Comments on: Another Wachovia Loan Modification Nightmare

By: Ken

Ken — Mon, 04 Apr 2011 22:54:32 +0000

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.

By: A Gibson

A Gibson — Wed, 09 Mar 2011 23:07:01 +0000

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???

By: Larry Schwalbach

Larry Schwalbach — Thu, 24 Feb 2011 17:55:41 +0000

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.

By: Larry Schwalbach

Larry Schwalbach — Thu, 24 Feb 2011 17:51:26 +0000

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.

By: juanette Reese

juanette Reese — Mon, 03 Jan 2011 16:29:14 +0000

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.

By: Mike Hegan

Mike Hegan — Mon, 03 Jan 2011 02:39:29 +0000

HERE YA GO

By: Anonymous

Anonymous — Sun, 14 Nov 2010 16:57:29 +0000

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.

By: wanice

wanice — Sat, 16 Oct 2010 18:15:14 +0000

I think we should all get together and sue those bastards

By: account24546129

account24546129 — Fri, 15 Oct 2010 20:19:43 +0000

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.

By: Christi

Christi — Thu, 07 Oct 2010 02:25:51 +0000

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