
    was done. now its march, again trying to refi, offered to push pmts to back of loan and my regular pmt to start in 3 weeks, but I have been making pmts almost every two weeks jjust behind 1mnth to 1 1/2 mnth. I keep asking if other progrms to turn to a low fixed rate or longer term period or reduce prinicpal. I dont wnt to give up my home, we gave $100,000 for dwn pmt! my husbnd is wrkng extreme hrs just to know value is not there and can hardly pay regular electric water mntce of house food, should we let go & live a calmer life and rent and have our credit ruined by foreclosure and not have a future nest egg for kids’ college? HELP we are very simple people, no hitech electronic stuff, no hi end cars, we actually need a car, no vacations just hard wrkng trying to keep home for kids and have smthng in future for them.

  23. SHAR says:

    I HAVE A PICK A PAY PLAN WITH WACHOVIA. MAY 22, 2009 A TORNADO STRUCK MY HOME AND WE ARE IN LITIGATION TRYING TO JUST GET THE INSURANCE TO STEP UP AND MAKE THE HOME WHOLE AGAIN. MEANWHILE I AM GETTING NO WHERE WITH WACHOVIA TO GET A LOAN MODIFICATION EITHER. YOU SEEM TO JUST GET PASSED TO ONE PERSON AFTER ANOTHER. MY HOME WILL BE FORCLOSED ON IN APRIL IF I CANNOT GET ALL THIS SOLVED. I AM HAVING HEALTH ISSUES, THERE IS SO MUCH WORRY AND ALSO A DIVORCE BECAUSE THE STRESS CANNOT HOLD US TOGETHER. YOU WOULD THINK IN A NATURAL DISASTER THAT WOULD GET SOMEONE ATTENTION. MY HOME SITS A FOOT OFF THE FOUNDATION AND IS RACKED TO THE EAST…I COULD NOT EVEN SELL IT.

  24. martha velez says:

    we did lost ours income like 50% ,my husband get laidoffs and we can’t afford make that payments any more.I did called wachovia inmediality and let them know the situic.They did send me a letter asking for some infort, i send that paqt back,overnigth,everything was back on nov..i stil haven’t recive an ansering yet.Recive a letter end of january for Scoott Turner were said we want to help you,call us back,inmediality,i did..anybody know anything,all those have differents anwer,they said will keep reviewing your pack,whatever..!! i told them are you fulling around with me??? am a serious person, this is a disrespetfull, call us in a week or we will callyou back…other person said to me..star sending the regular payment!!! paid us the floucloser lowywre fees+two month for you full payment…!!!and i said wait a minute…if i would have the money ..i would even called you!! Can somebody do something about?? my mortage is 100% fannie mae,i do work..so i do have some income..my husband finally has a partime job.Beside they have beeng told me that fannie mae doesn’t have any program yet in force!!! went they are who being getting all goverment money..I have being working all my life since i came to this country ,never got any tipe of benefits,i did paid a lot of taxes,because i used to make good money!!did wachovia was very happy getting everymonth my payments and extra payment that i used to send to the principal??? ,and know noby wants to be able to even talk to me???what is wrong???i wount give up..somebody will help me!!!

  25. ElderAbuseByWachovia says:

    Let me tell you about our experience with those low-life dogs. My parents weren’t johnny-come-lately homeownwers. They bought a modest 2-bedroom home somewhere around 1971, put 20% down and made sure the mortgage was paid every month. World Savings was the original lender. They had a lot of kids, so they did a refi here and there, nothing crazy. No fancy cars, no vacations, no SUV (they didn’t make them then), no 2nd or 3rd home they couldn’t afford, no risky investments or anything else so many people are quick to accuse others of doing a refi for. My parents were loyal customers of World Savings, staying with them when they could have gotten much better terms elsewhere. World said my father was a very good customer and he had excellent credit with them. As a matter of fact, sometimes when a payment was late World never put it on their credit report. My Dad worked in the shipyard around a lot of asbestos and fiberglass, and over time he developed several types of cancer. Before he died in 2005 he did one last refinance. He knew the household income would drop drastically when he died (he worked 25-30 years for the federal government so he had a pension and no social security and she had been a full-time housewife)he wanted to make sure the bills were paid off and his wife had a little something to put up for a “rainy day”. Less than six months after Dad died Mama started receiving 10-20 phone calls a day and her mailbox was overflowing with mail from brokers and lenders promising her the sky if she would just refinance with them. Lower loan payments, lower interest rates, you name it they were offering it. You see, like so many others, Mama fit the profile for the perfect target for these unscrupulous buzzards. She was a elderly, minority widow who was low-income but had a LOT of equity in her home, not a high school graduate and unsophisticated in the area of real estate finance. And after dealing with them for so long she thought no one from World Savings would cheat her. Eventually a smooth-talking young man called and caught Mama at home alone. This guy was in another city and she believed him when he said he worked for World Savings (We found out later that he actually worked for a broker who had a “special” relationship with World Savings). To make a long story short she believed this guy’s big promises (lies) and the whole refi transaction took place on the phone and through DHL. We didn’t know anything about it until the check came in the mail. We were outraged and when we contacted World to try to undo the mess they said Mama had signed the papers and there wasn’t anything they were willing to do (it was a pay option ARM with a much higher interest rate and monthly payment than she had paid before and her income had been seriously inflated to qualify her for the loan). This was in Jan. 2006. In July 2006 Mama started getting all these phone calls and mail again. I know for a fact that a lot of those phone calls came from World Savings reps and loan officers because I answered the phone on several occasions and told them to stop calling because Mama wasn’t interested in doing another refinance at that time. Most of them were very pushy and persuasive and some were downright obnoxious. A lot of the mail came directly from World Savings or it was worded in such a way that there appeared to be a connection between the sender and World Savings. Anyway, I had a talk with Mama, who at the time was 84 years old and in poor health. I told her that she couldn’t believe everything she was told or that she read and that no matter how nice they sounded most of these people were out to strip the equity out of her home so she would end up in the streets due to foreclosure. I told her not to talk to any of them unless someone was at home with her. So imagine my surprise when I returned from a business trip and found TWO STRANGE MEN in the house with her! She was sitting at the diningroom table dressed in a gown and robe and the two men were standing over her while she signed some papers. Now people, what was so alarming about this scene was that Mama was still recuperating from pnuemonia and obviously very sick (coughing, sneezing, feverish, etc.) and she had vision and hearing problems. When I started questioning them they gave me their cards. I asked one of how would he feel if someone did what he was doing to my mother. He laughed and said he had to make a living and he had a sickly wife and some kids to support, “AND IF I DON’T DO IT THEN SOMEBODY ELSE WILL”. When he said that it made my blood boil and shortly after that the men left with the signed papers, never to return. Mama told me it all started when the caretaker had missed a day. She got a phone call from a man who said he worked for World Savings. She told the man couldn’t he hear she was sick and couldn’t he call back another time. But when she told the man she was home alone he got even more pushy and insisting that she had to let him come talk to her about refinancing her home right away. Mama said the only reason she agreed to let him come over the next day was so he would go away. But when the man showed up the next day he wasn’t alone (Mama said this guy hadn’t asked her permission to bring anyone else with him). He introduced himself as the guy who had called from World Savings and said the other two guys worked with him. Mama told them she was sick, but the man said that he had to go but it wouldn’t take the other two very long to help her and he left. Mama looked and sounded so bad that one guy told the other guy to go to the store and get some orange juice, chicken soup, and cough medicine “to make her feel better”. The other guy came back and he heated up the soup and they gave it to her along with the juice and cough medicine. So if they explained anything to her about the loan she was already sick and now she was drugged up and drowsy from the cough syrup. She said she didn’t remember what they said, she just signed the papers so they would go away and leave her alone. A week or two later a notary public showed up with a stack of loan papers for Mama to sign. She couldn’t read them, she didn’t understand what they said, and nobody explained anything to her. But she said she was signing the papers anyway because she believed one of the guys who told her she reminded him of his mother and this loan was good for her because it would lower her interest rate and loan payment plus he would help her refinance into a better, fixed rate loan in six months or less. Evidentially this guy had talked so persuasively that he had gained her trust and so she signed the loan documents everywhere the notary told her to sign. But I was sure that no way would the loan be approved by World based on her low income. But much to my amazement and chagrin, the World Savings underwriting department actually approved the loan and shortly thereafter Mama received a check in the mail. She used most of the money to get some repairs done on the house, buy some much needed new furniture, and a few other things. Based on her ACTUAL, VERIFIABLE INCOME, the ONLY one of the four payment choices on the pay option ARM loan that she could pay was the minimum, interest only amount. This was also the “lower” mortgage payment that was shown on her loan documents and that the mortgage broker’s reps and the World Savings guy had told her about. Of course it was a negative amoritization deal so that started piling up, getting her deeper and deeper into debt. Then the payments started going up. By the time November 2007 had arrived the mortgage had increased four times. And it was in November 2007 that so many things started happening that Mama just got overwhelmed. By this time Wachovia had taken over and let me tell you these people didn’t know the meaning of customer service and they refused to admit they had made mistakes. Mama had missed the September and November payments and we were trying to find out exactly what we owed so we could pay it. According to their own statements, the mortgage payments was the same for September and October and was scheduled to increase by almost $200.00 on November 1st. But the rep I was dealing with told me Mama had to start paying the new mortgage effective OCTOBER 1st even though that wasn’t what was on their own statement. This woman was very rude and nasty and insisted that Mama HAD to pay the amount that she said. Then she named another, lower amount and that’s what we sent Wachovia. They REFUSED to accept it and returned the payment. Even though we knew Mama was being overcharged we sent the incorrect amount trying to get Mama’s payments current. Then the washing machine broke. The washing machine was directly over the furnace and the water flooded the washroom and flowed down onto the furnace, putting it out, so we had no heat. Then a few days later Mama went downstairs to see why her son didn’t come up for breakfast and found him dead in his bed, still warm. He had been ill but his death was unexpected. And then the insurance company pulled a number. We had already talked with them and thought everything was okay, but on the day of the funeral, less than an hour before the service was to start the insurance company called the funeral director and told him they weren’t honoring the policy. The funeral director called Mama and said unless somebody came up with some cash there wasn’t going to be a funeral. Now keep in mind people were sitting in the funeral home reading the obituaries, the flowers were in place, the music was playing, and the limousine was parked outside waiting to take Mama and the family to the funeral home. God truly answers prayer because one of the out-of-town relatives we called left his job and drove like a madman, arriving 10 minutes before the funeral was to start to pay for the service. After the service we contacted the insurance company and they claimed that according to their records the policy had lapsed months ago when a payment had been missed. The new stress made Mama sick. I called Wachovia’s Loss Mitigation department to explain the situation and ask for a little time to straighten things out. You would not believe how awful those people talked to me. Basically what they said was “we don’t give a damn what happened, just send us our money”. At that time we owed for November plus a bunch of late and other fees they claimed Mama owed. They said they would only accept the total amount due, which was more than we had. The crazy insurance company was still refusing to honor Mama’s claim so I filed a complaint against them with the Dept. of Insurance. If we had had that money we could have paid Wachovia. In January 2008 we got a letter from Wachovia stating that Mama owed them almost $6,000. In February Mama got a Notice of Default stating that now she owed almost $11,000. The NOD had not been properly served, so I went to a community organization for assistance. They referred us to another organization who in turn referred us to some attorneys. While the attorneys were going back and forth with Wachovia Mama got served with a Notice of Trustee’s Sale that set the sale date for 2:00 pm on July 14, 2008. Not only was this notice not properly filled out or served, but when I checked it hadn’t even been recorded.

    (I know this is really LONG, and if anyone has gotten to this point God bless you for your time and interest. I have to go attend to Mama and if anyone is interested I will continue her current ordeal with Wachovia, giving more detail about how the sale was put off numerous times and all the other crazy stuff that has happened. Again, thank you for letting me tell Mama’s story and we’re praying that you all get the relief you deserve.)

  26. ElderAbuseByWachovia says:

    I just spent quite some time writing about my Mama’s awful experiences with Wachovia, but when I clicked on the “Submit Comment” tab and waited, the only thing that I saw was the “Name”. So what happened to all that pain I spilled out for you and your readers Moe?

  27. Moe Bedard says:

    Sorry about the delay on your post. We have an internal blog delay on comments so no spammers can spam us. Please write away.

  28. Georgia Sikora says:

    I have had the same nightmare as the person who had the throat cancer, it sounds like my story. I have tried over and over to get help all they do is deny me or I am told to call back. Wachovia is the worst the representatives lie lie lie, how can I make my payment if I don’t have the money, they call me everyday and everyday I tell them the same thing.

  29. Von says:

    THERE IS HOPE! I’ve tried to get a loan mod for over a year and have been rejected for poor credit (duh!) and other times just turned down flat out! In Jan 2008, Wachovia deferred 2 payments which was only a band-aid. I received a letter in Feb 2009 regarding the pay option arm I was in saying I may qualify for a loan mod. I couldn’t believe it because I have been told all along the same things the others posted. I got my approved loan mod papers today and still can’t believe it! What I had: pick a payment @ 7% about $100k in neg amortization and a p & i payment of $4000! God has blessed me with a new fixed rate loan, 20% principal reduction, was owing $645k now owe $510k, the first 7 years interest only payments: 1st 3 yrs – 2.75% and up 1% years 3 & 4, etc. Year 8, fixed principal and interest payments at 6.5%. 40 year term. The loan mod is effective as soon as they receive it in the mail and the 1st payment is due next month. I am self employed, in business 1 year and have not filed taxes yet. I had to show 3 months of receipts (but provided 4 months) as proof of income, profit and loss statements for the year (prepared by me), business license and a cable bill to prove that I live in the house. They did run a credit report but I told them that I was not paying any of that my only concern is the mortgage. I was 3 months behind but made 3 consecutive payments in Dec, Jan and Feb 09. I also included a letter explaining my situation, although they did not request a hardship letter. Your income and ability to pay now is weighed the most, it is NOT based on your credit. I hope this info helps and please don’t give up. TO GOD BE THE GLORY!

