Wachovia and HAMP modification-anyone having success?

[Ramz858]

pickahell:
That # is good, I just tried it again right now..maybe try from a landline if you're using a cell?


halfdome:
The rep said they're going to want 2 years tax returns, a profit and loss, and possibly bank statements

[lkszip]

The number I called was 877-272-8951 .... maybe that one will for you.

[kari91]

I called on the 26th and did the interview over the phone and got my packet in the mail on the 29th. I am putting together my hardship letter and was hoping someone might look at it and give me a few pointers. My loan is a pic-a-pay at 7%. I have not been late but only can pay the minimum so am going backwards. House is worth 290,000 and owe 310,00 and growing. Here is my letter:

I have done everything in my power to make ends meet but unfortunately have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and would really appreciate the opportunity to do that.

My loan is the original Pick-a Pay mortgage that I acquired with World Savings. I was convinced by the Lender at that time that because the economy was so good I could choose this loan, pay the minimum amount and then refinance in the very near future. The economic downturn changed all of this. The value of the home dropped while the outstanding deferred interest continued to grow. In February of 2009 I tried to do a standard refinance and the home value was 290,000.00 while the balance had grown to 310,438.31. The deferred interest total is 16,438.31. The current interest rate is 7%. So I was unable to do a standard refinance into a lower set payment.



The main reasons that have caused me to not be able to pay more then the minimum amount are:
1. The reduction in my income. I work in the construction industry and that is one of the areas affected with the current economic crisis. My current year to date income is 15% lower this year then last year. We have also been required to pay our own insurance, as well as no holiday, vacation, or sick pay.
2. I have also had an increase in the household bills due to my son and his family losing there job and home and moving in with me.
3. I have had a family member with cancer for the last 3 ½ years who passed away 10/12/09.



I am now finding it necessary to use credit cards to make ends meet each month.


I feel that if I were given the opportunity of a loan modification it would benefit us both. It would give me the opportunity to stay in my home and move forward with my mortgage balance. I consider my mortage the most important payment I have.

Thank you for giving me the opportunity of working with you on this.

[pickahell]

OK the 877-546-8827 number for Wachovia does work, apparently they turn off the number when it's not business hours.

So, here goes....It's 1:15 pm PST and I am on hold waiting to talk to someone about being considered for HAMP! More to follow.

[Ramz858]

good luck pickahell!

[messi]

Ramz858,

How did u get them to get you out of the Pick a Payment and into a Fixed loan? Did you stop making payments? I've been trying to get out of my pick a payment for over a year now. I can't even get them to send me the HAMP paperwork. I interviewed for it on the 19th and a week later I called to ask why I hadn't received any paperwork and the said the system for some reason didn't send it out. So they re-sent it. So here i am still waiting for the packet to see what I need to fax them.

[Ramz858]

Originally Posted by messi

Ramz858,

How did u get them to get you out of the Pick a Payment and into a Fixed loan? Did you stop making payments? I've been trying to get out of my pick a payment for over a year now. I can't even get them to send me the HAMP paperwork. I interviewed for it on the 19th and a week later I called to ask why I hadn't received any paperwork and the said the system for some reason didn't send it out. So they re-sent it. So here i am still waiting for the packet to see what I need to fax them.

Messi:
It took me a long time to get out of the pick a pay..they finally did it last June, I had to go through the Wachovia loss mitigation dept. using the MAP program.

I didn't stop making payments, but I was always 3 weeks late or so each month...

I also sent a complaint to the Office of Thrift Supervision complaining about my toxic loan, unfair mortgage terms, skyrocketing payment, etc... Not sure if that helped my mod or not...

[californiadreamer2000]

I have a 1.1 mil neg am loan at 7.2% with Wachovia.
I have tried to get out of this since the summer of 2008.
No lender would touch a neg am for a refi in this down market.
I began my modification journey in January of 2009.
I do not qualify for HARP... I'm not Freddy or Fannie.
Since I was not late, I was never "flagged" for an internal MAP with Wachovia. I'm told you had to be delinquent.
Now that HAMP is on the scene, it seems you don't. MAP is more accessible.
But, I don't qualify for HAMP because I'm over the 725k loan amount.
Sadly, I've been told this is the best of mod programs out there.
Lenders love fed $ instead of their own.

I was told this week there is finally a mod packet in the mail for me.
I'm nervous about what will be offered.
I have read on this blog about verything from principal paydowns in the 30k-80k range, 40 year loans and 4%-5% rate reductions.
I have also read that the first offer is never a good one, you have to negotiate and go late and later on payments.
I have pretty much given in on keeping a 750 credit score.
I think that if I want a mod, my score will be pushed into the 500 to 600 range by the time I'm done.
My fear is also that I lose the credit score and end up with a minimal interest reduction.... then I lose the home next year because I can't keep making the crazy payments!
I have emptied my 401k, family savings and credit cards!

What frustrates the heck out of me is that you have to turn "bad" to get some attention! If you continue being the diligent loan holder who pays no matter what you will not be heard!

Why is that?
What hope do I have.
I think almost half the people blogging on here did not have to milk their 401's and savings... some even got decent mods.

How do you become one of the lucky ones?

[californiadreamer2000]

Wizard,
You seem to be one of the most knowledgeable bloggers on this thread.
Can you update me on your modification journey?
I would be curious to know how you are faring?
I am in a "hold" pattern awaiting a MAP mod.
I don't trust Wachovia with what is coming.
I fear a minimal rate reduction and not much else.
This is regarding a 1.1 mil neg am loan w/ a 7.2% bought at peak of market.
I will be sharing my packet info with this group as soon as it arrives.

