Quote:
Originally Posted by snapple candy  Sally,
I have heard that is a good book now by a few people.Maybe enough law suits being filed against these lenders, that they are starting to be held accountable for their treacherous unethical ways and now starting to back pedal out of illegal dealings that they could be held liable for.
TNT101, I suggest you see an attorney to decipher the legaleez and the letter you got. It does sound rather suspicious and really warrants some professional advice. I am curious, you said this is what they offered you but was it in writing? What is the starting and ending interest rate? |
Snapple Candy (love the name)
Here is the short story.
Owed on Wachovia loan, was orginally a World Savings Pick-a-pay loan, with $900K but with partial interest payment the unpaid interest was $70K in three years. So total principle $970K. They offered a $892 loan, with $78K forgiven (8K is 3 months of no payments through 9-15-2009). The new interest-only payment was about $3,425, about 4.5% (don't have exact letter handy). The payment is interest only. Then they increase the interest in year two, the payment goes up about $200 on monthly payment, same increase for years 3, 4, 5. Then in year 6 the payment is now going to increase by $1000 more per month. Year 1 with interest only payment comes out at 38% DTI.
I have a $100K HELOC with Wells Fargo, owe $100K. Total Debt is about $75 to $100K more than home can sell for, not deducting cost of sale ($60K).
I signed the MAP offer about Wednesday last week. Sent it in but talked with them that I could not make the payment until 1st of Sept. 9-15-2009 is the start on the paper, the MAP offer. They said that was fine.
Then I received the letter dated 8-18-2009 that they were required to notify of change of owner and the quote that there was no recording of the deed of sale. Not needed since the last sale was the same way when it was sold.
I am getting very late in non payment. I am sure they will file for foreclosure, soon.
Wachovia will not negotiate anything on the MAP offer, I had tried but once the offer is sent out they will not change it, and they sent it without any discussion. The MAP offer is just the same as the last loan. It is not possible to make the payment increases it contains. And they know it based on the income vs expense letter I sent to them in the request for a loan modification.
TNT101