  30. Luvly says:

    I just got the denial for a loan modification program from Wachovia after 6 months of dealing with them. I was denied to a high dent to income ration. Well.. isn’t this the reason why I am asking for a loan modification? Anyway, I am now curious if I was eligible in the first place: My current home loan is $552k, my house is appraised at $380k. My husband and I are both employed and we’re healthy people. Wachovia called us last year to inform us that we may be eligible in their new loan program where the appraised value of the home will be our new loan amount with a good fixed rate interest. The remainder will be at 0% interest rate payable in 30 years. We didnt have to pay antyhing on the remainder of the loan for 3 months. This seemed like a good opportunity for us to catch up on our bills. We are drowning in credit card debt. THis is why we are asking for help. OUr credit card interest rates have gone up which significantly raised our minumum payment. Are we really qualified for any loan modification if we are not late on our mortgage payemnts, we have not lost our jobs, or we are not sick?
    Please help

  31. Wendy Anderson says:

    I just dont understand why everyone believes they “deserve” a loan modification these days. So many people out of work. How can you reasonably expect a bank to modify your home loan if you HAVE NO INCOME TO MAKE THE PAYMENTS? It really blows my mind. Listen, when you buy a home, you MUST have reserves. People loose jobs, it happens, thats why 8 mos reserves are a good idea if you own a home. If you loose your job,get sick, get hurt, etc. thats how you stay afloat until you are working again. You have no business even applying for a mortgage if you have no savings. You can blame these banks all day long and take zero responsibility if that makes you feel better.

  32. Withheld-I don't trust anyone says:

    What is the ultimate goal of Wachovia/Wells Fargo? I have been lied to; cheated by; fraudulently “loaned” to by World and Wachovia. I am not a discrutled loser; I am an hones, Cancer destroyed human who has been cast off by the world I live in (excuse the pun). Is it not time for us to revolt? Who is getting all the money that we have paid for? Why are we letting this happen. World/Wachovia/Wells fargo is laughing at us, along with AIG;l whilte they are taking our money to the bank. ARen’t we worth more than this. I am dying.

  33. chant9 says:

    can someone give me the best fax number for Wachovia…to submit a hardship letter for modification request under the affordability Plan…?

  34. unknown says:

    Same boat as the rest. i have been trying to work with Wachovia for over 8 months with same old thing, its under review or rejected. now that Wells Fargo is the note holder, bad news. i have a job and make good money. i plan was to refi into a better rate but cant cause my house is worth 280 and the note is 412. i also dont have the 4000 to pay for a loan mod. what a joke this is! i think once Wells Fargo see’s how many bad loans they now have from World and Wachovia they might jut help out. i hope.

  35. Cecily says:

    Hey Wendy Anderson take a hike! I have a 810 Fico score, didn’t take out more on a mortgage than I could afford on my income, had a great savings account, had a 401K (before banks put our economy in the toilet) and I used the balance to pay off all other debt, the whole nine yards sweetheart. You know what happens to that savings, when you’re out of work for several months and you’re supporting a family of 4? Not to mention someone who is also dealing with severe illness in the family. Not all of us live beyond our means Wendy, but we have all exhausted all other options and we have all had issues with Wachovia. It is obvious you have your head so far up your arse you can’t see past the end of your nose. Wachovia won’t even refi to drop PMI, no refi’s got it. Doesn’t matter what your LTV is, they simply are impossible to deal with. Get your facts straight or get off the site.

  36. Marie says:

    I too have a pick a pmt plan. Soon after buying my home, I had foot surgery and thought I would be off work for a couple of month. The couple of months turned to 15 months. I depended on credit cards to make end meet. I paid nothing put the minimual pmt. I ended filing bankruptcy and lost one of my homes ( I had two). I explained wachovia my situation and asked for a mod for my one and only home. Their offer was: no more pick a pmt, pay interest and principal and we will choose the interest rate yearly. How can I live not knowing if I will be able to afford my home every year. Why can’t they just give me a fix amount. I let them know I owe 38K to bankruptcy. I owe 565K and it now worth 430k.

  37. shirley says:

    I tried to refinance with Wachovia my %7.35 loan, I have never been a pmt late, however Wach denied me a 4.25% interest rate because my income is not high enough, with all of my daughters student loans on my credit. However, my complain is, that Wachovia is willing to continue taking my payment at 7.35% than to refinance at 4.25%, it would save me about $900. It would help a lot in case something happens. They are thieves, World Savings was good.

  38. Jay D. says:

    Wachovia is the worst and rudest group of misfits that I ever had the displeasure of working with. I’m paying my own Home Owners Insurance and they are still billing me for it. They said it’s for escrow. Escrow for what? We (the people) already paid billions, our loans aren’t being modified and they just take and take when it’s to their benefit. I’m going to handle my loan modification through an attorney. Obama you gave them our money, make them work with us or give US (the people) $200,000 each. It’ll be cheaper and we’ll revive this economy a lot faster. Done with Wachovia.

  39. jim says:

    they will never modified your loanever

  40. Diana says:

    As i sit here and read everyone’s experiences, i am flabbergasted at how I can simply sign my name under each blog. World Savings pick a payment scam, now dealing with Wachovia!!!
    We were told this week that we were approved for a loan modification and should be receiving our paperwork next week.
    First of all, wachovia employees provide the most conflicting information! Everytime I call, i get a different answer. It is also funny how they never know the person that I am trying to reach!

    I am very anxious about this modification because we have been dealing with it since 2007 so I called to ask about the terms of the loan. The person on the phone informed me that my payments were brought current and I would have my next payment in May. He also informed me that no other modifications were made to my loan! I was furious. However, distrusting their information, i had my husband call today. This person informed him that we qualified for their “regular” modification and need to wait for the docs because they had no info on the computer.
    Can anyone give me insight on this? Does this sound familiar? Are they conning us again? I would love some feedback.

  41. Cecily says:

    Close your legs.

  42. Jennifer says:

    I’m in the same mess with Wachovia trying to modify my pick a payment loan. 5 1/2 months later I’m told, after they reviewed my income and appraised my house and GIVEN ME AN OFFER TO MODIFY, that I didn’t qualify. Why make me an offer I don’t qualify for??!! Makes no sense and now I’m back to square one. They are also telling me I may qualify for the new Obama program but I can already see that I don’t. I’m so frustrated with them I could scream!

  43. Tony says:

    Last fall I decided to call Wachovia to see what the options were to eliminate pick a pay. I was told there was a plan and they required an appraisel and a good faith estimate would arrive in the mail. The estimate arrived lowering my fixed interest from 7.25% to 5.8% and they would carry back some sort of “silent second for $200,000″ with no additional details. Six months after providing them docs on two occasions for requests of additional income confirmation and to meet their satisfaction they notifiied me that I don’t meet their debt to income ratio by 90%. This was puzzling to me so I called and they confirmed the 90% but before the call was over they told me it was actually 5%. They claimed there was nothing they could do and that it was up to me. Following a review of my finances I contacted them a week later to determine exactly what numbers they were using and where I could make some changes to meet their requirements. They had me on computer but would not give me specifics as to exactly what figures they had based their decision on. They basically told me there was nothing I could do. I stewed for another week and called them again to question their figures but again they would not provide me any info as to how I was not qualified other than the Underwriters said I did not meet the DTI ratios by 5% and therefore was unqualified to receive this loan. This time they told me they were holding off for the Obama Program and that I was on the top of the list……sure what a bunch of baloney! these guys won’t do anything but lie and waste your time.

  44. Kelvin Le says:

    Can we file a lawsuit against Wachovia
    with pick a payment option and does not
    want to help us mofify the loan?

  45. Necronn99 says:

    Responce to kevin: YOUR AN MOTHERF$$K$N IDIOT. Say with me kevin .. all together now .. ression .. wait for it .. DUMB @SS .. wait for it RESSION >. fall short of depression .. hmm no jobs to get that help you save your house. Man i cannot believe so many idiots today.

    Well-fargo won’t help you and the government won’t help you all your money in the taxes you paid is now gone .. and when idiots like kevin here get to retirement they will be working at mcdonalds cleaning tables instead of retiring, because the job market hit a depression state and this country too f#cking stupid to see it.

    Anyways my prayers are with you on your homes in the forclosure states because so is mine .. guess i should have gotten a job huh kevin. Dumba$$

  46. Jon says:

    My wife and I have been in a loan mod/refi for over 5 months with Wachovia. after repeatedly getting the run around and strung along with false hopes and promises, they just told us this week that we do not qualify for a refi or mod. We have never missed a payment, but lost our 200K that we purchased the house with and are now 100K plus upside down in the loan because of the market drop. I make a good salary to pay a 2500/mo mortgage. I dont understand why a company wouldnt want to give a good fixed rate to a customer who has and will pay. Do they not want security? If we walk away, it will cost them over $100k to sell to somoene else and also a loss of 6 months or more of the monthly payment before the new buyer is paying.
    I read some of the banter going back and forth and it’s sad. I don’t expect a hand out ever and I don’t want to be a winer. i work hard to support my family and stay debt free. I know of many who have used the banks as well to buy lots of cars and toys. My next door neighbor- with two decent incomes- just walked away from their house last month. They took advantage of the system by saving all their money, not paying their mortagage and lying to their lender about their financial distress. They had their folks give them a private loan for a down payment on a much larger house in a much better neighborhood. As soon as they were approved and got the house, they literally left the other one in a day w/o telling anyone. Sure their credit is toast for ten years, but they have a smaller mortgage and a nicer home now.
    I really think that this sort of thing is sad and that our country is becoming more corrupt at every level.
    I work so my wife can stay home and raise our kids so that we can instill in them some moral good so that they will be able to lead and do what is right in the next generation. All of our choices have consequences- and we are all receiving those consequences now. If i have to rent for the rest of my life, then that is fine. Maybe we will be better off anyway. In all of this I hope that I learn from these mistakes and poor decisions.
    Maybe all of this financial downturn will force us all to stop and look at ourselves and others. To see what is really important in our short and fleeting lives. My children dont care if we rent from a person or a bank. The folks in poverty and poor health look at us complaining because something has actually upset our little self-absorbed apple-cart and we want the entire world to answer.
    I think for many of us, the economy has become our god. We worship it, want to nourish it- not to really help others that need help, but to gain more for ourselves. Another trip, a nicer car, new furnishings, etc. Not that any of these are wrong in themselves- but they have consumed us.
    What do we really need to live? Aside from food and shelter- which many only hope for- the rest is luxury. We just don’t see it as this. Equal wealth has become a right. We despise the rich who have what we don’t. We despise the poor for not being as saavy as us. We waste our lives chasing after objects.
    Well, I got a little carried away on my soap box there. Sorry about that. Maybe all of this will cause me to have more compassion on others, especially those who need it and have no one. Maybe our kids will not be as selfish…

  47. Shawn says:

    Good luck get a loan mod or any help. Im filing a lawsuit against them. This will put the boot in there ass!

  48. Shawn says:

    File……File…….File……Filing a lawsuit will get you what you want. Im a victim of predatory lending. World Savings pick a pay garbage loan. Bottom line is who really owns my note? Wachovia? Wells Fargo? Or some rich italian investor over seas? You deny me refiancing Wachovia. I just filed a lawsuit and found many discrepensies in my original loan docs. I got you Wachovia! You will give me my 1.5% for 5 years, 3% for 10 years, and the going rate for the rest of the years. And by the way, your going to pay for all my attorney fees. If you dont settle, which you will, I will make a mass class action lawsuit and publish my own whole page in US Today! I can afford to make your payment! Its a matter of principal now. Your broker who you trained to sell these loans to good trusting citizen and rip them off. You lose! To all you people out there…………………………………………Sue the shit out of them……………..Sue the shit out of them……………………..This will put the boot in there ass!

  49. Kelvin Le says:

    Shawn
    Please give us your lawyer phone number
    so we can contact them for the lawsuit
    Thanks

  50. Claudette Moore says:

    Please give me your lawyers phone number also, I am not sure if it is held by Wachovia? or Wells Fargo?.. However at this point I will soon be recieving a letter from my lendering giving me a foreclousre notice and a forsale date next week..Please help a desperate wife and mother.

  51. Paul S says:

    I can only say positive things about Wachovia. I received a letter from them saying I may be a candidate for a loan modification. They asked me for my paystubs for 1 month and a hardship letter. I sent it overnight and within 9 days I was approved. I had 3 days to make a decision of acceptance. They gave me an interest reduction, reduced my loan by 20% and extended my loan from 30 years to 40 years. Ive already made my first payment and all I can say is…Thank you Wachovia and thank you President Obama!!

  52. mc says:

    Paul,
    Can you send me a copy of your loan modification agreement? Please blackout name, acct. #, etc.
    I would like to see what terms you were offered, who you are working with, etc.

