Wachovia and HAMP modification-anyone having success?

[messi]

Still no HAMP...

[jdlsinAC]

Any info on the amount of principal reduction being kept in a "silent" account, which if and when you sell your home that amount will be activated and owed back to Wachovia? The man I spoke to last week explained it to me this way. Has anyone had this written in in their contract?

[Wizard]

Wachovia HAMP UPDATE: 9/22/09 11:00 a.m.

Spoke to Wachova this a.m., I noticed that the hamp recording that WOULD
GREAT YOU WITH:" WE ARE WORKING TO OFFER THE PROGRAM TO OUR CUSTOMER'S", has been removed! and was verified by the executive center. I have been hearing that recording for 9 months' and frankly I was sick of it!! This seems a good sign and that they are finally gearing up for the program after all these delays!!!!
She said the hamp is coming and that there are various ways that they will notify
us for the Hamp program.
1/ Via section 5 of your loan statement under:
Notices section
2/ Via mass mailing of Hamp packets to all homeowners' eligiable for the
governments program.
I would, still keep calling either Wachovia's Executive Center or Loss Mitigation Dept.,
on a daily basis!!!
Executive Center: 1-800 909-1825
Loss Mitigation : 1-888 565-1422

kEEP THE FAITH, IT WILL HAPPEN!!!!!!!!!!!

wizard

[messi]

Thanks for the update Wizard. Is the executive team giving you more info regarding the roll out date for HAMP? Or are they telling you to just keep calling for status?

[Wizard]

Messi:

I'm just calling almost daily to find out updates!

WIZARD

[messi]

I call Mondays and Fridays... and sometimes I call Saturdays as well. I also check this forum every day for updates. Hopefully it will happen soon!

[reinforcer17]

I feel bad for everyone having all these problems with Wachovia because the HAMP was rolled out a long time ago. I will be done with my last trial period in November.

[reinforcer17]

When you call next time, tell them you are aware of others who are currently in the process. I dont know if its only certain loans that they are giving people problems with or what. Mine was originally with Wachovia so I'm not sure if that makes a difference.

[messi]

No HAMP yet. Here is what I received back from wachovia online customer service this morning:

Thank you for your patience as we continue to work with the Treasury
Department to implement the Homeowners Affordability Modification Plan
(HAMP). Government criteria has taken a new direction. Due to this, the
program start date has been extended.

Once we begin offering this program, if you are eligible, you will
receive a notification message on your monthly Loan Statement.

Be assured your account has been thoroughly notated with your interest
in the HAMP and continue to ask for your patience until this program is
available.

In the meantime, we do have other options that may be available to
assist you. Please contact us at 1-800-642-0257, Monday through Friday,
8:00 A.M. to 8:00 P.M. and Saturday, 8:00 A.M. to 5:00 P.M., Central
Time.

[davephx]

Huh
I think they wrote this in March?

I can find no "new direction" from the official sites. Anyone have a clue what they are talking about.

As I discuss on other threads, I just found out from a major law firm there is no enforcement of the guidelines, we are totally at the mercy of the servicers for mods.

We need to write Congress and get action to change.

[SillyWorld]

Originally Posted by davephx

Huh
I think they wrote this in March?

I can find no "new direction" from the official sites. Anyone have a clue what they are talking about.

As I discuss on other threads, I just found out from a major law firm there is no enforcement of the guidelines, we are totally at the mercy of the servicers for mods.

We need to write Congress and get action to change.

Yes we all know this and MOE and many of us are working on each bankateer at a time we did BOA last week and this comming week is CW
Polititions could care less the bankers are in bed with them

[davephx]

Maybe this is the "new directive" But its only Freddie not the whole HAMP program

Freddie Changes HAMP Requirements for Servicers

I am not sure this really helps. Fannie ( I have seen prior Freddie ones since I'm owned by Fannie) has issued all sorts of servicer directives already that are not being followed. And it may not apply to Fannie Mae or mortgages owned by other than Freddie.
I have e-mailed the editor with my concerns

By JON PRIOR September 24, 2009
Source: Housingwire.com

Freddie Mac servicers received updated requirements for modifying distressed loans through the Home Affordable Modification Program (HAMP).

HAMP provides cap incentives to servicers for the modifications of loans on the verge of foreclosure and adjusts those caps based on performance.

