Old 08-21-2009, 10:03 PM   #101 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Quote:
Originally Posted by roysental View Post
Thank you for your help!
Is 31% for PITI or for PI only? It is very important.
Thank you.

roysental

The Debt to Gross Income ration of 31% is PITI (Priciple, interest, taxes and insurance + HOA dues if any).

But when they do the interest only payment offers in the first few years they like to just do Interest only as %31 of DTI. Funny how that is not the real formula for HAMP. So these offers are not following the Federal Guidelines for HAMP loan modification.

This is one of the reasons there should be a class action suit filed against these loan companies for MAP or HAMP. Not only for delay and denial of loan modification but for deliberately low ball offers and unwilling to discuss with homeowners why the real loan modication is not following the federal guidelines.

Good luck, hope you get a HAMP offer that follows the Federal guidelines

TNT101


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Old 08-25-2009, 04:58 PM   #102 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Can you clarify your comment that Federal will not tax up to 2012?
Does that mean they will not consider principal reduction on a modification taxable thru 2012?
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Old 08-25-2009, 06:43 PM   #103 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Quote:
Originally Posted by bhjwaz466472 View Post
Can you clarify your comment that Federal will not tax up to 2012?
Does that mean they will not consider principal reduction on a modification taxable thru 2012?

Bhjwaz

Yes, loan modifications through the year 2012 will be excempt from being taxed for principle foregiveness. Nice!!!

State laws are not so good if your loan modification is a principle reduction. California for example has no relief, they will count the principle foregiveness as income and tax you (this will move you up the tax rates and may trigger AMT rules that reduce deductions too, double impact). It's the golden state after all !!!!. So much for Alrnold's no new taxes for the state budget. I guess tax foregiveness in 2008 and then cancel it in 2009 is not a tax to him. Tell it to the poor people who are scraping by and fighting to not get evicted. If you don't have the extra cash to pay the tax I guess these Californian will go right back to stop paying the mortgage since the state of California will go after the wages if not paid.

Check your state out. Google "mortgage modification tax foregiveness in XXXXX (your state)". Should be able to find out your tax liability in your state if you have such a mortgage modification. Good luck!

TNT101
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Old 08-26-2009, 11:13 AM   #104 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Quote:
Originally Posted by drsven View Post
After 13 months of negotiations with Wachovia, my former World Savings "Pick-A-Payment" COSI loan has finally been modified. Like many others, I had been making neg-am and/or interest only payments for almost 5 years on my mortgage.

When I purchased my home I had put down a traditional 20% down payment and I never pulled a HELOC, or second on the property.

My loss in equity was due to the Neg-Am payments I had been making and the current market conditions (California, Bay Area).

I thought dealing with Wachovia was a lost cause. One day out of the blue I received a phone call from them offering assistance—2 weeks later I had a modification offer in hand.

At the time the modification was offered my loan was current. In 2008 my mortgage had become 60 days late but I brought the loan current late, Feb. 2009.

I now have a 40 year mortgage with a starting rate of 4.39% with .25 point increases annually, and at year 6 reach 6.39% (final rate). I also received a 10% principal reduction. Years 1-6 I have a payment option of interest only or P&I—beginning year 7 P&I payment only.

Wachovia required a phone interview (for monthly expenses, assets, etc.), copies of my Federal 2008 tax returns and a current P&L statement for my business (I'm self employed).

I'm very happy with the terms Wachovia offered. I never expected a principal reduction, I was simply asking for affordable monthly payments.
Every situation is unique, and if it makes sense for both parties I'm sure they will work with you.

It may take a while to get your modification, be patient and don't get discouraged.
How did you get this? I am having a hell of time with Wachovia. i am only looking for a payment of $200 less per month - They keep giving me the run around about DTI is too high. Let me know. I can't get anywhere with these people.
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Old 08-28-2009, 12:51 PM   #105 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Wachovia is so full of crap - Someone needs to bring legal action agaisnt this lowlife piece of crap institution.

I tried and tried for months to get something outta them but was held back because of of my HELOC. That Hamp has been out for 5 months - dont let them BS you.

Want results?

