Wachoviia sent my loan modification package today - Loan Modification Forum

nisb4 · 01-16-2009, 02:33 PM

Hi,
I have a negative amm loan with Wachovia. My husband was a self employed contractors and business for him literally stopped in August. We were not able to continue mortgage payments. I contacted Wachovia for help with a modification in October. When Dec rolled around I was denied. I told them I could start trying to make the payments but no back pay. They wanted 10,000!! They said no. So I have not paid and awaiting a meeting with a HUD counselor on Jan 22. In the meantime Wachovia sent me a UPS letter. it looked like it was something sent to several people, even had a pamphlet. It indicated if I qualified they would possibly reduce my alance by 20 percent, put me on a 30 yr fixed. Work out late tax and insurance adjustments and if I paid 12 months consecutively on time send me a 500.00 visa gift card after the 12 months. This seems to good to be true. They want me to send check stubs. I am nervous about doing this before I speak with HUD,. But I only have so much time to take advantage. If it is something new they are doing and it is a possibilty. How do I figure out what they are looking for as far as debt to income ratio? Do they consider household expenses in this or just mortgage and car, credit payments? I want to be sure I arrange it so my DIR is sufficent. Thanks.

HopingtoFind · 01-16-2009, 06:00 PM

Why not call them and ask what it is about... I personally do not know anything about Wachovia... but I do believe that lenders will be under more pressure this year to modify principle.

As far as debt to income ratio... with some lenders it works to have a small deficit, with others a small surplus...

Moe Bedard · 01-16-2009, 07:32 PM

nisb4,

Make sure that you call Wachovia directly at the following number to ask about this letter and get verification that it in fact did come from them......the loss mit dept. should be able to let you know and also help with it if it is an authentic offer...........don't call off of the number on the letter itself.

Wachovia Loss Mitigation
1-866-642-8608

nisb4 · 01-16-2009, 07:44 PM

I did call them and it is from them. They ofcourse dont tell you much just what the letter states. Basically I got "send in your paystubs and then we will see what the offer is". I am not going to get excited, but I had not seen this in any other forum and I wonder what I need to make as monthly to even qualify?

Moe Bedard · 01-16-2009, 08:06 PM

they shoud be able to go over the financials with you................
if you call the loss mit dept.

Wachovia Loss Mitigation
1-866-642-8608

nisb4 · 01-16-2009, 09:09 PM

Yes I was trying to ask them, maybe I should have been more direct. I just am worried they are going to deny me for being like 2 percent to low or something you know. Basically I gues I have to give them my paystubs and hope for the best?

nisb4 · 02-18-2009, 06:01 PM

Ok I have a negative amm loan. Have not made a payment since August 08. I was sent on Feb 4th a letter of deafult and told foreclosure would be in April. Wachovia sent me an offer to modify and I sent in checkstubs. This is what I got.
Current Balance 373,330.76
Modification offer 298,664.61

Year 1 interest only
4.950 % plus escrow
Year 6 interest only
5.075% plus escrow
Year 7 interest only
5.200% plus escrow
Year 8 interest only
5.325% plus escrow
Year 9 interest only
5.450% plus escrow
Year 10 interest only
5.575% plus escrow
Year 11 interest only
6.430% plus escrow
this is where is ends.
While I am excited to have the bank help me out with this I am worried I am missing something, like will I be able to Refi once the interest rises i.e year 11? Also they did not state anything about the escrow account that is lacking in funds due to non payment. Or if I decide to sell does that eliminate the new balance and take me to the old. I know these are questions I should ask before signing. But I wonder if anyone had advice for me or has received an offer similar? Thanks so much.

Dan Bailey · 02-19-2009, 06:09 AM

nisb,
You will have to read the contract to see if there is anything about re-financing in the future. I doubt though, that it would preclude you from doing so...the amount owed on the loan is the same either way.

PERSISTENT32 · 05-20-2009, 10:00 AM

How long did it take to receive the loan modification? I have been waiting since Jan. 09 and I have a conventional loan!! I am so burned out with this...I know I have to stay persistent.