The new requirements require servicers, by Nov. 1, 2009, to evaluate and process mortgages for HAMP with Workout Prospector, an updated software package that will retire the Borrower Qualification Worksheet, according to the bulletin sent from Freddie Mac.

Servicers must also use the property value provided by Workout Prospector, and effective Jan. 1, 2010, Freddie Mac will not publish the report of property values for borrowers who are 30-plus days delinquent on its Web site.

The new requirements also retire the Program Performance Reporting spreadsheet, or the “Weekly Summary.” To replace it, servicers must submit to Freddie Mac data files and a solicitation-activity summary via e-mail on a weekly basis.

Effective Sept. 30, 2009, servicers must begin using the HAMP Modification Agreement, HAMP Hardship Affadavit and Trial Period Plan, which will allow servicers to cover a wider range of loan document features and reduce the amount of authorized changes. The revisions will also gather consent to share personal and financial first-lien modification data, according to the bulletin.

[SillyWorld]

Yes this is True, BUT, the Banks are only required to comply if iti is in the best interest of the Bank, or should I say If the banker will make more profit

[WACHOVIA FANNIE]

New to forum. First day i have called Wachovia and i am exhauseted. My sympathies for those who have been at this for MONTHS.

I have a FANNIE, am current but can prove hardship. Called Wachovia today and was told that my loan was not "flagged" and/or "coded" for HAMP right now. I have an e-mail into CS because they could not tell me over the phone what that meant or what criteria they were basing this off of.

My question is: How do in invoke them to review me for a HAMP if i cannot get any paperwork from them to start the process.. I have spent hours trying to find an answer. Do i only have to write a hardship letter to force them to review me for a HAMP? Or do i have to wait for them to "interview" me or send me some special paperwork. Again, I have tried to find the answer but can't.

DETAIL:

FANNIE/CURRENT
PRINCIPLE $265K (not looking for reduction) but would take it as I am sure home is worth less (say $225-$250K). Appraised $390K when got loan.
5 year IO/ARM ends Dec. 2010 but can prove financial hardship now.
Single / $3300/month salary

[maloudp]

I am happy to report that Wachovia approved my MAP mod after gruelling 7 months and 2 turn downs. I am behind 7 months and was in pre foreclosure. After the 2nd turned down letter I wrote to the CEO of Wells Fargo and lo and behold someone called me the next day and told me that he will reconsider to open my file and will work on it. After 2 days he called me back and said I'm approved. PRAISE GOD IN HEAVENS !

Here's the details.

Old Principal owed $395,000

Principal Reduction $75,000.00

New Interest Rate: 5% for for 5 years fixed Interest only no neg arm for the life of the loan

Interest Rate fixed after 5 years 5.05 % for the life of the loan (40 yrs)
New monthly payment goes up $200.00 on the 6th yr fixed

New monthly before escrow taxes & insurance $1,375.00
Monthly payment reduced to $900.00 after mod.

There is a God in Heaven.. I am so happy I feel like break dancing.
Please keep trying they are willing to help but do require a paystub to get you approved

[WACHOVIA FANNIE]

A Wachovia and Wells Fargo Home Mortgage Integration Update

By Jason Menke on October 1, 2009 9:40 AM |

Starting this week, we're converting a number of Wachovia mortgage accounts to Wells Fargo Home Mortgage. The first set of accounts will be converted Thursday, October 1, and another set of accounts converts Friday, October 16.
When your loan converts, there will be a brief period when you'll be unable to view your account online — either at Wachovia Online Banking or at Wells Fargo Online®. For those of you with loans converting in October, here's what you need to know:

• The Wells Fargo Home Mortgage Welcome Center is a great resource for anyone with questions about the conversion process in general.
• If your mortgage is converting to Wells Fargo on October 1, you should have already received a letter from us. Starting October 5, you can sign up for Wells Fargo Online on our Online Mortgage Access page, and begin managing your mortgage online.
• If your mortgage is converting on October 16, you should receive your letter approximately ten days prior to that conversion date. Until you receive the letter, it's still business as usual, but beginning October 20, you can sign up for Wells Fargo Online to start managing your mortgage online. For steps that can help you to smooth your conversion from Wachovia to Wells Fargo, refer to these mortgage conversion checklists.