STOP PAYING

I had the funds to pay my mortgage and quit the last 3 months and took that money and paid off my credit cards, and hell, even bought me a new jetski

Look - heres the bottom line - They dont want your home - it cost them to much to file forclosure - trust me - they'd rather you keep it.

Tried to offer me some goofy 8% reduction - We accidently got "disconnected"

They're calling me back now - It's a beautiful thing I tell ya

I flat out told them straight up - Follow the guidlines as set forth or I'll mail you the keys
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Old 08-28-2009, 02:11 PM   #106 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

After four months of haggling with various departments and complaining to the Office of Thrift Supervision about Wachovia; I finally received my MAP modification on August 25th!!! What a relief! The terms are a 4% reduction on my principal balance, 40 year term, starting interest rate of 4.20% going up each year until the sixth year capping out at 6.5% (we'll be out of the house by then anyway). I had the dreaded pick-a-payment at 7.65% and was paying interest only plus escrow. Ours is a jumbo so didn't comply with the government's HAMP.

There is HOPE - don't give up!! Keep squeeking the wheel!
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Old 08-28-2009, 05:58 PM   #107 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

More Power to you! That a way to go!!! Sometimes tough action is needed with these banks in order to get their attention, and I think
you really got their attention by calling the office of thrift supervision
which exposes WACHOVIA's Pratices, delays and stahl tactics!!!!


Good Luck!!!

WIZARD
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Old 08-28-2009, 06:05 PM   #108 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

TampaEddie:

Love your posting!! Made me laugh in a good way as they say: It made me squeeze my liver!!! You said it like it is!!!!!!!!!!!!!!!!!,

Good Luck!!!

Wizaard
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Old 08-28-2009, 07:56 PM   #109 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

My first MAP offer offered NO principle reduction, 4.45%[-6.5% 6 yr. program. But, NO princ. reduction. My balance would stay at $631,000 (orig balance before all the neg am payments was $595K)

I received that offer last month. I rejected it based on lack of princ. reduction. Last week Wachovia offered me a 'revised' MAP modification, this time with an 18% principle reduction totaling $113K!!! Same int. rate 4.45%-6.5% at year six. I sat with it for a week, still pondering HAMP, mainly for a better fixed int rate....decided yesterday to accept this new MAP offer and overnighted the paperwork yesterday.

So, for now at least, my 6 month oddessy playing the modifiction fishing game has ended. I stopped manking payments in January, went into foreclosure in July, with the process stalled as I worked with Wachovia on a modification.

So now, my balance will sit at $517K instead of $631K, and I will have six years to get back to my original interest rate of 6.5%, and most importantly (maybe 2nd to the big principle reduction) is that I will no longer be neg aming my loan every month. My new interest only payments will be appx. $450 less p/month.

I'd like to think I won this battle and feel grateful for all of the moral and tactical support I have received from my fellow Wachovia pick-a-pay refugees on this site. Best of luck to all of you and DONT GIVE UP!!!!!
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Old 08-28-2009, 10:12 PM   #110 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

My terms are similer, fire, but I have a 2nd w/them, it is not included,
I consider my MAP a temporary solution. I was willing to walk away a few months ago, I feel like I won a battle, but the war isn't over.

These jerks absloutely do not care about us, they are only trying to get people like us off their backs.

Anyway, best to all and hopefully better results are in our future.
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Old 08-29-2009, 08:16 AM   #111 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

WACHOVIA HAMP UPDATE: 8/29/09- Sat 8:00 a.m.

Just got off the phone with Wachovia and the latest is:

No Hamp yet, but their is a Map, in- house program for those individuals whom are
30-60-90- late and in foreclosure.

The government has given Wachovia and all Banks that Have taken Government funds
until December 31, 2009 to implement the HAMP Program!

Wachovia is trying to get their software to adapt this Hamp Program to their loans
which are former World Savings loans, pick-a-pay, arm loans, which are portfolio loans
not related to Freddie Mac and Fannie Mae loans, but are keep in house as portfolio loans.

I asked her what would be her best estimate in when Wachovia would have the Hamp
Program in full swing and she stated end of September!!