    Thanks

  53. Tommy-Le says:

    mc
    What a smart question ,but Paul still can
    lie again with a copy of his loan modification.
    I don’t this Paul has such a good deal out of thousands home owners unless he’s talking
    about his mobil home loan modification

  54. Paul says:

    Wachovia, is not offering loan modifications, and is waiting to see what Obama can offer!! The bailout is a dismal failure, and will not translate to help the borrowers in need. banks now own this country, as long as they can get away with doing as little as possible, they will fight tooth and nail, to take any measure that is not in their own self interest. The problem the Obama Government is afraid to plave any restrictions, or solid guidelines, on how the money is spent!! Banks know this and are taling consifderable advantage of this.

  55. NOVA says:

    Any update on the attorney info…Even I am getting frustrated the way Wachovia is handling my case. I am ready to sue them.

  56. carlos says:

    Yes, I am one of those discusted homeowners that Wachovia gave the run around for seven months. I made my payment over the phone and they passed me to a loan representative who told me I qualify for the 3% – 30year fixed pay modification. I was estatic and releaved something can help me with the hardship we all are enduring.
    It took seven months of me calling them and trying to find out what the hell was happening since I was left without any phone calls, names, or numbers. On the six month they called me and said I was qualified and approved, I was releaved. On the seventh month I recieved a letter from them telling the program was cancelled and no longer valid. I was flabergasted and discusted on how they pull the rug under you just when you need them the most. I am the sole provider for my family (wife, two small kids). How can I survive if they don’t care about you. I really need the help just like all of you.

  57. Yasuko Couch says:

    To Wachovia Option ARM borrowers:

    If you want to keep the house, do consult with a few “local” loan modification lawyers. You need a legal aid as lenders only have their best interests in their mind. Doesn’t matter they violated the predatory lending practice law & they paid 3% rebate as the commission pay to their lying, cheating, scum bag mortgage brokers! My broker Dustin Acker told me “the loan is very safe, I want my mom to sign up for the same loan” – yeah, right. He somehow made me think he was a real mortgage professional. The Direct Access Lending no longer exists, but he still manages to stay in the same profession where there used to be 3,000 mortgage brokers now only 800 remained. He bought a step up house in a better neighborhood but experiencing the 150k home value loss (what comes around goes around). Since then I have learned a lot about mortgage. Many bankruptcy lawyers now handle loan modifications due to the fierce public needs. You don’t have to go out of state to look for a qualified lawyer. Get a local lawyer.

    I have the notorious Wachovia Option ARM loan for my owner occupied home since 2004. I’ve never done the minimum payment but hated the rate increase. I have always paid P & I. I tried the loan modification process myself by faxing them the financials & the hardship letter, but it was declined in January. Since three lawyers I have spoken with said that I need to stop the mortgage payment, I did so in December. I then hired Shawn Christopher Legal Group (in Las Vegas, Nevada) on February 10. I have received two offer so far. Having a lawyer is worth every dollar as it eliminates the stresses, fear and anxiety dealing with the lender. Losing my house was not an option as I have put down $90,000, 30% of the house sale price. I am determined to weather the market crash by sticking with the house for a decade.

    The first offer on March 30 was with no principal reduction, first 6 years – interest only payment (4.75% for the first year, 4.875% second year, 5% third year, 5.125% fourth year, 5.25% fifth year, 5.375% sixth year). On 7th year it will become 6.22% fixed rate for the remaining 40 year term. They are to forgive accrued, outstanding interest and late fees (only one decent act from Wachovia – Countrywide doesn’t forgive any of the delinquent payments, they add it to your balance).

    I didn’t take this offer as I have researched hundreds of hours online to find that some Option ARM borrowers have already received 20% principal reduction plus 6 to 6.5% for 40 years fixed rate. In February I found a Bloomberg article that said Wells Fargo/Wachovia has started to offer 20% principal reduction to Option ARM borrowers! I believe knowledge is power. The last year’s law suit against the predatory loan have won in South Carolina, Florida, Maryland and Missouri court cases for 2 claims that are (1) TLA violation (2) Breach of contract. The cases were moved to California to finalize. I have heard this from Katie at Richardson Patrick West brook & Brickman in South Carolina who had been looking for Nevada borrowers to join the suit. I knew Wachovia can do better for me.

    My second offer on May 18th is with 10% principal reduction (lender is giving me $20,000 for the compensation for the horrendous loan in my opinion); starting interest rate of 5.915% (the details on gradual rate increase is not in the paper). I am considering taking this offer if they fix the rate for 40 years. To make the 40 year term into 30 years I could calculate how much more I need to pay towards principal every month. My lawyer is reviewing the offer right now. I have asked him to ask for 20% principal reduction again. If the lender declines then I take the offer. I know my 30% down payment had lowered the loan balance significantly that the lender doesn’t see the need to reduce the balance for 20%. The 10% reduction of the balance is already hitting the current value of the house which is $179,184. In other words, if you are seriously upside down in a declining market like Nevada, you have a higher chance to land on the 20% principal reduction.

    Don’t give up but hire a lawyer so that you could get the deal you deserve as a deceived Option ARM borrower. Don’t be a victim of predatory lending. Come out of this horrible deal alive and well!!!

  58. NOVA says:

    Hi Yasuko,

    How did you pick your attorney..?

    -Nova

  59. Yasuko says:

    Hi Nova,

    My attorney was my gardener friend Jose’s attorney who had 3 rental houses plus his own house. I went in for consultations with two local attorneys and spoke with two more on the phone. When I went into Shawn Christopher’s office I saw other families waiting for his consultations. Because I met him face to face and he was more humble than other attorneys I was able to trust him more even though my friend’s outcome was yet to come. He had completed about couple dosen loan modifications when I met him in February. If you hire a local lawyer if you are not happy with his service you could also report him to a local bar – a protection for you and many others. If you hire an out of state of call center type people, if they don’t do what you want them to do you can’t pin them down. My attorney thinks I should take the 10% principal reduction current offer instead of ask for more.

    Yasuko

  60. M says:

    My experience with Wachovia has been mixed. My income is down about 60%, and the value of my home is also down about 60%, while my payment is progressively rising, along with my principal balance due to the negative amortization nature of the loan. I successfully obtained a three month deferral of my mortgage payment earlier this year, but they added the deferred amount to my principal balance. While they were very responsive and quick to approve the deferral, for which I am appreciative, they have been playing the delay game on the prospect of obtaining an actual loan modification. Given that I meet all of the criteria for a loan modification listed on the official government website for the Home Affordability and Stability Plan (www.makinghomeaffordable.gov,) I have been checking with Wachovia regularly since the government plan was announced in February, inquiring when I can pursue a loan modification. I was initially told to call back in a month. After a few months of doing that, I have now been told several times that they will not have the infrastructure in place to process the federally backed loan modifications until July. Due to the deferral, I was able to keep from being reported late and have kept my credit rating in tact, but can only continue making the payment with help from family members, which can probably only last another few months, and due to the negative amortization of my loan, I am rapidly approaching the $729K limit requirement of the federally backed modification program. If Wachovia doesn’t step up with their modification program quickly, they will have to accept my house in a deed in lieu of foreclosure, because I cannot support the payment going forward.

  61. nancy says:

    I have the Wachovia (World Savings) $350K loan. Put 20% down at the time and the broker pushed on me last minute Pick a Payment @ 6.75%. Always current and paid P&I. I called in March to get a refi since my credit is good, but income is down. I sent all the docs asked for and they approved me for 4.5% with a good faith. They sent out an appraiser who claimed to be a staff appraiser for them. She used comps in a different zip code and got the sf wrong by 500sf using inferior comps. Her number came in at $354K! Our neighbor a couple homes down the street, same builder, smaller sf, & dated was pending at the time of this stupid appraisal. Wachovia denighed the loan. That property down the street closed a week afterwards at $400K. Wachovia kept saying they would not reconsider or get another appraisal and that the file was closed. They said to call back in May or June. After reading other people’s experiences, I don’t trust them. The govenment, banks & media are manipulating us all to give up our freedoms like sheep to slaughter.

  62. Jo says:

    I am dealing with Wachovia, keep calling to ask about loan modification and keep getting put off. First it was March they would have a program, next it was end of May, now it is end of June. I am current on my payments, but struggling because of not working for 1.5 years and using up a lot of savings, also using equity in my home. I called a law firm today about helping me and they told me not to pay any lawyer because Wachovia refuses to work on loan modification with any outside attorneys. Can they be sued with a class action law suit. Someone needs to give them a big push to really do something.

  63. Lorna J says:

    I applied for a loan modification in 1/09, no response until 3/09. they can’t help me, they keep saying they are working on something to help homeowners and will get in touch with me. It is now June, everytime I call I get the same answer. It has been a nightmare, with wachovia. They have the money, but refuse too help. I called a credit counseling service, they submitted a loan application 4/19/09. Wachovia stalling, they say they have nothing at this time. I am disabled, and will loose my home if my morgtage continues to go up. please help!

  64. Sue says:

    I have been trying to deal with Wachovia since 4/2/09, two days after my first missed payment in 16 years! I have documentation of everything I’ve sent and everyone I have spoken to. All we wanted was to “skip a pay” for two months, since my husband had to close his business in November and it took until now for him to be employed. In the past 17 phone calls, I have gotten 17 different answers-I qualify for hardship, I don’t qualify for hardship-I qualify for a modification, I dont qualify for a loan modification due to a HELOC with Wachovia (which is current), case is closed, case is opened, will have an answer on 6/9, on 6/9 told there is no open application…………………………… I have this month’s payment, just not the last two. Now, since THEY have screwed around for the past two months, I don’t qualify for the payment deferral because I am 3 months late!!!

  65. Peter says:

    Yasuko, how many payments did you miss before the bank gave you an offer?

  66. Yasuko says:

    Hi Peter,

    I missed 3 payments (Dec, Jan and Feb) before I got my 1st offer on 3/10. I retained my lawyer on 2/10. The offer was (1) No principal reduction (2) First 6 years for low gradual interest rate increase (3) 7th year forward for the remaining of the 40 year term fixed @ 6.22%. I didn’t think it was good as I knew better by reading a lot online and talked with a few lawyers (I had another rental house loan being modified by another lawyer). I told my lawyer I don’t want to take it. He resubmitted the application. I got my 2nd offer on 5/18. (1) 10% principal reduction (2) suggest interest start with 5.915 % (this was not clear). I wanted to take the offer as well as my lawyer said it is a good offer. The approved offer was (1) 10% principal reduction (2) 5.714% fixed for 40 years. I believe the difference in between the interest rate of 5.916% and 5.714 % was the day it was actually processed had some type of index of 5.714%.

    Before I missed my December payment I spoke with Hope Now counselor and had some hope then. I did my hardship letter plus financials submission but got declined by the lender. I could probably submit application again and again but then I thought I need a lawyer since I tried to do it by myself and couldn’t get a result.

    Yasuko

  67. David Donnelly says:

    Bank of America is the largest criminal in the history of the USA.

  68. Mrs. K says:

    I am 64 years of age and also had a credit score in the mid 700′s for most of my life. In 2005 I paid too much for my home and in 2006 9 months later my husband died. I tried to sell the house with no luck since we paid and owed too much. All our retirement money went into the down payment. I struggled to keep up the payments and in Nov 2008 finally contacted Wachovia who bought my loan from World Savings to tell them my house was worth 100K less than the loan. They said they couldn’t help me since I was current. I was told to not make payments. I stopped and of course the harrassment began. I was told if I got current they could do a loan modification. I got current and then was told I didn’t qualify. I lost my income when my husband died because we were married 5 days short of nine months which is the cut off for social security widow’s benefits. Again our wonderful government at work. I have borrowed over 65K on my credit cards to keep up the payments. Now of course I can’t pay them, who also have some sort of bailout. I disagree with David. Bank of America settled my credit cards for 30 cents on the dollar and I have a Heloc with them for a 2nd and they told me they would also settle on that. Chase, Capital one and First Equity are the worst at harrassing without offering any settlement offers. So I contacted the HUD area I was referred to for help and spent 1 and 1/2 hours on the phone to day with them and finally with Wachovia on a conference call to try for a settlement. Wachovia after taking mucho info said I again didn’t qualify. When the counselor asked why we were told they didn’t have any programs available. Excuse me what about all the crap Obama is dishing out about helping us. I have decided to day I am just going to stay here until they kick me out. I will have saved 2500 each month and can use that to move forward to a new life. My credit?? who cares. Everybody has credit issues now even if they are good payers. Credit card and lines of credit have been reduced even for good payers so that reduces your credit score. My question is two fold. How long is the longest Wachovia lets you stay. I have heard people up to 3 years but considering Wachovia’ s tactics I am sure they would rather have a vacant house. Also is it worth while to get a GOOD ETHICAL attorney to help, that is if I can find one. I do not want to avoid phone calls for the next 12 months. I have submitted my hardship letter 3 times and they have no record and now they want my income info and I am retired and my income is not prove able. Thanks for letting me vent. I never listened to talk radio before but they sure opened my eyes. I feel sorry for you young people. I won’t be here in 10 years but you will still paying money to this banks and other blood suckers.

  69. justine says:

    What do you think about paying someone to help modify loan with wachovia?

