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Wells Fargo - Wachovia - World Savings Pick a Pay Toxic Mortgage holders

Discussion in 'Loan Modification' started by Sherry Moore, Oct 9, 2010.

  1. Sherry Moore

    Sherry Moore LoanSafe Member

    Pennsylvania is actively collecting complaints against Wells Fargo regarding toxic mortgages. Spread the news.
    If you were placed in a Pick a pay adjustable mortgage by world savings / wachovia please got Pennsylvania's attorney general cite and call or email to lodge a consumer complaint against wells fargo.
    also contact your local state rep. Mine has been wonderful trying to help work out a deal with wells fargo.
    If the Attorney General in PA can go after WF like 8 other states have, PA homeowners with these mortgage could get a lot of relief soon !
    Act now !

    This is to mount a suit against WF after the recent :


    Settlement Wins Principal Forgiveness For Wachovia Pick-A-Payment Customers
    <table align="left" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="deptlocation" align="left">October 6, 2010</td></tr><tr><td class="deptbody" align="left">
    </td></tr><tr><td align="left">
    Wells Fargo & Co. has settled with eight state attorneys general over the allegedly deceptive marketing of payment option adjustable-rate mortgages (POAs) by Wachovia Corp. and Golden West Corp., whose portfolios Wells Fargo took on as part its acquisition of Wachovia in 2008. As part of the settlement, at-risk Wachovia Pick-a-Payment customers may soon be eligible to earn principal forgiveness by making on-time mortgage payments.

    Wells Fargo will also contribute about $24 million to the eight states to enlist help in customer outreach and to prevent or mitigate the impacts of foreclosures in these communities.

    Attorneys general in Arizona, Florida, Colorado, New Jersey, Washington, Texas, Illinois and Nevada allege that in marketing the POA loan products, Wachovia and Golden West did not fully explain that the minimum payment due in the first years of the loan did not cover the full amount of accrued interest, which, in turn, would increase the amount of the loan.

    Wells Fargo did not originate POAs. At the end of 2008, it purchased Wachovia, which had originated POAs, and had already acquired Golden West, a significant POA lender under the name World Savings Bank.

    Overall, loan modifications will be offered to 8,715 POA borrowers in the eight states, with a total economic value (including interest rate reductions, term extensions and principal forgiveness) estimated to be more than $772 million. Based on projections as of April 1, 2010, around which the agreement was framed, the settlement will generate more than $402 million in overall principal forgiveness.

    Through August, at-risk Wachovia Pick-a-Payment customers already had been given almost $3.4 billion in principal forgiveness, Wells Fargo says.

    “We are pleased that Wells Fargo has stepped forward and agreed to work with us in avoiding another wave of foreclosures in our states,†says AZ Attorney General Terry Goddard , the attorney general who led the eight-state effort. “Their willingness to add to their existing principal-forgiveness program is important to help consumers facing hardships who are deeply underwater in their homes.â€

    By Dec. 18, the company will contact customers who are likely to be eligible for the new program via letters, and will maintain a dedicated help line - including Spanish-speaking specialists - to assist borrowers. Borrowers who already have received a modification will not be eligible for the new program.

    </td></tr></tbody></table>
  2. mrpaul1000

    mrpaul1000 LoanSafe Member

    Hello new guy here :)

    I am in Pa. I have been in cost of funds index loan bi weekly payments adjustable loan with world saving since 1997 . I have pick a payment on bill . I am not sure if I qualify for this settlement. I hope i do this loan confused me from day one. Thank you .
  3. corgi1

    corgi1 LoanSafe Member

    We have a World Savings Pick-a-payment loan that was misrepresented to us when we signed it. Have been trying to get Wachovia to modify our loan, but have been denied because our payment is not 31% or more of our gross income. When I read this post, I got my hopes up that I would at least be able to get out of the pick-a-payment loan and into a fixed loan. I called Wachovia but was told that they are only modifying the pick-a-payment mortgages of those people that qualify for a regular HAMP modification. :-(
  4. mrpaul1000

    mrpaul1000 LoanSafe Member

    very sorry to hear maybe try in dec.

    I have a bi-weekly loan cofi loan adjustable mortgage i took out in 1997 . I have a pick a payment option on my statement every month but it comes out of my checking account .
    I called the bank and was told there is another plan from them coming out in mid dec i dont want to go longer term then i have now . But i would love to lock in my rate and or get some principal . Wishing thinking lol .