Folk's it's a waiting game!!!!!! Once the program is in full swing the program will be
open for applications until December 2012.

Good Luck!!!

WIZARD
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Old 08-31-2009, 10:28 AM   #112 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

No HAMP. Now, sometime in September. nothing more specific
Rep confirmed at one time manual interviews would be done until system up. no more.
Mortgages with Mortgage Insurance do not qualify for MAP.
Suggests I call back every couple of days.
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Old 09-01-2009, 09:44 AM   #113 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Quote:
Originally Posted by soflamom View Post
After four months of haggling with various departments and complaining to the Office of Thrift Supervision about Wachovia; I finally received my MAP modification on August 25th!!! What a relief! The terms are a 4% reduction on my principal balance, 40 year term, starting interest rate of 4.20% going up each year until the sixth year capping out at 6.5% (we'll be out of the house by then anyway). I had the dreaded pick-a-payment at 7.65% and was paying interest only plus escrow. Ours is a jumbo so didn't comply with the government's HAMP.

There is HOPE - don't give up!! Keep squeeking the wheel!
What is the Office of Thrift Supervision? Is this a department within Wachovia? Can you please post contact information for group?

Thanks!
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Old 09-01-2009, 10:22 AM   #114 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

HAMP UPDATE: SEPTEMBER 1st 8:00 a.m.

No Hamp yet!

Wachovia says they are still updating their systems due to recent
government changes; they see the program coming soon, but no official date!

Their in house MAP program is in full force, if you are 30 days late you can apply
for this program, or wait for the hamp to begin. I have looked at both programs
they are somewhat similar, but I find the hamp is better in my opinion due to the
fact that the floor % rate is 2%, and would climb to about 5-5,25% fixed extended
out to 40 years. Where as in the Map the floor has been about 3.50%, and would
climb to about 6.65% for the balance of 40 years! Plus the hamp allows for a 31% of
your income for your max house payment with taxes and Ins., The Map seems not
to take it that low.
Their are other benefits to both loans such as principal foregiveness/ forberance. The Wachovia Map offers a $ 500 Visa gift card once 12 mnthly payments are made on time, whereas the Hamp Program offers the homeowner $ 5,000.00 towards reducing your principal balance if 60 monthly payments are made on time!!!!!!!!!!
These are a few differences, both program should be at no cost to the homeowners!!!
I guess, it all depends on one's financial situation at the time!!!

Good Luck to all!

WIZARD
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Old 09-02-2009, 04:54 AM   #115 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

kgeriak-

I sent several letters to Wachovia. I had to submit financial docs. --2008 signed federal tax returns, P/L statement for my business, bank account statements and personal monthly expense sheet. Trust me, they won't mod the loan unless your DTI ratio falls within range.

FireandRain-

Congratulations! That's an outstanding mod. Wachovia offered. With all of the delays in rolling out the HAMP, I think accepting their latest MAP offer was a wise decision.
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Old 09-02-2009, 09:53 AM   #116 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Quote:
Originally Posted by Wizard View Post
HAMP UPDATE: SEPTEMBER 1st 8:00 a.m.

No Hamp yet!

Wachovia says they are still updating their systems due to recent
government changes; they see the program coming soon, but no official date!

Their in house MAP program is in full force, if you are 30 days late you can apply
for this program, or wait for the hamp to begin. I have looked at both programs
they are somewhat similar, but I find the hamp is better in my opinion due to the
fact that the floor % rate is 2%, and would climb to about 5-5,25% fixed extended
out to 40 years. Where as in the Map the floor has been about 3.50%, and would
climb to about 6.65% for the balance of 40 years! Plus the hamp allows for a 31% of
your income for your max house payment with taxes and Ins., The Map seems not
to take it that low.
Their are other benefits to both loans such as principal foregiveness/ forberance. The Wachovia Map offers a $ 500 Visa gift card once 12 mnthly payments are made on time, whereas the Hamp Program offers the homeowner $ 5,000.00 towards reducing your principal balance if 60 monthly payments are made on time!!!!!!!!!!
These are a few differences, both program should be at no cost to the homeowners!!!
I guess, it all depends on one's financial situation at the time!!!