01-16-2009, 02:33 PM	#1 (permalink)
nisb4 Member Join Date: Jan 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Wachoviia sent my loan modification package today Hi, I have a negative amm loan with Wachovia. My husband was a self employed contractors and business for him literally stopped in August. We were not able to continue mortgage payments. I contacted Wachovia for help with a modification in October. When Dec rolled around I was denied. I told them I could start trying to make the payments but no back pay. They wanted 10,000!! They said no. So I have not paid and awaiting a meeting with a HUD counselor on Jan 22. In the meantime Wachovia sent me a UPS letter. it looked like it was something sent to several people, even had a pamphlet. It indicated if I qualified they would possibly reduce my alance by 20 percent, put me on a 30 yr fixed. Work out late tax and insurance adjustments and if I paid 12 months consecutively on time send me a 500.00 visa gift card after the 12 months. This seems to good to be true. They want me to send check stubs. I am nervous about doing this before I speak with HUD,. But I only have so much time to take advantage. If it is something new they are doing and it is a possibilty. How do I figure out what they are looking for as far as debt to income ratio? Do they consider household expenses in this or just mortgage and car, credit payments? I want to be sure I arrange it so my DIR is sufficent. Thanks.

01-16-2009, 06:00 PM	#2 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 641 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachovia offering to modify balance? Could this be true? Why not call them and ask what it is about... I personally do not know anything about Wachovia... but I do believe that lenders will be under more pressure this year to modify principle. As far as debt to income ratio... with some lenders it works to have a small deficit, with others a small surplus...

01-16-2009, 07:32 PM	#3 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachovia offering to modify balance? Could this be true? nisb4, Make sure that you call Wachovia directly at the following number to ask about this letter and get verification that it in fact did come from them......the loss mit dept. should be able to let you know and also help with it if it is an authentic offer...........don't call off of the number on the letter itself. Wachovia Loss Mitigation 1-866-642-8608 __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-16-2009, 07:44 PM	#4 (permalink)
nisb4 Member Join Date: Jan 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachovia offering to modify balance? Could this be true? I did call them and it is from them. They ofcourse dont tell you much just what the letter states. Basically I got "send in your paystubs and then we will see what the offer is". I am not going to get excited, but I had not seen this in any other forum and I wonder what I need to make as monthly to even qualify?

01-16-2009, 08:06 PM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachovia offering to modify balance? Could this be true? they shoud be able to go over the financials with you................ if you call the loss mit dept. Wachovia Loss Mitigation 1-866-642-8608 __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-16-2009, 09:09 PM	#6 (permalink)
nisb4 Member Join Date: Jan 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachovia offering to modify balance? Could this be true? Yes I was trying to ask them, maybe I should have been more direct. I just am worried they are going to deny me for being like 2 percent to low or something you know. Basically I gues I have to give them my paystubs and hope for the best?

02-18-2009, 06:01 PM	#7 (permalink)
nisb4 Member Join Date: Jan 2009 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Wachoviia sent my loan modification package today Ok I have a negative amm loan. Have not made a payment since August 08. I was sent on Feb 4th a letter of deafult and told foreclosure would be in April. Wachovia sent me an offer to modify and I sent in checkstubs. This is what I got. Current Balance 373,330.76 Modification offer 298,664.61 Year 1 interest only 4.950 % plus escrow Year 6 interest only 5.075% plus escrow Year 7 interest only 5.200% plus escrow Year 8 interest only 5.325% plus escrow Year 9 interest only 5.450% plus escrow Year 10 interest only 5.575% plus escrow Year 11 interest only 6.430% plus escrow this is where is ends. While I am excited to have the bank help me out with this I am worried I am missing something, like will I be able to Refi once the interest rises i.e year 11? Also they did not state anything about the escrow account that is lacking in funds due to non payment. Or if I decide to sell does that eliminate the new balance and take me to the old. I know these are questions I should ask before signing. But I wonder if anyone had advice for me or has received an offer similar? Thanks so much.

02-19-2009, 06:09 AM	#8 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachoviia sent my loan modification package today nisb, You will have to read the contract to see if there is anything about re-financing in the future. I doubt though, that it would preclude you from doing so...the amount owed on the loan is the same either way. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

05-20-2009, 10:00 AM	#9 (permalink)
PERSISTENT32 Senior Member Join Date: May 2009 Posts: 103 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachoviia sent my loan modification package today How long did it take to receive the loan modification? I have been waiting since Jan. 09 and I have a conventional loan!! I am so burned out with this...I know I have to stay persistent.

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