    I am not sure if my loan was as bad as the cosi loan .
  5. World_Savings_Customer04

    World_Savings_Customer04 LoanSafe Member

    Pick-A-Payment Settlement. Mortgage Marketing and Sales Practices Litigation – The Truth! OPT OUT!
    ffice:eek:ffice"<O:p</O:p
    Information on the settlement site is inadequate and misleading (https://pickapaysettlement.com/). How much will you get? Their answer: Your exact payment cannot be calculated at this time.
    <O:p</O:p

    According to Jeffrey Berns lead counsel for the plaintiffs: More than 500,000 borrowers who took out Pick-A-Payment loans at the peak of the housing boom are eligible to share the $50 million settlement. Wells Fargo settles suit over Pick-A-Payment loans - CharlotteObserver.com<O:p</O:p
    <O:p</O:p

    That works out to $100 for each borrower. Everything else in the settlement is exactly the same as what Wells Fargo would already do for you (or not do for you). And the settlement is, word for word, almost exactly the same as the settlements in California, Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas, Washington, and Kansas, except for the $100.
    <O:p</O:p

    If you live in one of the settlement states, you will receive $100 in exchange for giving up your right to ever sue Wells Fargo. And nothing more! You are already covered on everything else.
    <O:p</O:p

    If you do not live in one of the settlement states, Wells Fargo is already willing to do a loan modification for you, WHEN IT IS IN THEIR FINANCIAL INTEREST.
    <O:p</O:p

    The big scam in all of the settlement agreements is the NPV test (Net Present Value). It is the same test that Wells Fargo uses if you are not covered by a settlement agreement. Basically the NPV test assures that Wells Fargo will either make money or lose a smaller amount of money on every loan modification they make. Wells proudly says they have provided $3.6 billion in principal forgiveness, but they only did it to avoid losing even more money. If a loan modification cost is greater than the foreclosure cost, you get foreclosure.<O:p</O:p
    <O:p</O:p

    None of the lawsuit settlements increases your odds of getting a loan modification. You are gravely mistaken if you think this lawsuit settlement is your salvation.<O:p</O:p
    <O:p</O:p

    If you need the $100, take the settlement. Otherwise, OTP OUT! The letter must be postmarked no later than March 16, 2011.<O:p</O:p
  6. mrpaul1000

    mrpaul1000 LoanSafe Member

    thank you for reply

    I have not done anything yet but talk to them and i get no where because i am not late , i contacted att gen. office and they sent letter to wells who then contacted me , but i am current and they will not do anything but a refi when i get back to work . Been out since dec , had opertion on eyes . They are not here to help .
  7. corgi1

    corgi1 LoanSafe Member

    Where can I find the details or specific info on how to opt out?
  8. Conniepabon

    Conniepabon LoanSafe Member

    I just read this message. I am sending out OPT OUT to the following by TODAY, which is the deadline. <!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--><!--[if !mso]><object classid="clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D" id=ieooui></object> <style> st1\:*{behavior:url(#ieooui) } </style> <![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";} </style> <![endif]-->
    March 16, 2011

    Pick-a-Payment Exclusions
    PO Box 2448
    Faribault, MN 55021-9138

    The United States District Court for the Northern District of California
    280 South First Street
    San Jose, CA 95113

    T. Thomas Cottingham, III
    WINSTON & STRAWN LLP
    214 North Tryon Street, Suite 2200
    Charllotte, NC 28202

    Jeffrey K. Berns
    David M. Arbogast
    ARBOGAST & BERNS LLP
    6303 Owensmouth Avenue, 10<sup>th</sup> Floor
    Woodland Hills, CA 91367

    Jack R. Nelson
    REED SMITH LLP
    101 Second Street, Suite 1800
    San Francisco, CA 94105

    In Re: Pick-a-Payment Mortgage Loan with World Savings Bank or Wachovia Mortgage
    Wachovia Corp. “Pick-a-Payment” Mortgage Marketing and Sales Practices Litigation, Case No. M:09-CV-2015


    To Whom It May Concern:

    My name, address, telephone # is as follows:

    Connie xxxx

    xxxxxx Street
    xxxxx, CA xxxx

    ph #


    I am requesting that I be EXCLUDED FROM THIS SETTLEMENT, for the following reasons:

    When I called the number for more information regarding the different class that I may be eligible for, and amount that I may be qualified for I receive a recording that is ambiguous:

    Simple questions like: How much will you get? Is answered by answer: Your exact payment cannot be calculated at this time.

    I have waited until today to submit my response to the class action suit because I wanted to research online and call the number I was given for more information.

    Well, as of today, there is none.

    This class action suit is misleading. The attorney’s who brought about this lawsuit, will get MILLIONS OF DOLLARS. Yet the people who actually suffered will get, what? $100.

    I speak for many of the people that have suffered. I request the amount that is being sued, $50 Million dollars compensate, all classes, including those who have received LOAN MODIFICATIONS already. I am one of them. I deserve to be heard, and receive A LOT more than a mere $100.

    Please, hear me, and do not allow this class action suit to go forward. More monies need to be allotted to those homeowners that suffered through the negligence of World Savings whom I originally received the loan from. I have lost my job and need financial assistance as well.

    For those attorney’s that would like to represent me, and other thousands of other people, I and they need your help to fight for what you had went to college for in the first place. JUSTICE. The other attorney’s who are seeking to gain financially from the downfall of housing market, SHAME ON YOU.

