For many of Wachovia’s struggling mortgage borrowers, getting a loan modification with Uncle Sam’s help is still out of reach.
Richard Bell, a Pick-A-Pay mortgage borrower at Wells Fargo & Co. (WFC) unit Wachovia, says he needs a government-assisted mortgage modification before his payments balloon early next year.
“This loan is blowing up on me and I’m trying to keep my house,” Bell told a Wachovia representative this week, in conversations reviewed by Dow Jones Newswires.
But Wachovia, now owned by San Francisco-based Wells Fargo, has been telling the San Diego publishing executive every week since June that he will have to wait.
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