Wachovia's Project Green Earth Loan Mod.

[caliking]

Anyone on this forum familiar with this Loan Modification offered through Wachovia? Moreso, has anyone successfully completed a loan modification using this program? This is the program that Wachovia's supposedly trying to fit me into, but this refi has been going on since Oct. 2008 so I'm very scared this is just a SCAM & will not amount to anything.

[World_Savings_Customer04]

As far as I know, its not a scam. If its really Wachovia, you should receive a UPS envelope with a "GOOD FAITH ESTIMATE OF SETTLEMENT COSTS". I receivd mine in- September 2008 and the deal is still not closed.

BE WARNED that many mortage brokers send out solisitations that look like they are from Wachovia, but its just a third party refi and not a good deal. Read the fine print at the bottom of the leter!

My deal offers a $11,500.00 Lender Credit at closing and a 5.5% fixed rate mortgage. There is -$0.25 (they owe me a Quarter) due at closing. Unfortunately, the house did not appraise below 80% LTV so they wanted an additional $200.00 per month. Thats killing the deal. I have tried everything possible but all I hear is "we cant do that".

I have been told that Wachovia will honor deals even after the original offer expires, so hang tight. If the deal is not right, dont accept. If the feds push rates down to 4.5%, Wachovia will have to offer me something better than 5.5%.

Also, if I do nothing, my interest rate will be below 5.0% by the end of 2009 (that is a projection). Learn how your inerest rate is calculated and follow the rates. Go to FRB: H.15--Selected Interest Rates, Web-Only Daily Update--February 27, 2009 for daily, weekly, and monthly quotes for 3-month CDs (secondary market). This is the index used to calculate CODI. The index for January was 1.02%, the lowest since the index started in June 1964.
Good luck.

[caliking]

Oh, I did receive the good faith from Wachovia, that was back in October, 2008! You say you got yours in Sept, 2008 & something doesn't sound fishy to you??? REFI's or loans in general just don't take THIS long! I'm trying to "hold tight" & plan to keep paying my mortgage, I just feel I'm really being suckered here, with little or no recourse.

[Blackcat]

Wachovia's Project Green Earth Loan Mod is no longer available.

I know because I started a loan mod through the legal services in Oct 2008 was declined in Dec 2008 because they didn't forward the appropriate paperwork to Wachovia. They said it wasn't requested by Wachovia or needed for a loan mod. Bunch of BS I found out later.

I called Wachovia in the first part of February trying to get it done myself and was told that the Project Green Earth loan mod is no longer available.
They also told me that they couldn't help me now at all because I owe more on my house then what it is worth.

So now I'm out $2500 to start this whole thing to be told I can't be helped at all.

[caliking]

WHAT!!!! Out $2500? Who'd you pay that money too? This is really a bunch of B.S. How could the program no longer be avail & I've never heard from them by being denied or approved.

[Tryingtostaypositive]

I have an option arm with Wachovia and asked for a loan mod the end of Jan and was declined the beginning of Feb. Since then I received a letter from them saying to call as they may be able to help by lowering interest rate, reducing balance, extending terms of my loan, etc. I called them mid-Feb and they started a new request - under a program they call MAP - Mortgage Assistance Program. I think this is something new and is being driven by Wells Fargo for customers of Wachovia. I am also underwater and I'm still waiting to hear.

I would call them again - if you are behind in your payments you should contact loss mitigation. See if there is anything new that might help you.

[World_Savings_Customer04]

caliking,

Blackcat was suckered by a scam. Wachovia never requests money up front. I am sorry that Blackcat lost $2500.

I know that project Green Earth is still ongoing. I received a call yesterday requesting an appointment for a new appraisal as the first appraisal was over 120 days old.

I was been told by a customer service rep several months ago that they were rolling out this program. He said that there was nothing I could do to get on the program, I just had to wait until they contacted me. I suspect that Wachovia wants to control the resources working the project.

BTW the folks working this program are now calling themselves Wachovia Settlement Services. If you have a phone number like 904-475-xxxx CALL IT. You may have a different phone number as Wachovia is also contracting outside brokers to handle the program.

Tell me what your "GOOD FAITH ESTIMATE OF SETTLEMENT COSTS" says. Of most interest is:
Total Borrower Settlement Charges
Less Lender Credit
Estimated Cash Required for Closing.

One final note. Wachovia has good reason to offer this program. Pick-A-Pay and Option-Arm loans are currently rated the same as Sub-Prime. This means that Wachovia can not sell them and they are required to maintain large cash reserves in case the loans default. Wachovia is also exposed to legal action due to their own activities and those of World Savings. You will probably be required to sign a release at closing that prevents you from participating in any lawsuit.

If the deal is good for you, go for it! On my next post, I will give you my mythology for calculating future interest rates on my CODI based Variable Rate Mortgage.

Good Luck

[Tryingtostaypositive]

Can someone tell me if Wachovia's Project Green Earth Loan Mod is similar to or the same as the MAP program - mortgage assistance plan?

[dma0725]

I applied for project green earth last Oct 08. I was denied on Jan 09. Reason: Declining market. I never received denial letter.
I called Wachovia again today, they are not modifying any loans at this moment. Customer service says to call in two weeks.

[caliking]

Homeowner's BEWARE: Project Green Earth from Wachovia is a bust! I got the call today, after being on the hook with them for 4 months. They can no longer proceed with my loan refi. Said my dti ratio was too high. This could've been determined 4 fricken months ago when they started the refi process or loan modification, etc

[World_Savings_Customer04]

dma0725,
As far as I know, project "Scorched Earth" does not do any loan modifications. They only do a refinance with all new loan docs and a fresh appraisal. It's the only way that Wachovia can convert worthless loans into a marketable assets.

I'm not surprised that Wachovia didn't come through with a refi offer if you are under-water. I would not be surprised if they cancel the whole program before offering me an acceptable offer. Why should they spend their own money if the Feds will bail them out?

I have been told that the rules change almost every day. I can only advise that you stay in contact with your representative.

Good Luck

[World_Savings_Customer04]

caliking,

I'm sorry to hear that they can't help. You started this thread, so now it's pretty much dead. I will not be surprised if my experience turns out the same.

Good Luck

[tarus681]

I pretty much am in the same boat with you caliking. I have replied to you on other threads. I was also attempted to be put in this program by wachovia back in Nov 2008 and was denied for the same reasons that some others on this thread were denied for. i have not heard anyone getting approved for this program.