Wachovia...heartless

[mo007]

I am new to this forum. I currently have a loan with Wachovia for $430K. I have not been late with a payment to date. My rate is 6.3%. I am a single parent with 2 children. I am currently on unemployment (the school I taught at closed)--and am interviewing as a teacher--but am concerned that I may not land a teaching job until Fall of 2009. I am squeaking by each month and would like to be proactive and reduce my interest rate to make my payments lower. Is getting a interest rate reduction possible?

[Dan Bailey]

mo007,
Glad you found the forum and posted.
Awhile back, wachovia was said to not be doing any modifications, but things change rapidly around here
On the home page, there is a section called "homeowners toolbox" which has information to get you started in the process of requesting/etting a modification, you may want to check that out. The first step would be to draft a hardship letter to send to your mortgage serviser. There is an example of one in the homeowners toolbox.
*** or Moe will be by as soon as they can to give you some advice/direction to take.
Hang in there and good luck!

[Moe Bedard]

HI mo007,

Welcome to the forum and thank you for joining..............


The modifications given are up to the investors on the loans........so you would need to contact Wachovia and see what the options are on your loan.

Wachovia Loss Mitigation
1-866-642-8608

[mo007]

I called Wachovia today to talk about their loan modification program. The man I spoke to was a real jerk. He told me since I am not behind on my payments there is nothing they can offer me. I told him it is too stressful for me to fall completely behind on my payment and that I am just paying the minimum payment (neg am) but an accruing more on my loan and that is worrying me. My loan to income ratio is more than 31%.

Really what can I do--because I can't keep this up for too much longer. I did hear Wachovia is planning to implement a load mod program in May, but no one knew any details. I am a single mother with 2 boys and this is the only home they have known. I am a teacher and do work. Last year I was working as a project manager and making twice as much as I do now, but the company never did receive venture funding and it had to close. I had to scramble to find a teaching job.

I told Wachovia I want a fixed-rate for possibly 40 years.
Has anyone worked out this kind of deal? If not, what kind of deals have they offered you?

Can anyone help me in dealing with Wachovia. Any information would be greatly appreciated! Also, contacts/names at Wachovia with a sympathetic heart!

[Moe Bedard]

Are you using the Wachovia number that I posted above in your original thread?

Wachovia Loss Mitigation
1-866-642-8608

[FireandRain]

Moo007,

Hang in there! Im in the same boat, really the SAME boat with Wachovia. I fell behind on 4 months of payments last December, and then just panicked and dolled out $13K just to get "current". Neg am money thrown out the window. I have been wrestling with Anxiety ( was on medication for a year), and just literally panicked and paid up to get current to avoid the perceived stress of letting my loan go into forclosure. Just getting the somewhat threateneing computer generated letters gave me panic attacks! So I paid it to get current.

Well, that was then. I havent made my Jan, Feb, Mar., or April payment this time around and am committed to just "play ball" with what Wachovia has told me, mainly, needing to be behind in payments, and frankly WAY behind, brink of foreclosure,etc.

I know this is very stressful for you and you need to make that decision for yourself. Thats the card I decided to play this time and am hoping to get some action from Wachovia this go around as I near the pre-foreclosure stage. If thats what it takes....

Stay strong, and do whatever it takes to get your loan modified.

[ABC123]

I dont have Wachovia but I have been through something very similar with U.S. Bank. It sickens me that you can not get help until you let your mortgage get so far behind that they are sending Intent to Foreclose letters by UPS! Even then the only way to get any help is to ignore those and keep begging!!!!!! The system is broken people!!!!! Why dont these banks realize that when you have somebody who is able to pay SOMETHING if you work with them you can avoid spending an additional 80k to foreclose on a house you will then sit on for the next 3-5 years!!!!!

One thing I have learned is that often times the loss mitigation people get bonuses based on how much money they bring in monthly... So there incentive is to get you to pay out as much as they can get out of you. They will threaten you with foreclosure. Last month I had a loss mitigation rep tell me that if I didnt make a 2800.00 mortgage payment this month he would start foreclosure. I called back, spoke to somebody else and they not only accepted my regular 1400.00 payment but also submitted me for a modification!!! Hang in there and if you dont like the answer you get from the first person CALL BACK!!!!!!!