Good Luck to all!

WIZARD

That does not make any sense to me. I personally think they are lying to you. I received my signed documentation back for the HAMP trial period and started it back on 8/1. It is possible they are still updating their computer systems but regardless I am in the trial period now...

The top to the letter says Home Affordable Modification PRogram so I am pretty sure this is the government plan.
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Old 09-02-2009, 03:35 PM   #117 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

No HAMP yet. Was told end of this month or middle of next month. The HAMP that is currently offered are for fannie and freddie loans, at least that is what the rep told me. I asked about the MAP and said i wouldn't qualify because I also have a second through them. I am still current but I am tempted to stop making payments to see if any assistance would be offered.
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Old 09-02-2009, 04:36 PM   #118 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

HAMP not available. Spoke to Latisha, very nice. Asked if I could speak to the person who knows when HAMP will be available, she said maybe the CEO but he's never around. Big surprise.
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Old 09-03-2009, 01:40 PM   #119 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

HAMP will not be available until October per Jennifer. No reason given for a delay of one month considering it was supposed to roll out two weeks ago.
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Old 09-08-2009, 10:05 AM   #120 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Quote:
Originally Posted by messi View Post
No HAMP yet. Was told end of this month or middle of next month. The HAMP that is currently offered are for fannie and freddie loans, at least that is what the rep told me. I asked about the MAP and said i wouldn't qualify because I also have a second through them. I am still current but I am tempted to stop making payments to see if any assistance would be offered.
So, I'm not the only one in this situation I'm also current and have second with Wachovia.
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Old 09-08-2009, 11:21 AM   #121 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Wow, it's good (and not so good) to know I'm not the only one getting the runaround with Wachovia and the HAMP program. No it's not available is what they say, but I've heard on other forums of people getting a mod with Wachovia through HAMP, so hmmm??? Every one I have talked to that has been in this position advises (unfortunately) to stop paying in order to get them to pay attention. This means losing my stellar credit, but if I get to keep my house I'll do it happily! Please keep everyone advised. I made a request online for Wachovia to call me - so we'll see. Should hear today maybe...
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Old 09-09-2009, 03:47 PM   #122 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Ikszip,

I did the same online request w/ wachovia. It took about a month to get a response. I was denied and was told to wait for the HAMP program. I had to make a couple of calls to the wachovia executive team to get a response. I was told at the time they were only offering the MAP to those who were delinquent. Since I as current, I did not qualify. Oh and they never called me like it states on the website. I got one phone call from an agent to tell me i didn't qualify but this was after I called the executive team. The rep left me a message, so I called him back three times and never got a call back. So i called wachovia and asked them to read the logs on my account and the read wht the rep had put in there about me not qualifying because i was current. So i'm just waiting on the HAMP program now.
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Old 09-12-2009, 07:17 PM   #123 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

messi ... thanks for the reply ... sorry to hear they're jackin' you around ... I've been out of town so going to start in with phone calls on monday and see what happens! UGH!!
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Old 09-14-2009, 06:00 AM   #124 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Hmm... read this:

Don’t Get “HAMP”ED Out Of Your Home! Livinglies’s Weblog

I think my new acronym for HAMP is "Help for Ailing Mortgage Predators" - meaning it helps the predatory banks, not the homeowners! Many thanks to our President who initiated a program that the banks have "modified" to help themselves, and not the homeowner who it was created to help.

As the days wear on, and wear us down, it sure does seem like there is no light at the end of the tunnel. The way all these programs and federal tax dollars are being used and abused... makes me ill. And to top it off, Wachovia is now Wells Fargo, and they are just the worst. I'm sorry I didn't have positive info to share....
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Old 09-14-2009, 08:21 PM   #125 (permalink)
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Re: Wachovia and HAMP modification-anyone having success?

Well....Still no HAMP. I don't understand how Wells Fargo was able to get their system to work for HAMP and not Wachovia. And i'm not so sure it will be smooth once they do finally roll it out. No light yet at the end of the tunnel but its coming... I hope.
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