  70. Kelvin Le says:

    Any info about Wachovia loan modification ?
    Please post here so we can all share. Thanks

  71. Jack Thomas says:

    In the last year have you been approved for a loan modification from Countrywide Home Loans only to have your loan modification rejected? That’s what happened to me and evidently thousands of other customers of Countrywide Home Loans (Now owned by Bank of America)

    If so call Jack Thomas 513-899-3478, leave a message and tell me your story… a class-action lawsuit may be soon file against Bank of America

  72. Sean says:

    I can agree that you did not choose cancer. You did howver choose to pay the minimum monthly payment while you were earning income. The whole point of that option is to reinvest the money at something higher than whet the percentage rate is on your loan, not so you can short your house payme nt and begin living beyond your means. I hate to play devils advocate hear, but the only real fix is for John Q consumer to start taking responsibility for their own financial mistakes and misdoings. No one told you not to pay the 30 P&I payments, and you could have even paid 15 year P&I and been done with the loan thatmuch quicker. You however wanted the extra capital so you could live high on the hog, and it backfired on you. I am sorry, but I simplly dont see that as the bank industries fault. As for the woman whose home was over valued? That is not the banks fault either. That would be the appraiser. If you indeed need someone to blame. I know from inside right now that the loan mods from Wachovia are very competitive. They make your arm loan a fixed at around 5 to 5.5 % the reduce the princicple by up to 20 percent, and the do not forbear, they forgive now. Not only that they extend the term out to 60 years. Wake up people, this whole mess is a two part problem, and while everyone has been so quick to sling mud at the banking industry, no one has wanted to point out that the other major cause is people wanting things they can not afford.

  73. Cecily says:

    Why can’t anyone spell on this post?

  74. Moe Bedard says:

    these comment boxes do not have spell check. plus this blog is for information, not to be grammatically correct…..

  75. ann says:

    hello read everyone’s post i have helped dozens of people do wachovia mods i have helped them reduce what they owe by 100,000 plus as well as helped get them a 3-4% 40 yr fix anyone need help email me imanidiot

  76. michelle says:

    Ann,
    How did you do that? Do you work for Wachovia? I have been on a forbearance plan for 5 months now waiting on them to figure out my loan modification. I talk to someone different every time I call because no one has a direct line and the person I spoke with before – is never available again. I am geting extremely frustrated and actually have a lawyer that is ready to take charge. Please send me your email and / or number. Thanks

  77. Marie Castellanos says:

    I have also been struggling with Wachovia for a Loan Modification, they don’t want to help, I don’t know what else to do. I have a big family, and all are depending on me, 3 adults are out of work and 5 kids under 12 and a 88 year old parent. I am almost 60 yrs old and all this people are depending on me. If I don’t get a modification lots of people are going to be homeless. If anyone knows how to get to this blood suckers. I have been paying them interest since 2005.

  78. Moe Bedard says:

    Hey Marie!

    Please visit our forum at http://www.LoanSafe.org/forum and we can help you there.

  79. Marie, sometimes the lender has simply not been supplied with information that motivates them to want to modify, even though it exists! If you’d like more details, e-mail me!

  80. Ruby9 says:

    I bought my condo in 2000 for $80k. In 2001 had surgery I could not afford. I refinanced my home in 2002 to pay for it. In 2004 I suffered a job-related injury. Gov. Swartzenegger changed the work-comp laws & although I hired an attorney, I lost. I was out of work for the next 3 yrs. with no prospects.
    Wachovia assisted me by allowing me to refinance my home in 2005. In 2005 my condo was worth $300k.
    I finally went back to work (for half what I used to make) just to pay the bills. My mortgage balance grew each month until it was was just shy of $200k. I tried to modify my “pick-a-payment” loan with Wachovia in Feb.09. That’s when I was told that my curent payments would increase $60 due to my negative-am payments as of June09.
    I made several attempts to get a one-month extension. They kept losing the faxes & denying me any help due to my Income/debt ratio. One person told me that NO loan mods were being approved – even with an attorney. A week later I called again. A different Wachovia person told me to stop paying and hold back the money for the first payment on a modification. The next month was filled with harrasing calls, sometimes twice a day.
    On the 30th day, exactly, I got information on a modification! My new starting rate is 2.5%, no “pick-a-payment” option, and no principal reduction (even though my home is upside down $100k). The rate will increase every year until it reaches 6.5% for the remainder of 40 yrs.
    I filled out the paperwork & sent it in. The first 5yrs fit in my current budget (interest only). After that I will have to face the foreclosure nightmare.
    Let’s hope that a miracle comes and prices rise again. For now…
    I still have a home.

  81. larry schwalbach says:

    Here’s my story, Wachovia won’t get my payments to $750 a month, they want $1195, I’m out of a job, just found out, my house is going to Sheriff’s sale in less than 2 weeks! I’m writing to Obama and others. I think I’m declaring Bankruptcy?
    I’ve owned my home in Florida for 5 years, and have lost my job. I can’t find a job, and now I’m losing my home to Wachovia Mortgage, since they will not negotiate with me. I want to stay and live in my home. Wachovia was trying to give me a negative amortization loan, which the payments are too high, and I would be right back in foreclosure again.

    Can you help me please? Where is the stimulus package. My home is set for Sheriff’s sale on August 10th, 2009. Where is the Obama plan? I need help, I thought Wachovia would want me to stay in the house, rather than take it back and loose over $138,000. They haven’t negotiated well with me. The house across the street just sold a few months ago for $95,000!

    This is putting me in a position where I’m going to have to declare bankruptcy. I spoke with Wachovia mortgage today, they said there should be some stimulus in a week or two.

    Please help me as soon as possible. I have less than two weeks.
    I need an answer or help before August 10th, the day of the Sheriff’s Sale, the day I loose my home.

    Thank You,

    Larry Schwalbach

    Seminole, Fl.

    Taken out for your safety

    cc: President Obama, Charlie Crist, Nancy Pelosi, David Pope, Mary C. Reeder, Barney Frank, Harry Reid, C.W. Bill Young

  82. Moe Bedard says:

    Great, now make sure to send that to each congressman or woman you have listed here. Keep up the good fight!

  83. Mark Duffy says:

    World Savings sent us numerous junk mail to refinance our house 3 years ago. They were persistant on a 4 option loan. A month after the loan took affect I saw a news program that told homeowners to get out of the this loan immediately because it will lead to forclosure. World Savings would not let me refinance with out paying an early termination fee of 15%. Then a year later, the housing market crashed and my initial 200,000 down payment has vanished. Wachovia took over and wants another 60,000 down payment to refiance. They will not help lower the 30 year payment 400.00 lower so that we can afford it. In the mean time, every year the payments increase and the 30 year payment is more and more out of reach. I feel like they are trying to slowly take away my home. Why would a bank encourage their customer to give up, I don’t even want to maintain this house now, because I don’t see myself owning it in the future. I see a forclosure in my future. Why are they encouraging forclosures. I am paying 7.85 percent interest, I am asking for a 2 percent interest reduction to make this loan sustainable. Wachovia will not listen and will not help.

  84. patrtick schneider says:

    I just read all these comments and I am right with you all on the confusion and crap Wachocia is doing. They want me to resubmit again after giving them everything they want. Does any one know where I can get some help and advice. I cannot afford an attorney ..I am in southern CA. up side down. Is there a class action law suit going on I can get involved in.? I got sold the pick a pay bill of goods by World Savings. Lost my job and trying to pick up work where ever I can.
    Patrick

  85. Leila says:

    My brother had a Loan with wachovia who used to be World Savings bank. He was put in a negative loan 5 years ago, no his loan has adjusted to the max, he cant afford the adjusted loan payments and trying to deal with Wachovia has been a nightmare, they dont even want to help him….. this bank really needs a kick in the butt by congress. I beleive those that were put in negative amortization loans should be a great candidate for modification especially if your property value has dropped severly.

  86. Leila says:

    My brother has a loan with Wachovia, he was put into a negative amortization loan about 5years ago when world savings bank was still around. Before he fell behind in payments he reached out over and over again to Wachovia explaining that his loan has adjusted to the max amount and that he is in a negative loan and he cannot affort the adjusted payments, they advised him in order to qulify for a modification he would ne to actully fall behind in payments? SO he did, now 11 months later they are giving him the run around with no help and communication. His property value has dropped severly and he already re-assessed his taxes. wachovia told him he can eithet take a $1700 payment with out impounded taxes and insurance or leave it, if he would want to impound his taxed they would charge him an additional $500 well he’s back to aquare one that is an outrageous offer. I cant beleive that these people can get away with that. Congress really needs to open their eyes and take a good look at this bank and their ethical practices. They are the one who put my brother in a NEG-AM loan they should get him out of it with a reasonable offer, how dare them mess with peoples lives and hard earned money. Im am beyond angry.

  87. Andrea Davis says:

    Since October of 2008 I have been requesting assistance from Wachovia, I have gone from a green plan, refinance, short term help and remodification. I have written 4 hardship letters and pleas to help. NOTHING!!! They are awful. I have never felt so little in my life. I work for a newspaper, our wages were cut, we now have 10 forced furlough days and commission is non existant. I hope the government can come in and intervene, they don’t treat people like people. I warn anyone against using this bank for any needs!

  88. larry schwalbach says:

    On 8/6/09 Wachovia sent me a letter, basically said Sorry we could not assist you on a loan modification, they held off on the foreclosure, but foreclosure proceedings will commense. Guess what, the sheriff’s sale was on 8/10/09! They did not stop anything. I had to declare Bankruptcy ch 7 just to keep my house as the attorney said, for 3-4 months. If I could find a job, then maybe I could work something out with Wachovia. They lied, they did not stop my foreclosure proceding at all.

  89. Firefighter Tony says:

    Im in the same boat as most of you who made the mistake of making Wachovia my 1st and 2nd mortgae leander. The deal is I have 3 jobs and fell behind do to my wives illness and lack of work at her job. I am 100k plus upsidedown on my 1st and owe 25k on my 2nd (I have no PMI ins). All my savings is now gone and and im am about to sign for Chapter 7 to get rid of the credit card debt, both our autos are also way upsidedown. After a year of nego. with our bankruptcy lawer we are ready for the chapter 7. The problem is our lawer said we would not be able to modify if we declared chapter 7. Why not? after chapter 7 we can afford to pay at least a modified morgage payment. Wachovia will loose a min. of 125K if they choose not to modify. I will loose 100k of my investment but they will not get a penny from us, because if they dont modify I will include them in Chapter 7. SO EVERYONE LOSES, WITHOUT LOAN MODIFICATION.

  90. shirley says:

    I am at my wits end. Been trying since May, still just getting the run a round.Talked to a HUD counselor who said I definetly qualified for a loan mod. After sending info over and over I have gotten nowhere. I am now 1 month behind. Called the HUD counselor back and she said “Oh well I dont know what to tell you maybe you should try again in a couple of weeks.”
    any one have any ideas on what to do now?

  91. TJ says:

    Today 9/11/2009, I called Wachovia to inquire about doing a modification and was told: We are waiting on the government to come out with a modification program. HUH??? I said other banks are doing modification programs. Its on the news what a dismal failure the modification program is. Her answer was oh no, there are 2 programs, one is refinance, thats what everyone is doing, we are waiting for them to roll out the modification. Do they take us for morons.

  92. Firefighter Tony says:

    Well, after months of calling every day, they are still reviewing our file. Every time we call them they give us a different story. Wow they were given money from the Government as an insentive, and they aren’t using the money for what it was intended for (They should all go to jail for stealing the American peoples money). Wachovia is running our economy into the ground. For five years I never missed a mortgage payment, and like a lot of you, had some hard times, and now they just won’t work with me. Oh well I guess I will have to retain another lawer for this too, because that seems to be the only way they will listen.

  93. Doris says:

    After months of weekly status calls, I was told by a supervisor at Wachovia that they are not modifying second loans. To my surprise and after months of supplying update bank statements, pay check stubs, etc., required in order to modify my first and SECOND loans (80/20), according to the suprervisor, Wachova is not modifying second loans. During the entire process, I was told that my first loan had to be modified and as soon as it was, the second would be modified. Apparently, this is not the case. I have called several times during the day and have never received the same information. I wonder if these inconsistent statements are stalling tactics in hopes that I will give up and just let my property be foreclosed.

  94. Willie Cruz Narvaez says:

    Can someone assist those so- called Wachovia loan counselors, tell them what a mortgage is and why we are in this disorder in the first place. I have owned my investment properties for over 10 years. All 3 homes are located in Florida and they are not selling at an equitable price. Bottom line the Loan counseling dept is just a mouth piece for the bank and a waste of capital. They are lacking astuteness or at least 70% of them!

  95. FF Tony says:

    Ok so we filed chapter 7, and the next day we recieved foreclosure papers from GMAC, Wachovia sold our loan , they said they didnt sell their loans, and on the day we closed we signed a form saying we didnt want our loan to be sold .So today we retained a lawer and we have a chance to stay in our home for 8-10 months without making a payment (until we get modified). Lawyer fees -$1500. No t making a mortgage payment for 10 months- saved $20000. Winning in a Wachovia loan modification ……PRICELESS! Hire a Lawer it will only cost you what you would pay for a 1 mortgage payment, its worth it, So if you still have income, make Wachovia sweat for once.

  96. claudio saavedra says:

    Same situation than everyone here. Fighting with this guys for over 7 months trying to get a loan mod. Everyday I call they have different kinds of answer. Let’s call FTC. Anybody having problem with wells fargo denying loan mods and giving us a run-around should file compliant with FTC 877 382 4357. They say if lot of people complain there will be investigation and follow up with class action suit.