Lastly, not every Wachovia mortgage loan is converting to Wells Fargo! Until you receive a letter that provides your conversion date, it's (you guessed it) business as usual. Keep those comments coming!





A Wachovia and Wells Fargo Home Mortgage Integration Update - The Wells Fargo - Wachovia Blog

[messi]

Still no HAMP. Looks like they have until the end of the year to roll it out.

[lkszip]

Maloudp...
congrats on your success (have you signed papers yet??) Anyway, could you provide the information you have on the CEO of Wells Fargo so that others might try to do the same? Thanks for your help.

[Wizard]

UPDATE: 10/07/09 Time 9:15 a.m.

HAMP PROGRAM TO START OCTOBER 20. I WAS TOLD THE PHONE
INTERVIEWS WOULD BEGIN AND THE PACKETS WOULD BE MAILED
OUT. THIS IS PER LOSS MITIGATION DEPT. @ WACHOVIA!!!!

WIZARD

[messi]

Thanks for the update Wizard.

I just called as well and the rep told me by the end of October. She said she couldn't commit to a date but they were told it should be ready by then. Hang tight!

[lh1550]

WACHOVIA -HAMP in TEXAS: If you have a Texas Equity Loan WACHOVIA WILL NOT do a HAMP even if loan is owned by FannieMae.
We purchased the home in 2001 and put $ 70,000 down. Shortly after that I lost my job of 18 yrs. We had over $ 500,000 in savings. Wife got sick, lost her job, is now on SS disability but not until we went through all savings. we have been month to month since Jan 2006. We have cut our expenses to less than 4000 per month. House payment 1,103 P & I only, but even with that I could not pay the mortgage begining May. In July Wachovia sent me an offer fo the HAMP as I had a Fannie Mae note. I began calling wachovia back then and depending upon whom I spoke with I would get someone who did not even know what a HAMP was or someone who told me they could not do it to someone who said they could. Oct 1,I called but was told to call back in two weeks. I did and hurray they took my app over the phone. Officially we are being considered for a HAMP.

Today I called because of concerns over the secret NPV. We have an offer for $265,000 and had until today to let the buyer know and I wanted to know how much of a chance we had for a HAMP. (We owe about 171,000, good equity for our area and don't want to move but was afraid we would not qualify because of our equity situation. Still would like a HAMP . Loss Mit and Foreclosure told me your loan is a Texas equity loan at 6% 30 year fixed but doesn't qualify. They even admitted to sending the invite letter and offering a HAMP. I am only 6,000 behind. Looks like the only recourse I have now is a forebearance agreement or see if I still can sell the home.
Does anyone know if I have anyother options. I plan on writing the Tx Attorney general but since its a Texas Law Wachovia might not have an option in spite it being a FannieMae note.

[Wizard]

NO HAMP YET!!! Spoke to WACHOVIA THIS a.M. sHE sAID any day now! Watch your
mail boxes for hamp packets and they are also going to mount a calling campagn, I guess to make up for lost time!!! I Think the US Gov., is applying the pressure for them to get their act together!!!

KEEP THE FAITH!!!

WIZARD

[messi]

Well... it looks like October 20th is the date they are shooting for to roll out the HAMP program. I just got the following email from Wachovia's online customer support:
"Although we do have until December 31, 2009 to implement the HAMP, we
are on target to begin offering the HAMP to eligible customers of our
portfolio on October 20, 2009. "

Lets hope it happens this time!!!

[Wizard]

Messi: I just got a response from The office of the President of Wachovia, and the office of the President of its parent Company Wells Fargo after
my e-mails weeks ago to both Chairs of Wachovia and Wells! I complained aobut the lax situation with Wachovia's hamp program! They seemed very concerned of what was going on with their internal programs and specifically ref. my Loan w/ Wachovia!!! That Pro-activeness means nothing and being late means getting all there attention!!! These banks all SUCK, but hopefully the sucking will be stopping on October 20th, 2009 once and for all and that all the people needing help from the HAMP program get it!!!!! This would be the least the banks and the treasurey could do for us after spending are monies , tax dollars bailing them out!!!!!!!!!!!!!!!!!!

Keep the faith, it will happen!!!!!!!!!!!!!!!!!!!

WIZARD

[Wizard]

Hamp has started this am with wachovia!!!!
Sat 10/17/09

good luck to all !

Wizard