    Sincerely,

    Connie xxxxx
  9. Conniepabon

    Conniepabon LoanSafe Member

    I just read this message. I am sending out OPT OUT to the following by TODAY, which is the deadline. <!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--><!--[if !mso]><object classid="clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D" id=ieooui></object> <style> st1\:*{behavior:url(#ieooui) } </style> <![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";} </style> <![endif]-->
    March 16, 2011

    Pick-a-Payment Exclusions
    PO Box 2448
    Faribault, MN 55021-9138

    The United States District Court for the Northern District of California
    280 South First Street
    San Jose, CA 95113

    T. Thomas Cottingham, III
    WINSTON & STRAWN LLP
    214 North Tryon Street, Suite 2200
    Charllotte, NC 28202

    Jeffrey K. Berns
    David M. Arbogast
    ARBOGAST & BERNS LLP
    6303 Owensmouth Avenue, 10<sup>th</sup> Floor
    Woodland Hills, CA 91367

    Jack R. Nelson
    REED SMITH LLP
    101 Second Street, Suite 1800
    San Francisco, CA 94105

    In Re: Pick-a-Payment Mortgage Loan with World Savings Bank or Wachovia Mortgage
    Wachovia Corp. “Pick-a-Payment†Mortgage Marketing and Sales Practices Litigation, Case No. M:09-CV-2015


    To Whom It May Concern:

    My name, address, telephone # is as follows:

    Connie xxxx

    xxxxxx Street
    xxxxx, CA xxxx

    ph #


    I am requesting that I be EXCLUDED FROM THIS SETTLEMENT, for the following reasons:

    When I called the number for more information regarding the different class that I may be eligible for, and amount that I may be qualified for I receive a recording that is ambiguous:

    Simple questions like: How much will you get? Is answered by answer: Your exact payment cannot be calculated at this time.

    I have waited until today to submit my response to the class action suit because I wanted to research online and call the number I was given for more information.

    Well, as of today, there is none.

    This class action suit is misleading. The attorney’s who brought about this lawsuit, will get MILLIONS OF DOLLARS. Yet the people who actually suffered will get, what? $100.

    I speak for many of the people that have suffered. I request the amount that is being sued, $50 Million dollars compensate, all classes, including those who have received LOAN MODIFICATIONS already. I am one of them. I deserve to be heard, and receive A LOT more than a mere $100.

    Please, hear me, and do not allow this class action suit to go forward. More monies need to be allotted to those homeowners that suffered through the negligence of World Savings whom I originally received the loan from. I have lost my job and need financial assistance as well.

    For those attorney’s that would like to represent me, and other thousands of other people, I and they need your help to fight for what you had went to college for in the first place. JUSTICE. The other attorney’s who are seeking to gain financially from the downfall of housing market, SHAME ON YOU.

    Sincerely,

    Connie xxxxx
  10. Conniepabon

    Conniepabon LoanSafe Member

    For those of you who no longer have the pamphlet that was sent out in January, the number to call for more info is: 1-877-546-8449. Basically it just redirects you to website www.pickapaymentsettlement.com.

    I am going to opt out because I feel this an unfair lawsuit, with little compensation to the homeowners. There is nothing for me because I have already received a loan mod.

    Those who have already received loan mods, cannot receive another loan mod through this lawsuit. Nor any monies. I believe the attorney's get $25 million. But don't quote me. In the pamphlet, question#20 states, "Class Counsel intends to file a motion on or about Feb 23 2011 seeking $25 million for attorneys fees and costs. The fees awards by the Court will be paid by the Defendants and will not come from the Settlement Fund. The Court will determine the amount of fees to award. Class Cousel will also request that up to $125K to be paid from the Settlement Fund to the 26 Class Reps who helpled the lawyers on behalf of the whole Class".

    Just to let you know.
  11. bhjwaz466472

    bhjwaz466472 LoanSafe Member

    I accepted a $178 settlement from:
    Wachovia corp. pick a payment mortgage and marketing sales practices litigation case #M: 09-CV-2015-JF
    Today i received an advertisement from "Free Fresh Start" asking to do an Audit on my World Savings Pick a pay mortgage.
    Their fee is $2500.00 up front and guaranteed to be returned, if they cannot produce evidence that can be used in court to modify modify my loan at 70% of current home value with a fixed, 30 year note, at 2% interest, plus damages to the tune of $75,000.00
    Question # 1: Do you or anybody know anything about this advertisement?
    Their Rep. on the phone says the settlement with Wachovia is a class action suit and has no bearing on this litigation.
    Is that true?
  12. Cat Damiano

    Cat Damiano Mortgage Wars

    It wouldn't be a "Free" fresh start program if they are charging an upfront fee, which in most states is against the law for these types of businesses to do that. These mailers are scams.

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