  97. shirley says:

    I finally got my HUD counselor to do a conference call with wachovia last night, boy was she surprised when the gentelman in loss mitigation told her no we are not doing loan mods under the making home affordable program.
    My counselor said but you are on the list I received from my supervisor and he said well the program has been out there for 7 months do you really think it will happen. Meanwhile he said I may qualify for MAP. We will see, and I am really sick of their commercial Wells Fargo/Wachovia together we will go far, It should say together we will go into foreclosure!!!!!!!!!!!!

  98. Constance says:

    I have a Texas equity loan through Wachovia (originally with World Savings). Due to illness and being in the hospital in March of this year, I did not make any money in May and could not afford my mortgage payment. I was told many times I was perfect for modification, sent instructions twice, and after faxing 12 pages, called and was told “wonderful but call back in two days.” I called back in two days and was told “Nope, you don’t qualify because you have a Texas Equity Loan and HAMP was only for FHA and FMNA.” It is now July and I am now almost 3 months late and they kept telling me just to wait for HAMP for my type of loan as it was coming out next month………next month…….next month, etc., etc. Once I was at 3 mos. and 2 days, they told me it was too late to make a partial payment but wait until we get HAMP with the new rules.

    After many, many hours every week and being told something diferent everytime I called, I have now received my notice to pay my 6 months dues plus late fees plus drive by fee plus $1,017.00 attorney fees. They say that they will let me pay 1/2 of that and the rest I can pay in 6 months on top of my mortgage payments. IF I could NOT afford the regular payments, how the hell do I pay the extra payments now with more fees added. I WAS told by the Executive Offices that I was not in forclosure on September 14th but the Foreclosure Dept. told me they start procedures on the 10th. Right hand not knowing what the left is doing/saying. I have left 6 messages with the Executive offices and have had no return calls!

    My loan was just a refinance loan and I had and STILL have more equity than I borrowed. I do not have two loans, it is simply a loan where I borrowed against my equity eight years ago and made it a larger loan. My home is now worth $40,000.00 more than I owe.

    IS MY TYPE OF LOAN AVAILABLE FOR A MODIFICATION? My letter to come up with over $5,000.00 was written on the 1st and received on the 8th of this month. I now have 6 days (3 are weekend and holiday) to have the money in their hands.

    ANYTHING you know about my options would be greatly appreciated.

    Thank you in Austin, Texas!

  99. angel marquis says:

    Wells Fargo is my nightmare. I am an educator and my husband works for the auto industry. Three years ago we bought our home and were put into a mortgage with LPMI. Our current rate is 7.35%. We have no equity, and because of the downfall of the auto industry, we have no cash reserves. I started calling Wells in December of 2008. My husband was laid off and it was becoming very hard to make our payments. Our philosophy is simple. We are hard-working people who want to keep our home. We have two small children and live in a nice community. All we want is a lower interest rate; to refinance. But, because of LPMI, and now because our loan was not originated by Wells(Fannie Mae), we do not qualify for the harp program? Why is that? Also, I agree with several others who say you get different answers different days. We tried to d the modification and the works. I faxed a hardship letter, pay stubs, etc. It took 3 months for the paperwork to be scanned into the system and another two months for an answer. And this is what we were offered: They would redce our payment for 6 months and after the six months we would have a balloon payment of 10,000 dollars!! Who in their right mind would agree to this official document that was sent by federal express. My husband and I trashed the documents. All we want is a simple refinance!! We bought our house for 254,000 three years ago with 0 down. Our loan is backed by Fannie Mae. What direction do we go in now? We don’t want to foreclose, but some people say that is the only way you get help from banks? Please help!! amarquis1971@yahoo.com

  100. Kelvin Le says:

    REMINDER

    Same situation than everyone here. Fighting with this guys for over 7 months trying to get a loan mod. Everyday I call they have different kinds of answer. Let’s call FTC. Anybody having problem with wells fargo denying loan mods and giving us a run-around should file compliant with FTC 877 382 4357. They say if lot of people complain there will be investigation and follow up with class action suit.

    FROM :claudio saavedra

  101. Val says:

    Wachovia, and this it’s loan modification process is a joke. After completing and submitting the required paper work 5 times they are still requesting the last 30 days of pay stubs, I believe this is a stall tactic, they currently have the month of Aug. Sept. and Oct. pay stubs and are still having a problem verifying my income.

  102. Kris says:

    This is the best & most honest blog on Wachovia Loan Mod horror stories…I have been trying for over 9 months to get an approval on the ‘Map” program & just last week I was assigned my VERY OWN WACHOVIA rep with an actual phone number to call her directly !! I had to start all over with the paperwork..by the way, this is my “rental property” with Wachovia…She says I should get an answer in 2 weeks…(can’t believe that, can you)…My primary residence is also with Wachovia & they sent me the “HAMP” package last week & need it filled out & back by Nov 22…It seems like a real longshot to get either of these approved by the same bank…By the way, they didn’t even know I had 2 loans with them !! Have ANY of you hd an APPROVAL with the “MAP” or “HAMP” programs….I am self employed and it seems like they really don’t understand anyone who isn’t a W2 employee with a regular paycheck each month…I am doing 3 different business’s right now to get over my “hardship”..I was not making any money for almost a year after 3 knee surgeries & over 30 SUCCESSFUL years in the real estate business & NO INCOME in 2008 !! They wouldn’t even talk to me until I was OVER my HARDSHIP….Well you don’t GET OVER a HARDSHIP in a week or two…So I was able to show income after about 5 months & they started talking to me…This was back in April 2009….Its been VERY DEPRESSING as I am 64 years old & thought I would be on a cruise ship sailing around the world sipping cocktails having “no financial worries @ all” at my age….I guess there are alot of people not ever going to be able to retire now….Plus having bad credit is a real sad thing to me as I have always had a 740 FICO or higher & never been late on anything in over 25 years…HAS ANYONE HAD any good luck by themselves getting approved or do I need a good aggressive attorney ?? I keep reading that Wachovia will only deal with homeowners direct on a HAMP loan ?? What have you heard ??
    Thanks for all your HONEST & HEARTFELT STORIES…We need to get together & get this problem solved ASAP for all the hardworking good people having job losses…losing equity in our homes…can’t refinance…using savings to make house payments on something that just keeps going down in value…medical & family problems…ITS JUST NOT FAIR !!!!!

  103. larry schwalbach says:

    Did anyone see this?
    http://wilderside.wordpress.com/2009/11/26/hope-for-thanksgiving-judge-stops-foreclosure-throws-out-mortgage-and-scolds-bank/

    I wish I could get my judge to decide to order my mortgage canceled with Wachovia. I tried to work out an agreement. I hope more judges do this nationwide. We are struggling to make ends meet. The judge said they were mad at the NY bak since it receieved MILLIONS IN BAIL OUT MONEY. Such as here with Wachovia. I wish I could talk to the judge that I will be in front of and let him/her know about this. I had to declare bankruptcy, since my house was to be sold August 10, at sheriff’s sale. My attorney said I would not be here in November, I’m still here, Hope to be here at Christmas. I’ve paid thousands on my mortgage. Anyone else have anything to add to this? I just started a job 3 weeks ago(have not had a job since January, about 100 resumes/applications out there/no jobs in my area of Florida), the was laid off last friday, I was selling used cars (the owner needed a person to help the other salesman to keep the business going, since he went to the Bahama’s for 4 days, came home, then let me go.) Now I’m looking again, he did pay me, but was not much.

  104. Claudia Zamora says:

    well Wachovia said they modified my loan they lowered the loan amount but extended the loan to 40 year i still pay 2200 for a home that is worth 250 home accross the street recently purchased they pay 1500 on an impound account. they are not really helping you just cheating you out more.

  105. Curt says:

    Although I may be one of the “lucky” 3% to have my loan modified by Wachovia, let me tell you my horror story of their modification:

    We were not and still are not late on any payments to Wachovia. We requested a modification to lower our payments in order to not default. I was approved for an interest reduction from 6.63% TO 2% FOR A PERIOD OF 1 YEAR in May 2009, with interest reverting back to original 6.63% in May 2010. I was assured that this modification was an agreement between the bank and myself and would have no negative info reported to my credit bureau file. LIARS! As I have tried to refinance my home, I have come to find out that my credit file contains the following statement: PAYING PARTIAL PAYMENT AGREEMENT – which in turn is far worse than being late on a payment, according to the credit bureaus. I questioned the Wachovia Loan Officer who handled my modification, and he did say, by way of leaving a voicemail, that “yes”, I was correct, no negative reporting was to have taken place, but Wells Fargo changed the terms and are reporting modifications as negatives.UNBELIEVABLE! Forget about Wachovia doing what is right and removing their statement. I got a BS letter to my dispute stating that “the info is accurate” No Shit – but you lied! I didn’t need Wachovia’s help in ruining my credit, I could have donne that on my own! My reason for this modification was to NOT HURT MY CREDIT! And I was assured that it would not!!!!

    My question is this: Does not Federal Law REQUIRE banks to notify consumers of changes in terms to their original agreements? Had I not tried to refinance my home I would not have known this was being reported this way, as I received nothing from Wachovia stating that this was their supposed policy now.

    Has this happened with anyone else? I would be interested to hear. If they’ve set a pattern of deceit there could be grounds for looking into a class action lawsuit to correct their wrongdoings.

  106. Mike G. says:

    In 2001 we took out 3 single family home loans – ARMs – with World Savings. We put 20% dn. World promised to rewrite whenever we wanted to move to a 30 yr fixed. World was easy to work with, you could talk to your rep – the same person every time – and they kept their commitments, returned phone calls, & did what they said they’d do.

    Then along came Wachovia… we were close to a sale on one house, found out that Wachovia was demanding an “early payoff” penalty, even tho it had expired years before… they contended a 1 yr lock had reset it, but nothing in writing. 4 months & 5 letters from the MN Atty General’s office finally got them to answer – they refused to cooperate. 2 months later we discovered Wachovia had waved all of these early penalties!

    In 10/2008 Wachovia finally agreed to rewrite 2 of my 3 mtgs to fixed rates. They paid for appraisal, approved my credit & told me I could expect to close in “2 to 4 weeks”. I called 2x/wk. By late 11/08 they had “lost” some of my paperwork, paperwork they earlier confirmed receiving. Resubmitted. Early 12/08 “underwriting” needed more doc, tax records, etc. I supplied… they only got “some”, I refaxed, they again lost, I refaxed again. Now being told “everythings in underwriting, be patient”. Finally in 1/09 I demanded to know what was up. They said they’d check. 2 days later I receive a form letter with my name misspelled saying I didn’t “qualify”. I called but got absolutely no answers, no promised return phone calls, no nothing! Somewhere along the way I was told by a Wachovia manager the reason I did not get the loan mods was because Wells Fargo was dealing to acquire Wachovia at this time, and “very few mods were approved” the last quarter of 2008.

    In 1/09 I tried many times, unsuccessfully, to talk to “Loss Mitigation”. I was told outright “Oh, they won’t talk to anyone unless you’re at least 3 to 4 months delinquent”! I sent registered letter stating I would not pay on one of my homes until I was able to talk to them! Continued to try to reach them to no avail. Finally in 4/09 I received a call from them. I was told they were getting “a new program” that would probably allow me to refi at least 2 of my 3 mtgs… “check back with us in about a month”! In early 5/09 I submitted all the paperwork crap again, as I remember, some was again “lost” but the process was moved along, if at a snails pace. I finally received a call & told we had been approved. I was told my interest rate on my home I was living in would be 4.9% (30 yr fixed) and 5.5% on my “investment” home. My wife & I were excited – we had finally gotten Wachovia to actually do what they had long promised. We had the legal papers over-nighted to us. We were first happy, then taken back: the terms were now at 6.5% on both houses! I called for 2 days – finally got a V.P.’s name off the internet – she wasn’t happy I had reached her – she said she’d call me back… she did very shortly, saying “that’s the best we’ll do, take it or leave it, I don’t care what you do”!

    We very reluctantly signed the mods, then sent them a registered letter explaining things, and notifying them we would no longer make payments on one of them which did not cash flow. We offered to negotiate with them & try to work something out. We received no answer, except form letters telling us they were “very concerned”. By late 2009 I repeatedly tried to find out about “short sales” & “deed backs”, but was told “Wachovia doesn’t do that”. Finally in 12/09 I received an over-night envelope with a small 4 page brochure entitled “short sales” in it… nothing else. Tried to talk to someone there, no body knew anything about short sales or who might have sent me the brochure! Then 1/2010 I receive a form letter saying I “qualify” for $2500 if I participate in a short sale. It has a cut-off date of this same month.

    In 2/10 I talk to someone at Wachovia who wants to know what I “intend to do”. We talk for 30 minutes or more… he really offers nothing specific, except to say “maybe you want to do a short sale, so your credit isn’t hurt”. I tell him my 780 credit scores have gone in the toilet thanks solely to Wachovia.
    He commiserates with me that a lot of people are having mortgage problems. Again, he has nothing concrete to offer me. A few weeks later I receive another form letter, this time offering me $5000 to do a short sale, and gives me until 5/10 to finalize it.

    These lying whores can have their house back. And they will probably get the other 2 back as well. Wachovia do not negotiate or even talk to their customers in good faith. They have no interest in doing anything except hassle you. The truth is not in them. They do not return phone calls. They give you the run-around constantly. You can not talk to the same person there twice, you’re constantly transferred to people who have no idea what you’re talking about… phone calls from the customer take 30 minutes just to tell your story to someone who turns out to be nobody that can help you. You have a better chance to talk to the Director of the IRS than someone who knows what they’re doing at Wachovia. Negotiating with them is like negotiating with your 2 year old!