Lisa

[emfjs]

I also have a pick a pay and am 1 month behind, they offered to let me skip April and told be to wait until mid-may for the goverment mod. It's all a joke. I too am going to skip more payments to see if they will work with me but my question is what should I do with the money that I wouild normally spend on the minimum payment? I truthfully couldn't afford April but my husband is going back to work and we'll have a little bit of money in the bank if we don't pay May and June. The rep told me they will be asking for bank statements when they start doing the govt thing. FireandRain do you have money sitting in the bank? and anyone else do you have any opinions on this? Thanks so much, just trying desparately to get out of this neg am situation!

[FireandRain]

EMFJS,

Yes, I am saving the money which I would normally be paying my monthly neg am minimum payment. I suggest you do the same. I am fortunate to have a steady income, just not enough to be paying the neg am...just tossing away money in my opinion. I will keep you posted as to what happens here.

[emfjs]

thanks for the reply, I'll be looking forward to hearing how things go for you. the best of luck to you.

[Tryingtostaypositive]

I have heard Wachovia is extremely difficult to work with and I have definately had my problems in dealing with them in the past - but, I am one of the success stories. I haven't been online here in about a month and thought I'd check back and see if anyone needed any support. I have posted my success story a few times, and will do so again below. Don't give up - I'm still not sure why I was so lucky with my loan modification. I don't feel I deserve it as much as some of you. So, here's my story (and I still can't believe it!) I really do think they were willing to work with me because I was several months behind and employed. I, too, was stressed out about the letters and phone calls and had to basically ignore some of them or risk falling apart which would put my job in jeapardy. Keep trying - it works for some of us.

Here's my last post:
My mortgage is with Wachovia (formerly World Savings), it is a pick-a-pay, I am several months behind and under water by about $150K. At the end of January I contacted them to try and get a loan mod - I was declined based on my credit. And then a week or so later I got a UPS envelope from Wachovia outlining their Mortgage Assistance Plan (MAP). This is not an Obama plan - it was created before March 4th, dictated no doubt by Wells.

To keep it short (as I have posted this on other forums), I called them and they told me to disregard any prior conversations I had with Wachovia. The rep took all the information over the phone, didn't need a hardship letter - only proof of income. Two days ago I received another UPS envelope with my Mod Agreement - it was unbelievable. I had my outstanding balance reduced from $480 to $390 - and my original loan was $450, so I got principal reduction. Repayment starts next month with interest only payments for 10 years in the low 4% range, gradually increasing in years 6 thru 10 to around 4.7%. This is now a 40 year loan, so in year 11 it converts to a fully amortizing principal and interest payment for the next 30 years at a very nice 5.2%. And the original letter I got said if I made on-time payments for one year I would get a $500 Visa gift card.

I have heard of only a few people receiving these MAP offers - I don't think you can call up and ask for it (although, maybe), I think they are systematically sending out the letters to ex-World Savings customers with Pick-a-Pay loans who are behind on their mortgage to the point where they are in possible foreclosure. My guess, and it's only a guess, is that they are sending the letter to the most delinquent first - the ones facing imminent foreclosure.

I was dumb-struck when I read the Mod Agreement - I had never anticipated principal reduction or such reasonable payment plans. My customer service rep was wonderful (although I may have just been lucky there). Bottom line is I think Wachovia / Wells is trying to help put Pick-a-Pay holders into a more affordable plan. That is good news!<!-- google_ad_section_end -->

[Majedesi]

tryingtostaypositive

Can you provide the number to the department you were dealing with.

I've been unsuccessful in my attempts to get wachovia o deal with us.

Thanks

[Tryingtostaypositive]

The phone number on my original MAP letter said to call 1-866-259-7730. Hope you get somewhere with that number. Also, I have heard when you can't get anywhere with a rep on the phone, say goodbye, hang up and call back - you just might get someone who knows what they are doing and is willing to help. Good luck to you!<!-- google_ad_section_end -->