Wachovia Success

[mvallido]

I missed payments since January this year and last month, I finally got some positive cash flow so I called Wachovia about my options while the property is in short sale process. They asked for my last year's income tax return, hardship letter and pay stub so I faxed it right away.

Last week, my loan balance was modified from $424K to $347K and all the payments I missed was forgiven. My monthly mortgage now is $2100.00 P&I compared to the $2800 interest only I used to have.

[Evan Bedard]

Hi mvallido welcome and thank you for joining.

I would like to say CONGRATUALATIONS!!!

You are one of maybe three homeowners I have seen accomplish a principle reduction!

How did you do it?

[PERSISTENT32]

I recently received a loan modification via WACHOVIA I first tried to do it on my own and received the HAMP program. My original payment was 1333.33. The HAMP program took my payment down to 1092.41. During my trial period NACA had a event in my city. I went and they proposed to Wachovia my payments should be 646. My lender was on site. I spoke with them and they couldn't make any commitments onsite. However, she did tell me they would get my interest rate down to 3-4% from 7.75. They had to do a BPO on the property. I didn't get a rate reduction and they added my late payments of 8 months on the back of the loan. My new terms are 4% interest rate, and my new payment is 869.65 effective October 1st.

[Evan Bedard]

Conratulations Persistent32!

At least we are now seeing hope from Wachovia. Hopefully other lenders step there game up as well.

Again CONGRATS!!

[mvallido]

Originally Posted by Evan Bedard

Hi mvallido welcome and thank you for joining.

I would like to say CONGRATUALATIONS!!!

You are one of maybe three homeowners I have seen accomplish a principle reduction!

How did you do it?

Thanks. My stress level is now down below normal. I did not nothing special other than showing the lender that I have positive cash flow. Another factor that I can think of is maybe, because I am in the military and just reenlisted for 3 more years which gives them a guarantee that I will have money for housing allowance for the next three years.

[sluja]

I too have received a principle reduction forgiven the last two months of payments and my payment is now $100 p&i less than my pick a payment minimun payment, I don't understand why because I wasn't late but kept writing complaints letters to the Office of Comptroller currency, Office of thrift supervision and kept telling them my loan had federal violations and I wouldn't stop until they give me a fair loan.