    It has become obvious Wachovia wants to be in the real estate business! I’d like to pay them back what I borrowed… I’m not asking for a handout (like they’ve done), I just want the fair, reasonable 30 yr fixed mortgage I was promised many times. Unfortunately, they don’t want or need my money.

    It’s really time the Feds let incompetent mortgage companies like Wachovia go out of business. They’re nothing but a bunch of self serving goof balls who have earned the problems they have.

  107. Ms McDonald says:

    This is a story no one would ever believe! As this recession in approx. December 2007, my business went way down. By June 2008, I could see that the “pick-a-payment” loan I was so talked into by World Savings (now Wachovia) was going up, up, up, each month..and I didn’t have the money to pay. I called. I was told they can’t do anything unless I am late in payments.
    What? You want me to stop paying? Yes, because unless I am late they will not do a modification.
    First, up until now, I have never been late on a payment.
    So I do it. I called in 2 mos and they tell me to pay 3 mos, and then they will modify. What??
    I could go on and on and on about what happened in the next YEAR..but to save time, I will simply say this:
    I have been asked to send pay stubs, copies of my bank statements, copies of all my taxes, copies of my new tenants lease agreements, (I got 2 renters to help me with possible payments and to show Wachovia that I am indeed trying), send them proof of residence for my two renters. They asked me for a hardship letter, as well. The above has been asked for, since Aug 2008, about 8-10 times!! After the first couple times, they finally told me I need to sign, date and put my loan number on each and every doc I fax in!
    NO ONE ever told me this prior!
    The loan modification has been closed and reopened about twelve times!
    I was told to go for the Obama loan modification, only to be told it went thru and I will receive a packet in the mail. After a week, I called back wondering where it was, and was told that my file was closed because I didn’t qualify for that loan, we are going back to that old loan once again! UGH!!!
    This has been going on since August of 2008!
    Yes…and I haven’t made one payment in 19 mos, it isn’t in foreclosure…so I naturally assume they have lost so much money at this point, I will surly get this modification!!
    So just last week, I called to see the recent status!
    Know what they told me?
    I need to send them MY TENANTS bank statements!
    What?? This is unheard of, and even 3 different people that I talk to on the phone at Wachovia said this is something that is #1 never asked for and #2, is almost illegal to ask for!
    So here I sit, in my town house that used to be worth over 800 Grand, and is now probably worth about 400 G. I owe 700 on it, and who knows when this will be resolved.
    Wells Fargo is supposed to take over this bank in about a month. So I thought I would go into Wells Fargo and talk to the guy in the Home loan dept and see what he had to say.
    Well, he had no idea either, because Wells Fargo, I was told, will NOT be taking over these home loans and modifications! Wachovia will continue with them.
    How can a bank that went under do this?
    I have no idea. But here it is March 2010, I am still in my house, foreclosures all over in this complex, yet they are STILL asking me for more, more more…so I stay. I refuse to do a “short sell” I want to stay in this house that I have been in for ten years this month!
    If there was a person I could go to about this I surely would. But who? A lawyer?
    I don’t know….but here I sit…call..and wait it out!

  108. Lee Baker says:

    My name is Lee Baker.
    My late fathers home was willed to me.
    Wachovia are a bank that gets help, BUT DONT WANT TO GIVE HELP. They have run me from one dept to another dept.
    Here is how they work.
    The house was with no one living in it for 2 months.
    All was taken. They sent someone up to take a look.
    They said they could help no problem. (WHAT A JOKE)
    I spent 8k fixing the home.
    I fax over papers they say they didnt get them 7 times I faxed over papers. Now 4 months later fore closer papers. They SUCK SOME ONE SHOULD TELL THEM NO BAIL OUT FOR YOU CANT HELP. OUR TAX DOLLARS KEPT THEM AFLOAT NOW ITS F @@@ US.

  109. Larry says:

    Notice the Time, it’s 4:57am. I cannot sleep. I was served today with the Sheriff’s sale of my home on June 7, 2010. I had declared bankruptcy last year in August to stop the sale, but now I’m going to loose my house in less than 2 months. Wachovia will not work with me. I’ve called my bankruptcy attorney 3 times this week. He has not returned my call. I’m afraid I will be homeless after June 7th. Can anyone recommend a good attorney in the Tampa area. WHAT AM I SUPPOSED TO DO? I can’t find a job still in the Tampa area. Neither can my girlfriend. Thanks a lot OBAMA!!!!!!!!!!!!!!!!!!!!

  110. Larry Schwalbach says:

    I need help asap, I recieved notice Monday the hearing would be rescheudled, then on Saturday, the Sheriff’s sale has been set for June 7. I need something done fast. Can I declare Chapter 13, like this guy did?
    http://www.tampabay.com/news/courts/civil/around-tampa-bay-foreclosure-means-never-having-to-leave/1077823.
    Again Wachovia will not help me, I need to save my house!!!

  111. frances whitman says:

    4/26/2010
    Here is my fiasco from Wachovia….can anyone help pls.?
    6 April 2010
    Scenario of Loan Modification Program

    I would like to explain the situation re: Wachovia Mortgage Co. Approximately one year ago I was approached by a real estate person that Wachovia had hired to see if they could help me with my mortgage.
    She was from Century 21 . She was very helpful and instructed me on what I needed to do to apply for the Loan Modification Program. We went thru the interview (approximately 45 minutes). They asked for several documents, 23 pages to be exact. I submitted the documents they requested and they repeatedly called me and asked me to submit again some of the documents they claimed they hadn’t received (I faxed all the documents to them). Fax. 1800-313-0892.
    I received numerous calls asking again for documents I had already faxed to them. I resent the documents. Again, they called me numerous times asking for documents they claimed they didn’t receive. After about 3 months, as they said it would take some time for review, I called, they said oh that expired. I was aghast. They said I could start the process again. This happened 3 times, due to them repeatedly asking for my husband’s wage statements when had they written info down that I gave to them he passed away in 2006. They would say “oh I am sorry for your loss”.
    In addition to that they would ask me for my wage statements. I repeatedly told them I was retired and that I was 67 years old. After approx. one year, which was March of this year , I was told now that I wasn’t approved due to my house being rented out and didn’t qualify. They knew all the time that this was the case as they would ask me (every call made to them or their numerous calls to me I would state my property address, mailing address, social security number, loan number, phone number and do they have the permission to do automatically-dialed calls to my phone number? . I said yes. Needless to say I could repeat this verbatim.
    Now at this point they said there is another program called the MAP Program (an in-house program). They took the information, and three weeks ago I received notice that I was approved and that they would be sending me the new documents.
    Well last Wednesday 3/31 I called to tell Wachovia (1888-565-1422) I hadn’t received them .Spoke with a Randy; he told me that it was sent out UPS, and that if I didn’t receive it by Friday April 2, to call Wachovia (as it was due back on 4 April). I called back on Friday and of course wasn’t able to talk to Randy but then got another girl and she said oh it was sent out by regular mail; we got cut off so called back and got yet another girl Sasha who said it was sent out by UPS but didn’t have the tracking number. However, when I received it should be by the next day, to send back at least the “documents” as it was due by 4 April. I called the next day now Saturday and now got a person by the name of Christina Gonzalez who incidentally was rude, and condescending, and proceeded to tell me it actually wasn’t UPS, or it wasn’t sent out by regular mail, but was in fact emailed. She stated that the notes said I requested documents to be sent out email. I told her I didn’t care what her notes said, . I absolutely did not request it to be emailed, for I know when I receive paper work I want to be able to sign for it as proof. I asked her when was it emailed she said 24th or the 25th; I said which is it. She said the 25th. I went to my email and didn’t see anything from Wachovia. I don’t open any email that I don’t recognize the address. She wouldn’t believe me. And said didn’t matter I needed to go to the bank at 1000 N. H Street (we don’t have a Wachovia here) and in addition to that that was the wrong information she gave me for there is no Wells Fargo on 1000 N. H Street. This is just another indication of the repeated wrong information I had received all along. She was so rude that I did not want to continue the conversation and graciously said thank you and closed off.
    I then called back and got another girl who , who told me that she didn’t know the UPS #. I called again on Saturday and was connected to a Ramon. Told me that it said it was emailed and that I should look under “Tech” something. I went to my computer and looked back on the 25th and looked for the address “text” on that day . I did find it and told him to hold on while I read it. I also said to him that one of the persons I had talked to said I qualified for an 18% reduction of my mortgage and that everything would be brought up-to-date. I told him I didn’t see anything like that in my paper work; all that was there was the letter stating what my payment would be another form for me to sign for “automatic withdrawal from my checking account and then one more page that had a list of interest rates. There wasn’t any paper work to address the requirements or what the contract entailed. Told him I couldn’t sign anything like that that was not a complete package. .
    Ramon went back and researched and said they in fact Wachovia had failed to send out page 1 of 2 that explained the agreement. He told me that they were trying to get some information from a supervisor and someone that could email this out again; (I never have requested from anyone important documents like this by email, but Wachovia was giving me no choice now as they said it had to be returned by April 4.) . I was on hold for over 45 minutes back and forth. He was very gracious and said he would send out new paperwork by email. As he came back to the phone, and this happened about 4 times for me to hold on as he was trying to get a supervisor to find someone to send or email the paper work; he apologized and said there wasn’t anyone in that could email paperwork as that department wasn’t there on Saturday. He would make a note for the department that is responsible for sending the documents by email to email it out Monday morning. Told me to watch for it and Federal Express back to Wachovia on Monday so they would receive it on Tuesday 6 April (today). I expressed concern about the deadline of 4 April 2010. He instructed me to send it back Fed. Express. Interesting since the bank takes all the time in the world and “mistake upon mistake, emails it out the “cheapest way they can” and then want me to pay the Federal Express One-Day Charge, but agreed I would do that.
    Again, the package didn’t come in my email, or any other way on Monday morning or all day. I finally called in the morning (as I had to drive my 90-year old Mother home 50 miles away) When I returned at three-o-clock, I called and notified them I still didn’t have it. Now I was connected to a man name Joe. He said “oh that department has gone home and there wasn’t anyone available to email the paperwork and for me to call on on Tuesday, today. I did that and now got Michelle Aquilar who incidentally was very helpful… Told her I had repeated this story so many times, could I possibly talk to a supervisor, she turns me over to a Desiree Flowers. She was less than helpful. \
    Ms. Flowers told me it didn’t matter If I had opened my email when they sent it to me (even tho the email address was no t from Wachovia and no one explained to me that it would be sent out email for I never requested email in the first place) l I would have been able to return it to them by 4 April. I explained to her above that I don’t open my email from addresses I don’t know who they are and that I, emphatically, did not request it to be sent by email. I reiterated to her that from all the mistakes that were made on a continual basis, that obviously that was just another one. She said I’m sorry I cannot do anything about this. It has expired. I said you people didn’t send out a whole package. You didn’t have Page 1 of 2 which “Ramon confirmed She absolutely would not listen to me and said it had expired and that they didn’t offer that program anymore. I proceeded to tell her that I was less than satisfied and did not think she or Wachovia was being reasonable or fair in their process. I said this whole process was earmarked “Incompetent from the start to finish”. She said “I am not incompetent”. But it screams “Incompetence” to me and to the many persons I have talked to about this whole scenario. I cannot help but think Wachovia does this type of prolonging and making the continual mistakes intentionally.
    I could see she didn’t have any intention of helping me or assisting in any way, just kept repeating that it expired on 4 April. I advised her that I was going to call the TV Station and fax and/or write to my Congressman and Senator.
    I also have seen websites where people have written in about their experience with Wachovia in the loan modification process and let me tell you it isn’t in the majority of positiveness.
    This is very serious for me as it is a matter of losing my home That may not mean a great deal to Wachovia, but it means a lot to me. I am a widow and this home will sustain me for my retirement. I am 67 years old and am retired as of 2006,when my Manager laid be off 6 weeks before my husband passed away from terminal lung cancer.
    I would appreciate “higher management” looking into this and reinstating this offer.
    Thank you for your time.

