Wachovia

[Khamisi]

Has anyone on the forum ask for and received a modification from Wachovia Bank? Has any one ask for a deed in Lieu? I tried to get a modification and was turn down so i asked for a deed in Lieu of foreclosure and was told by lost mitigation that they do not do that.

[Cat Damiano]

Khamisi,

Welcome to the forum and thank you for joining..........
If you have two loans on the property the lender won't even consider a deed in lieu.
There are a few members working with Wachovia, but not too many......
Wachovia is a really sound institution as they did not participate in this type of lending all that much. What state do you live in..... What kind of mortgage do you have....what is the loan amount, ARM or Fixed, value of the property when you got the loan and value now. Was this a purchase or refi transaction. Who was you original lender, were you a first time home buyer...anything that you think will help me...please.

[Khamisi]

I live in California and and there is only one loan on my property which is an Option ARM Negative am. The loan amount is about $550,000, at the time of the loan the apraised value was almost $750,000. I am not sure about the value now. I think original lender was countrywide. This was a Refi and this is my first home which was purchased in 1994 also have had several refi's which were predatory. Can a QWR be sent to previous lenders that have been paid of through Refi"s?

The income was highly inflated which I didn't even check until I read about the QWR on Loan Safe. The Broker never disclosed his fee and he paid some of the closing cost so I thought he was doing me a favor. I ve look for papers from the title company but I don't remember receiving papers from a title company just the broker. I did not sighn papers at the title company. A person who said that they were a notary met me at a coffee shop, were the papers were sighned.

Also I will be 62 in a few months and justs found out about a home keepers reverse mortgage program were one can sell their home and put a payment down on another home and not have to make payment on the new home if there is enough equity. This is different from the regular reverse where they pay the owner. The problem is I defaulted in January and don't think I will be able sell. Any Ideas


Wachovia denied the modification but said that I could make up the back payments in six month as well as continue with my regular payment which is impossible. I am disability retired and tried to return to work in January, worked until mid April and got sick again so there is no way I can make the payments they are asking for.

[Moe]

Hello and welcome to Loan Safe.

Can a QWR be sent to previous lenders that have been paid of through Refi"s?

Here is some info from HUD that will help you on your past loans and possible remedies.

HUD RESPA: More Information


RESPA enforcement
Civil law suits
Individuals have one (1) year to bring a private law suit to enforce violations of Section 8 or 9. A person may bring an action for violations of Section 6 within three years. Lawsuits for violations of Section 6, 8, or 9 may be brought in any federal district court in the district in which the property is located or where the violation is alleged to have occurred.
HUD, a State Attorney General or State insurance commissioner may bring an injunctive action to enforce violations of Section 6, 8 or 9 of RESPA within three (3) years.

The income was highly inflated which I didn't even check until I read about the QWR on Loan Safe. The Broker never disclosed his fee and he paid some of the closing cost so I thought he was doing me a favor. I ve look for papers from the title company but I don't remember receiving papers from a title company just the broker. I did not sign papers at the title company. A person who said that they were a notary met me at a coffee shop, were the papers were signed.

Here is some more info from HUD that addresses disclosure and the issues you are having here. Unfortunately, what you have experienced is quite common and most likely they have covered their tracks.

Also I will be 62 in a few months and justs found out about a home keepers reverse mortgage program were one can sell their home and put a payment down on another home and not have to make payment on the new home if there is enough equity. This is different from the regular reverse where they pay the owner. The problem is I defaulted in January and don't think I will be able sell. Any Ideas

I am not very familiar with reverse mortgages but here is a great website from personal friend of mine, Peter G. Miller, that is very consumer friendly and informative. Please check it out, Reverse Mortgage Guide: Learn Pros & Cons, News, Tips & More. Find Reverse Lenders Near You!

Wachovia denied the modification but said that I could make up the back payments in six month as well as continue with my regular payment which is impossible. I am disability retired and tried to return to work in January, worked until mid April and got sick again so there is no way I can make the payments they are asking for.[/

Have you tried Homeownership Preservation Foundation or 888-995-hope? They are a nonprofit that may be able to help you or Loan Modification & Mortgage Help for an attorney assisted program.

What is your income at the moment? and any other household money? Expenses etc?

I hope this helps and please keep fighting. You will make it through this.

[Khamisi]

Hello Mo, You have an amazing site. Thank you very much for for the information. I am sure many people are able to fight their own battles after veiwing and reveiwing your forums, Again thanks to you and all the people that work togather as a team to make this a great place to solve problems.
by the way I did not include my income and expense but that is one of the reasons for the denial of modification.

[Khamisi]

When there is a shortsale. does the lender allow the home owner any of the profit from the sale?

[Cat Damiano]

Khamisi,,




In a short sale there is no profit..........

[Khamisi]

Hi Cat, Thanks for the reply.

[Cat Damiano]

No Problem.........

[Khamisi]

Do you have a list of all wachovia Contact info?

[Cat Damiano]

Khamisi,

You had indicated that you had already gone through the modificaiton process with Wachovia and were denied..........
Do you still have the contacts that you dealt with?
That would be the Loss Mitigation Dept. that you dealt with and they also can help you with a Short Sale package..........

[mreedlaw]

Good afternoon: Very generally speaking, here are the documents that are typically needed in order to negotiate a short sale:

(a) An owner in financial difficulty who owes more than the house is worth
(b) Sales contract
(c) Preliminary HUD-1 with proposed payoffs and closing costs
(d) Authorization from owner for attorney/authorized party to negotiate short sale on owner's behalf (one for each mortgage lender) - this is optional, and wouldn't really be needed if you were negotiating on your own
(e) Last 2 pay stubs
(f) Last 2 tax returns (w-2s and/or 1040s)
(g) Last 2 bank statements
(h) Borrower Hardship letter (one for each mortgage)
(i) Monthly expense report - a list of monthly expenses/income
(j) Listing agreement with realtor
(k) financial statement - either one you provide, or provided by the lender

Also, the lender may want to perfom a BPO (Broker Price Opinion) or an appraisal on the property

The approval process generally takes anywhere from 45-90 days (more around 60-75 days lately), depending the time it takes to gather the materials listed above, and how many mortgages are on the property. While the short sale is being worked on, the payments should still be made on the home, if possible - otherwise the lenders' collection/foreclosure process may continue. Also, it is not a guarantee that the first and/or second mortgage holder will approve a short sale.

Hope that helps, thanks - Michael

[Khamisi]

I only had a fax number and talked to several people by phone. I never had any specific names to contact.. When ever I called I would ask for the foreclosure department and would be transfered several times before speaking to someone. This happened many times. The letters that was sent was not sighned and it stated that I was denied the modification due to my experian credit report. One reason I was conserned about the denial was due to one of your post about credit and modification. Even though I tried to go through the process on my on I still would appreciate whachovia contact info if you have it. Thank You

[Khamisi]

Michael, thanks for the info on the short sale

[Cat Damiano]

If they were going by your credit.........that doesn't sound like they were trying to get you a modification.........that sound like they were trying to refi you............



Here is the contact number that we have:

Wachovia Loss Mitigation
1-866-642-8608

Please keep us posted on your progress.......