I have a Wachovia mortgage (denied HAMP twice) we were sent a Notice of Trustee Sale (scheduled for mid October) I have contacted Wachovia since we received our notice of trustee sale to try to negotiate a special forbearance to pay off the amount in arrears while at the same timer making monthly payments or possibly work out an extension. Either way, I am now re-employed and we can afford our monthly mortgage payments (although they have continually sent them back because they won't accept a partial payment) We can make headway toward paying off $20,000 in past due mortgage payments but they will only accept full payment of our past due and they refuse to discuss a forebearance even though we are ready willing and able to follow a scheduled repayment plan. We just don't have one big check for $20,000 to make a "full payment" although we could do it over a 6-9 month period, they keep saying we don't "qualify" for a repayment plan. We aren't asking to modify the original terms of the mortgage, we want to pay back our past due mortgage payments over time, I don't know how to stop or delay the foreclosure process and then I read the article below and wonder if this is for real. Has anyone heard about this? Should we hire an attorney, we do not want to file BK, we want to pay this off! Thanks every one, if anyone has a good attorney to represent us to try to negotiate with Wachovia in the greater Seattle area i'd appreciate it. VB
Wachovia Will No Longer Postpone A Foreclosure
By Russell Shaw on August 9, 2010 | 38 Responses
In an effort to stop sellers facing foreclosure from gaming their system, Wachovia has completely stopped allowing any postponement of a foreclosure or Trusteeís Sale. I have long felt that Wachovia was not simply a good lender to deal with for a short sale Ė truth be told Ė they were the very best.
Iím being told that this new policy isnít going to be a ďbadĒ thing. I donít see it that way. To penalize everyone because of the bad actions of a few is seldom good (even if common).
Here is a copy of a response from Wachovia that was sent to me via the title company:
Iím hoping that this new policy from Wachovia is reversed. I do understand that some lenders say they will postpone one and then go right ahead and foreclose anyway. Iíve just always expected much better from Wachovia. And rightly so!
**IF THERE IS A FORCLOSURE SALE DATE SET Ė WE WILL NO LONGER POSTPONE THAT DATE FOR ANY REASON Ė if there is an active foreclosure Sale Date we MUST RECEIVE funds no later than 5 DAYS before that Sale Date, also if there is a SALE DATE set we must receive the full package 10 business DAYS prior to that sale date (and again, we will not postpone that date)**
If you are SUBMITTING A SHORT SALE PACKAGE on a property that has a SALE DATE SET FOR AUGUST 30th, the SHORT SALE APPROVAL WILL BE ISSUED with an expiration date of AUGUST 25th and we will NOT EXTEND the Short Sale approval or SALE DATE. Sandra Villalpando
Short Sales Manager