    Employees I have spoken to since 31 March 2010 regarding this modification.
    Randy, Sasha, Christina Gonzales, Ramon, Joe, Michelle Aquilar, Desiree Flowers

  112. melanie says:

    I am at wits end with this company. My mortgage has been with Wachovia-now Wells Fargo since 2005 when I refinanced to a lower fixed rate. In September 2009, my school district (where I am a teacher) underwent budget cuts that included a special program I had been teaching under. My pay was cut by 11K. Needless to say, I was in trouble and although I have never been late on my mortgage payments in all 30 years of having them, I saw trouble looming. I called Wells Fargo to see about refinancing to a 40 year fixed in order to lower my monthly payment. The enthusiastic gentleman from Wells Fargo insisted I apply for a HAMP modification instead. I had not even heard of the HAMP program until he suggested it. I was approved for the trial period and began making the trial payment in lieu of the normal mortgage amount. BIG MISTAKE! Even though they insisted that was how this whole process works, it has turned into a nightmare of horrific proportions. The HAMP application was filed in October. I called Wells Fargo weekly through the entire process and in January received a “congratulations you have qualified” packet via UPS. Every person I talked to at Wells Fargo said my final payment would be within $50.00 or so of the trial payment. I was stunned to see my “new reduced” payment was only $150.00 less than my original mortgage payment! Stunned, I called Well Fargo only to be put on hold seven times and go through three dropped calls on their end. It appeared they misunderstood my YTD earnings since teacher’s salaries change at the beginning of the school year, not the calendar year. I had tried to explain that to them in writing and on the phone. No luck. I was told to take it or leave it. I persevered and finally got a so called manager on the phone who said that they did in fact make a mistake and he would personally expedite a review. I should expect new documents in a few days. That was January 29. As of Friday, April 30, I still have no final answer. I have spent over 30 hours on the phone with Wells Fargo. I have resubmitted my pay stub, hardship letter and financial worksheet 7 times. On April 30 I received three letters from Wells Fargo. One said I was in default for failure to pay my entire mortgage on time! I have been paying the trial payment early each month! I have asked Wells Fargo every week during my weekly calls if I should continue the trial payments. They answered yes every time. Friday’s call yielded a different answer. The young man named Edward said that while I was correct in making the trial payments, the HAMP trial program is only scheduled to run for 90 days. Despite the delay being their fault, Wells Fargo does not have a way to counteract the negative issues that arise from their own delays. Edward said, “unfortunately collections is a separate branch and they can do what they want. It doesn’t matter to them if the modification department gave me a trial payment and that while I am being reported as “on time” to the credit bureau, Wells Fargo could still proceed with foreclosure. The first letter received on April 30 said I needed to pay over 5,000.00 by the same day-April 30! The second letter said I needed to pay $7,000 by April 30.? What is going on with this company? Edward told me to “ignore those letters. They are just a formality.” REALLY??? My house is on the line here! The final April 30 letter stated that I was denied a modification and the reason was that I declined the HAMP offer they sent on April 23. I NEVER RECEIVED ANY OFFER ON APRIL 23. Edward couldn’t explain that one since he said I had not been offered anything yet and was still under review according to my account on his computer. Also, I actually had a new processor assigned as of April 30. This company is a nightmare. On Saturday, May 1, I received a registered letter from Wells Fargo saying that I owed over $5,000.00 and to pay that by May 25 of face foreclosure proceedings. Another letter that same day said I owed $11,850,00 by May 25. I am beyond enraged and upset. I will hire an attorney (which I can ill afford) tomorrow. I can’t lose my house over their ineptness. What a terrible, terrible place to do business. Please if you read this, RUN from any dealing with Wells Fargo. Note that every time I called them-I was routed to a “customer specialist” in a different state. Each state has different information and updates. Never once did I get the same information twice.

  113. ANNE says:

    So much my husband and I have suffered over the years with
    Wachovia…and now it continues with Wells Fargo! We sit
    on the edge now…just getting our “MODIFICATION PAPERS”
    …OH PULEEZE! The interest is fixed but higher than when we
    WERE paying…the payments will be interest only for some time.
    NO REDUCTION IN AMOUNT. NO REDUCTION IN HOME EQUITY LOAN…they forgive our late charges and lost interest…
    We go to speak to a savvy local realtor, we are told short sell
    they (

  114. ANNE says:

    in continuation…we are told Wachovia/Wells Fargo has a GREAT SHORT SALE PROGRAM…Great for whom? They will resell for
    half the value , try to get us for the H.E. Loan, all of which was used
    to update and repair the old house…So, it will go to the court house
    steps for auction or another Preditor…will step in and buy it…
    We put 100,000 down on a 390,000 dollar home when I was sick
    with cancer…the house is not worth 200.000 now and still needs repair…so what now? I have had enough! They gave us one week to sign on the dotted line…Bankruptcy Attorney said we are too clean. We always paid our bills no credit cards owed…we go no where, we do little but garden and now…??? OKAY, PRESIDENT OBAMA…HOW ABOUT ALL LOANS FROZEN…PAYMENTS ARE TO PRINCIPAL ONLY FOR 5 YEARS AND A MODERATE MONTHLY SERVICE FEE TO THE BANKS OWED…AND/OR BE ABLE TO BUY DOWN THE LOAN YEARLY WITH A 20 % BONUS TO AMOUNT PAID FOR REDUCTION OF LOAN…HMMM, THE BANKS WOULD STILL BE IN BUSINESS, THE LOANS WOULD STAY THE SAME AMOUNT OR EVEN BASED ON A SLIDING SCALE DETERMINED BY AN OUTSIDE SOURCE…PEOPLE COULD KEEP THEIR HOUSES, PAY DOWN THE LOANS, BANKS WOULD KEEP WORKING, AND MAYBE JUST MAYBE A LITTLE OF THE AMERICAN DREAM COULD BE REALIZED AGAIN. Recently I saw the President on TV throwing out the first pitch…NOW WHAT WE REALLY NEED IS HIM TO STEP UP TO THE PLATE…AND TAKE A SWING!

  115. Claudia S. says:

    I began our loan modification process with Wachovia back in Oct. 2009 and to date we still haven’t been able to finalize it. I find it absolutely stomach churning that every single god given financial documentation was provided to them (within 24 to 48 hours after Wachovia’s request), and they still managed to delay the review process by claiming that the fax was never rec’d, the date was missing, the name was misspelt, Snoopy ate the mailbox, and Garfield, the cat, jumped on the stack of papers and his lice/fleas ate the documents!……seriously, my 5 year old son has better (and thankfully less) excuses then the Reps at Wachovia.

    Well, I don’t know about you guys, but quite frankly, I’ve had enough. Wachovia shouldn’t have accepted the bailout money from the gov’t (which is really our hard earned tax dollars) if they had no intentions on bailing out anyone other than themselves! I’ve sued Wachovia in the past (before they acquired World Savings Bank) for extending a prepayment penalty fee and I had the entire matter resolved within 1 week….and mind you, I am not an attorney, never went to law school, and I sued completely on my own. Now, that being said, I took some of my own steps yet again for the 2nd time in hopes of getting what I was promised when we initially went through the phone interview: (1) 2% fixed interest rate; (2) lower monthly payment that included my escrows; (3) keeping my home (especially since we put 20% down payment on the purchase price back in 2005). I am keeping my fingers crossed that I will succeed for the 2nd time but it’s never a guarantee!

    I think that if we all ban together (picture the Boston Tea Party) and everyone writes or files a complaint to the addresses listed below, then they will have no other choice but to listen and comply. My filed complaint alone is completely useless unless it’s backed up by everyone else who is experiencing the same difficulties. Below you will find the steps in filing a lawsuit and complaint in your own County, but please keep in mind that all we can do is try our best and hope it’ll work:

    1. gather all docs and any fax/mail/email/fed ex confirmations sent to Wachovia;
    2. organize in accordance to date, all phone calls made to Wachovia, whom you spoke with, and the topic covered during that conversation;
    3. go to your County’s website or google “how to file a complaint in _____ County”. Once at the website, you can download the forms you need to complete in order to file a lawsuit. Be watchful of the Complaint you submit to Court, because there may be 2 different lawsuit forms: (1) small claims (typically used if you are suing for less than $6,000); and (2) civil complaint.
    4. If you do not have access to the web or your county does not provide this online, you can visit your county clerk and ask for the forms directly.
    5. in addition to filing your own lawsuit, file a complaint online with the Department of Banking and Insurance and also with Thrift Supervisory.
    6. Lastly, once you have a copy of your filed lawsuit at hand, along with all the other online complaints you filed, feel free to drop a few lines to the following people at Wachovia:

    Wachovia Corporation
    Legal Division
    NC0630
    One Wachovia Center
    301 South College Street
    Charlotte, NC 28288
    (704) 374-6611

    Board of Directors
    Wells Fargo & Company
    P.O. Box 63750
    San Francisco, CA 94163
    email: boardcommunications@wellsfargo.com

    Wells Fargo & Company
    2711 Centerville Road
    Suite 400
    Wilmington, Delaware
    Attn: Mr. Mark C. Oman

    Good luck to all and if you have any questions feel free to drop me a line at clichtenstein@hotmail.com. Just remember, I am a regular schmoe like everyone else, sharing my experience that worked for me back in 2008 and hopefully again in 2010! Therefore, I can not give any legal advice, since I am not an attorney and hold no office in that capacity either.

  116. Mary says:

    My loan was with Wachovia as well after almost a 1 year finally wachovia has approved my modification under one of their in house mortgage assistance program which I was told is very similar to the MHA program. I was advised I didnt qualify for MHA so instead I was approved for their inhouse modification. I am very happy with the results this will surely save my house and will help me in the years to come. But my story was not easy I went thru the same upside downs everyone is going thru and all I can say is just hang in there and give them what they want but stay on top of them and call them on a weekly basis or twice a week if possible. If you get a rep that seems not knowledgable hang up and call again.

  117. mary says:

    The other advise I can give is that you have to remember your paystubs, bank statements, things of that nature expire every 3o days so they will continue to ask for them as they expire. The 4506T is good for 90 days same as the papers you sign from them. When you fax any documents put your loan number on each page. After faxing call them in 2-3 days to confirm it was received. Ask if your house is in foreclosure activity or on hold and if there is a sale date. Everytime you call u need to ask them this questions. Not all reps at Wachovia know what they are doing or talking about so if you feel their answers are not accurate hang up and try again. Wachovia will not help if you are not working so you need to make sure you have a job otherwise dont waste your time. You dont need to hire an attorney or a modificaiton co. they are crooks I worked for them and I know! They are liars and dont do more than what you can do. My modification was lowered to 2.8 % 1st year and continues to go up until the t6th year at 6.25 will stay fixed for the remaining life of the loan. My principal was reduced $41,000 and my late fees were waived as well. My house pymt was $1950 now $759 including taxes and ins. (interest only) or $979 PITI. Not bad … Just remember it’s not going to be a fast modification and save your money in case they dont aprove your modification you can have some money to pay back what you are behind if you want to keep your home. They will not modify rental houses so you have to make sure you live there and have an utility bill in your name, all your mail has to go to your house. Good luck!

  118. Hello Everybody – Well, just like the rest of you, I have been badly burned by Wachovia/Wells Fargo. I bought my home back in 1999, put $65,000.00 down, all was well until my wife decided she didn’t want to be married anymore. I bought her half of the house and continued life. I wound up getting married again to what turned out to be a anti-social psychopath who ran with my money that was suppose to pay my property taxes. I wound up getting divorced again and then a big blow hit with getting sick and put on a permanent disability. Wachovia did approve a loan modifcation which brought my payments down to $803.00 a month from $1420.00. All was fine and dandy until my I had to make arangements with my local tax collector to pay off the taxes owed that the ex never paid. It cost me $175 to set up the payment arrangements. Wachovia asked me to fax them the agreement, copy of the paid check, and reciept from the tax collectors office. I did it immediately. One month later I receive my check back from the tax collectors office. I call to find out that Wachovia paid all the back property taxes!!! I called them immediately to find out that they did not received one of the documents that I faxed so they had the right to bring the taxes to current status. I copied EVERYTHING that I send Wachovia, and the missing document was NOT missing, they just didn’t grab it off the fax machine. I will also tell you that this was not the first time that Wachovia lost a fax. When I did my home modification, many items had to be mailed, re-mailed, faxes and then re-faxed. The right hand has no clue what the left one is doing! By the time they added the tax payment that they decided to make back in to my loan, my payment once again was adjusted to just under $1200.00 a month. Though this was entirely there doing, I have been on the phone with several people in many departments, and that does not include phone interviews of them “trying to help” (ummm, right). Finally a thousand more forms and interviews took place between us for a government HEMP modification. I received the magic phone call that I did not qualify because my current loan interest is at 2.5%, and the lowest Hemp interest is at 2.0% which would not impact my payment that much. They never told me any of this before we started the journey of another 3 months of wasting my time. So now I have no place to go, my credit is bad from filing chapter 7 a year ago. They have won again! I even had an attorney friend write them a letter, didn’t mean a thing.

    We have to stop this company from doing this to innocent people like us that have had circumstances in our life. Forgive me for any poor spelling or grammar, I am so upset with all this, plus this week I had to put my 92 year old mom in a hospice situation, so it’s all coming at the worst time. Thanks for listening…..

    My Best to All,

    Keith

  119. Phil says:

    Same as you all.
    I applied 4 times this year for the Wachovia Modification, not the USGov modification.
    4 times I have “timed out” due to lack of paperwork.
    4 times I have called every day to hear things like “I see you have all your paperwork right here, I’ll forward this to the underwriters”.
    4 times I have called to find that the time out was due to missing documents.
    THEY DO NOT TELL YOU WHAT IS “MISSING” UNTIL YOU TIME OUT. Prior to that, they say “all is well, this is a real head scratcher”

    When I had a World loan several years ago, they lowered my interest and payment on a VERBAL (later backed with a simple letter I had to sign and return) agreement. World could lower my payment at the push of a button because they wanted me to stay a customer.

    WACHOVIA WILL NOT LOWER YOUR PAYMENT. If they wanted to, all they need to do is lower it, ask you to agree, and accept slightly lower payments for an agreed period. It’s that simple.

    ALL THE HURDLES THEY PUT UP ARE A SMOKE SCREEN FOR THEIR DESIRE TO HELP NO ONE.

  120. Wachovia is a bank that failed and that wreaks havoc with the lives of millions. There should be a congressional investigation into their practices. They are the biggest hypocrites that one could ever imagine because they claim to want to help and then they do the opposite. A woman I know actually received a loan modification and was paying her moprtgage on time for eight months. Nonetheless, Wachovia arbitrarily decided to foreclose and she lost her home. She didn’t have the money to for legal fees and lost her home. This story is repeating all over America. People must remember this atrocious behavior on the part of this pitiful excuse for a bank. No one should ever deposit a dime with them. Please tell 1,000 of your closest friends and write to your congressman to investigate the crap out of them. It’s no wonder that Wells Fargo wanted to keep them a separate entity for the time being, at least. They’re disgusting, too. Remember. Tell everyone you know.

  121. Glen Ridge says:

    When my wife lost her job we fell behind on our mortgage. We was in pre forclosure with Wachovia. Tried everything I could to get the loan modified but they wouldn’t budge. I think they make more if they take the house rather than have me pay on it. My brother told me about a private group that helps out people behind on their mortgage. These people paid the way to get my mortgage current, keep my home and don’t expect a dime in return. helpahome.org saved my american dream.

  122. Tod says:

    I’m going thru the same thing with Chase for ten months now
    I think they are all full of Sh*t !!!!

  123. Strad Galvez says:

    #1 gaurantee worst nightmare -I got a loan withWorld/Wachovia June 2007. My neighbor a Officer at Alliance Title set me up with her friend and Broker at Ace Mort.Funding I was not able to work anymore so to afford my mortgageI remodeled my home to get rent from a studio apt. To do the work myself I needed cost of materials + money to pay mortgage 2 yrs at which time I’d also get a pension+ rent= I could afford to stay in my home. the broker Dan asked me to allow neighbor/officer Lena To use for 5wks $30 grand for show to offset her unsecured debt to qualify for a loan that was 3 years ago they never intended to pay it back. I had the material and I remodeled making the studio.but I ran out of money to pay mortgage they had it. She had wired the money to my account & got cash the next day. 5 wks later I asked for my money & She Said; she spent it gave & me a paper stating straight note. Sept 2007 I notified Wachovia that the broker arranging my loan with them and title officer committed Mortgage Fraud stealing the funded money Wachovia has never responded or assisted in any way over 30 letters begging help. Jan. 2009 I had perfect credit + a brother as co-signer I tried to get out of the bad loan I had been tricked into, they denied it. From that point I tried to get wachovia to modify my loan for 10 mo. they never received documents I mailed 2 times ea with proof of mailing half of the documents I sent 3 times they signed for them but never got them I hired a firm to modify it for me Wachovia denied 7 requests for 3rd party authorization they told the firm that I was refusing it. It took over 6 mo. to get it. they signed a declaration claiming with Due Diligence they could not contact me to get Notice of Default you see problem is that time period they could not reachme is also the same time period that they told the modification firm I refused to allow 3rd party form So They Did Contact Me But They Also Presenteded a Declaration They Couldn’t. You see they had no intension to help me ever just the opposite Default -to forcloserclaimed they had a modificasion program in place NOT SO. claimed they met Ca.Civil Code 2923.5 that declaration signed by Assistant V.P. Sara M. @ 1401 Wiseman Blvd. Tx. on Feb. 10,2010 seems they could care less about the Gov Arnolds laws of Due Diligence can’t contact me . NO WAIT 1 Min. Jan. 2010 I wrote 2 letters to 1401 Wiseman Blvd it is the address i sent 30 letters to “unanswered”. But this one letter I mailed EXPRESS MAIL return receipt & signed for @ 1401 Wiseman on JAN. 6th, 2010 it was addressed to Ms. Lisa B. Vice President Wachovia I was responding to the letter I received from her-”Expressing My Anger About the Games They Use Against Me. OH It also feel in the period of time they could not contact me “I guess I Went Over Your Head Sara-Sorry About that. I bet they have connecting offices. No offer of modification ever came to beno they prevented it with lies and got away with it. BY IT I MEAN THEY TOOK MY HOUSE JULY 2010 I’m in very poor health & evicted how ironic across the street is my $30 grand that would have paid my mortgage up to date but for 3 yrs they ignored the fraud allowing them to steal my money. she has her home with my money and Wachovia is putting me on the street never gave me a chance to keep my home of 47 years I Have No Where To Go & No Funds To Go they took every cent in equity on the route stealing my home I can’t even get legal help God please how wrong can wrong be!! I stand ready with proof of every word written here.
    Stradford T. Galvez
    San Jose Ca.

  124. Christi says:

    Wachovia is not in the business of helping struggling homeowners! I applied thru the Home Affordable Program in June 2010. I sent in All forms requested. ( Many forms had to be sent twice) even though I had Fax confirmation they had already been sent to them. I jumped thru big hoops, Giant hoops and Monsterous Hoops! In September 2010 I received a letter stating I do not make enough money to pay my loan. Understand I have never been one second late! I too was given in Nov 2007 the famous “pick a pay” loan.. I paid the full payment until a year ago when my income was reduced by $20k per year. I am now paying the minimum loan payment. That means I am at this time owing MORE than I borrowed.. I was not asking for a Reduction in Loan Amount. I was asking for a Reduction in my Interest Rate. I am at 8% and trying to get to around 6%. My property is worth $50k Less than I paid. My loan balance is $20k more than it is worth. I am not trying to get Wachovia to reduce one penny of my Loan Balance Only an Interest Rate reduction so I can pay less and pay my loan down. I planned to stay in my Condo for 10+ years and am very Sad Wachovia will not help Me…After being denied for the Affordable Home Program I received a Call from the Bank regarding a Short Sale Option! That is Crazy…Wachovia will Never get close to my loan balance! All they have to do is Reduce my Interest Rate so my pament will be more affordable.. I Don’t Understand Who Is Making Decisions at this Bank!!! Good Luck to Anyone Applying! You will need it… Christi Turney – Florida

  125. account24546129 says:

    I agree with everyone’s post and thank you for sharing… my home modification has been a nightmare… anyone trying to get financed through Wells Fargo formally known as Wachovia, please do yourself a favor and go elsewhere! There departments and database are not in sync, when I call one department they will give me completely different information from other departments. Paperwork seems to never make it to their office for processing….
    My story is similar to everyone on this blog. I started my home modification in October 2009 and was finally approved to start making trial period payments… now my payment was not reduced at all, however just like previously mentioned by another customer; I was really just interested in getting a fixed interest rate. I successfully made my trial period payments and when they sent me the final paperwork, I signed and returned them via UPS 2nd air… I called Wells Fargo and they claimed to have never received them!! I tracked them down to TEXAS, per UPS tracker and was told they were lost. I explained this to Wells Fargo and they rudely told me this was my problem not theirs and they collection efforts would continue and that I was denied the modification.
    One week later I received a call from the HAMP program and was told congrats you are approved; we will be mailing you official paperwork… I figured they corrected the error and simply waited… to this day, I have yet to receive any documents and when I call Wells Fargo on a daily basis they tell me I was approved… then the next day I’m not approved… then I’m approved paper work is on it’s way… then they have no clue what I’m talking about… but get this… after being told I was not approved… yes.. No… Yes… no … it’s still in review… someone is still processing it… yada yada… manager will call you today.. Etc… I finally receive a letter from Wells Fargo asking me to modify my ELOC Loan… HUH????… I received a congratulations you are approved we want to modify your ELOC loan… and guess what… when I call in to ask .. they have no clue and are still processing my home loan. I am extremely frustrated and don’t know what I can do legally to protect myself.

  126. wanice says:

    I think we should all get together and sue those bastards

  127. Anonymous says:

    My loan was originally with Worlds Savings, it was a pick a payment option. Everything was fine as I was paying my mortgage on time until I lost my job in Jan 2009. I am able to barely make my mortgage payment, but, wasn’t able to make my tax payment. I went on a payment arrange with the county. I faxed over my paperwork, and Wachovia paid my taxes anyway. The are now requiring me to pay the $4,500 I owe in three months on top of adding my taxes that are due. There is no way I can make these payments on unemployment insurance. I have contacted my local Congresswoman and her office is helping me work something out with Wachovia. In the meantime, I received a call from Wachovia’s loan modification department. Do you think I will be calling them back….NOT! I wish I could get out of this loan, but, because, of my loss of income for so long, I wasn’t able to pay my credit cards, and now will have to file bankruptcy.

  128. juanette Reese says:

    Good Day Mr. Mike Hegan.
    Long nightmare I made short after denial from Wachovia Loan Mod. Program.
    I have paid my homeowners insurance & property taxes on time never late since 2002. I invest my money to help me pay these. After denial letter in Sept. 2010 I did business as usual, paying my mortgage on time (never late in 10 years) and paid my property taxes Nov. 23, 2010. $2,476.49 to Alameda County Office of Treasurer and Tax Collector.(never late in 10 years)
    Dec 2, 2010 Wachovia’s letter from escrow department stated they paid the property taxes $2,476.43 effective Dec. 10, 2010. They never checked to see if the taxes had been paid!!!!!!!!!!!!
    Dec 3, 2010 I faxed copy of paid property taxes Nov. 23, 2010 and an official letter requesting closure of escrow account( that I never requested or knew they had created on my mortgage.)
    Alameda County Treasurer Manager stated that it would take 60-90 days to credit back to Wachovia Mortagage escrow the $2,476.43.
    Wachovia escrow stated unless I pay them the $2,476.43 that they would continue to impose the extra $1,000.00 a month for the escrow account (this makes my mortgage $2,599.96),( I am retired on a fixed income ),because I owed them the $2,476.43. So I borrowed from my retirement account (I am 63 y.o.) to pay on Dec. 28, 2010 to Wachovia escrow $2,476.49 (I gave them $.06 extra because I do not want them to state that my taxes were $2, 476.49 and now they have another excuse to create and manage an escrow account on my mortgage; which I never set up any escrow account with World Savings the originator of the loan.
    I am trying to find a job since June 2010 at 63 y.o. to save my house and my lifes dream. I am Ohlone Indian, widowed due to Viet Nam War and put myself through Nursing School and raised five children by myself. I invested an save money to place a large down to buy this house, which was as is and fixer-up.
    Thank you so much for listening and caring about what is happening to so many of us Americans.
    2002 loan originated with World Savings, Wachovia bought out World Savings. Now Wells is buying out Wachovia.

  129. Larry Schwalbach says:

    Sorry I haven’t been back on here. I had to declare chapter 7 bankruptcy to stop my sale. Then in Tampa they had a Wachovia/Wells Fargo Event. Of course I went there like thousands of others. Went through the process and met with Rene Calderon, he was very nice, he’s from San Antonio Texas. I gave him my info, filled ou the paper work, and meeting someone in person really helped. He helped save my house. His number is 210-543-3437. Hope this can help some of you. I still don’t like the $938 a month(taxes and insurance included, because my house is only about 1700 sq.ft, one car garage). But I’m trying to get the insuance down, which is expensive too, the lender placed insurance is $2600 a year. Should be less than $1800, but my insurance agent here in Florida said no one is writing policies. If I could pay less than the $2600, my payments would be less(the escrow). Does anyone in Florida have someone besides Citizens, or Home Choice? If I could pay, my monthly payment would be a lot less. I only make $300 a week, so 3 paychecks a month go to this. Thanks, Good Luck.

  130. Larry Schwalbach says:

    Correction in 2010 I had to declare ch 13 bankruptcy. Chapter 7 was last year. My attorney said I could do ch 13 two more times to save my house.

  131. A Gibson says:

    These stories sound exactly like our experience with Wachovia. I would think that if they are accepting loan modification requests from people multiple times that there is something akin to fraud going on if they obviously don’t intend to help??? If I accounted for the time spent faxing the same documents over and over and over again, it would come to $1000.00′s. In addition, I became so stressed out with these people that I am in counseling and on anti anxiety medication. Perhaps an attorney might like to take them on???

  132. Ken says:

    Wow! All these stories are like a broken record and mine is no different. In the summer of 2009 I fell behind 2 payments. I was offered to apply for a home loan modification. I was also on track to continue making my regular monthly payment and when I sent it off it just as quickly got returned to me. When I called Wachovia they told me they could not take a payment unless I also paid the 2 payments which were behind. But I was told by Wachovia not to worry about sending in any payments, “let’s just get the loan modification going. Well I wont bore you with something all you know. But after about 15 of months of them giving me the run around about not receiving documents from me then having to resubmit an application I was finally told my application was denied. Are you kidding me 15 months to get this answer! Apparently there is some kind of percentage you have to meet with your income and home payment. So when I contacted a customer service rep. he told about a govt. website to explain this to me. Well low and behold this website had a calculator which gave me the same answer as Wachovia did but it did not take 15 months it took about 5 seconds. As you can imagine by this time I am way behind on my mortgage and to include all the late fees and such it was more than I can afford and of course the foreclosure procees had started. I re-apply again in March 2011 and am told there is an all new process for loan modifications which will make the process simpler. And to my amazement it was simpler. But of course now I am denied for a whole other reason. I am sure many of you are aware of the class action lawsuit against Wachovia for there adjustable rate mortgages they offered a few years ago. I am part of that suit and I am planning on retaining a lawyer and bring about my own lawsuit for the loan modification nightmare I went through.

  133. Inside Feb . the year just gone, the us government unveiled the particular Making Home Cost-effective Plan, featuring its a pair of main software programs: a single pertaining to home loan modifications the other for re-finance personal loans. The financial loan adjustment piece is recognized as your Hamp Financial loans (HAMP). It really is built to minimize home loan responsibilities struggling with home-owners pay regular to help sustainable degrees. The particular re-finance program’s referred to as the home Cost-effective Re-finance Program (HARP). Beneath HAMP, home loan modifications are going to be standardized, along with standard loan mod recommendations utilised by Fannie in addition to Freddie Apple pc, and they also are going to be put in place about the same mortgage loan industry.