I can say that I made one of the earliest calls on MAP when it was a "pilot program" in March - April -09 and was one of the first to call on HAMP in August but, I don't qulaify for HAMP due to the loan amount.

Any info is appreciated.

[Wizard]

Dear CaliforniaDreamer2000:

My hamp decision is pending, just sent in the paperwk 2 weeks ago and they
said that it could take up to 4 weeks. I am current on my loan but struggling
due to a loss of income of about 50%./ My house not is now 60% of my income. My loan w/ Wachovia was an arm at about 7.25%, then I exercised
the option to convert to a fixed about 6 mnths ago to 4.74%, but due to
my loss of income and hardship, that did not totally help it just stopped
the negative amoritization and the loan from ballooning higher! I have a
balance of 396K, and a Heloc w/ chase formerly Wamu of 57K. My house is
worth an estimated 287K, so you can see that I am also underwater!! My second is % only @ 3.25%. First pymnt taxes + Insurance around 2500.00
and the second is around 160.00! I currently working along with chase to
get the second rate lowered to 1%, and extend the loan, and with the
first I'm looking for a payment of 31% including taxes and insurance to
around 1,300.00 for 40yrs, with a forebearance of about 79K from Wachovia, and 20K from Chase to compensate for the loss of value and to
bring the payment in line with the Hamp guidelines of 31% for the 1st! The
forebearance would be no pymnt, no % on those amounts and would only
be paid back upon sale of the property, and if their is any equity? Currently
I am Equity Negative and It will be many years to make up for the underwater part, being in california, with foreclosures all around me!!! The
second might be approached a little differently, I could just make them an
offer of 10%= 5000.00 to get rid of chase, them also knowing that they
have no equity in the property, and would probably rather get a lump some
up front rather than a reduced payment that could be 50.00 mnthly @ 1%
for 30-40yrs!!!
Bottom line the property was worth less then 2 yrs ago around 700K, were
currently looking @ an actual loss for Wachovia of: 120K, chase 57K, plus
all the incurred expenses for them if the should have to sell the property
in a forclosure situation would be another 60K, +loss of pymnt for 6-12mnths of probably another 26K! I'm quite sure That Wachovia and
chase will see the light when all said and done!!!!
Have you looked into the Hamp vs, the Map? Basically the differences are
that the MAP is an in-house Wachovia program that doe not necessarily get
you to the 31% payment, and it has no impounds, where as the hamp will
get to the 31% threshold; I believe both programs have some level of
forbearance!!
Good Luck!!!!!!!!

All the Best,

W I Z A R D

[messi]

Wizard,

Was your HAMP packet delivered via priority mail or just regular mail? I don't know what the problem is but I still haven't received my packet.

[Wizard]

Messi: My packet came regular mail!


WIZARD

[goldiet09]

Wizard: I would appreciate your input. I am widowed and on social security disability and long term disability from my employer since 1992. In 2012 I will retire with my social security changing title to retirement, and my ltd also changing to retirement. I have a pick and pay which started at 165K, is now at $179K with interest at 6.71%. Got loan in May of 2006. I did this to help one son get through college, and another son who was unemployed off and on for the last two years and a new baby. Like everyone else, I intended to refi then the market crashed. I'm now upside down. I discovered when all this started happening that whoever filled out my application at the escrow company (?) changed my income to almost double what I put down, and I also believe that they over-inflated my appraisal. My last appraisal in 2004 was at $313,000. They put down $340,000 in this document. I don't know if these facts give me any leverage or not. I've been trying to get modified since last year and was always told didn't system in place yet. I was then told I didn't qualify because I wasn't delinquent. I've always been current and still am. I then called HOPE hotline. They said I did qualify and they contacted Wachovia. Within 7 days I had a letter asking for a hardship letter. I sent it. Then 20 days later I called, they took my financial info over phone and I received the HAMP package two days later, (10/28) to be returned by 11/27. My DTI ratio right now is about 103%, but I'm managing to stay current on everything by paying current bills with the next month's income. Don't know how long that can last. I also get some help from my son's. What is really troubling me is the horror stories of going on HAMP trial for three months, being reported as delinquent, then being turned down and they will try to foreclose. My current loan already has an impound account, but I've read so many things now that I'm confused. It's my understanding that they aren't allowed to report you delinquent if your were current entering the program. Can you clarify any of this for me?

[goldiet09]

Wizard: Also, one thing I forgot--I am a cosignor on two of my son's grad school loans. This presents a whole different problem, I think, when he tries to consolidate. Anyway--it's also my understanding that debts shouldn't matter in the front end. Is that right?

[Wizard]

Goldiet09:

As far as the being reported late to the credit bureau for 90 days I believe
that is what wachovia told me also and the reason being is when you apply
for the hamp, the pymnts that you make go into a suspense account and
applied to the loan after the 3 month trial period! Why this is I don't know?

As far as you having co-signed on the varous loans I believe that they
will be taken into account, I believe the are reported on your credit file,
how Wachovia will view this I'm not sure?

Wizard

[caldwellb02]

Have you all signed the petition? It's uniquely from loansafe but speaks for all americans in this nightmare. Please sign and pass it on.

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

[Majedesi]

We shipped our Home Affordable Program paper work to Wachovia on Friday. We received the packet a week after we went through the interview process. This after a year of trying to get a refi or on the MAP but only getting the runaround, see my previous thread from a year ago.

http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/4618-world-savings-pap-time-get-out.html

We've never been late but we've never paid the scheduled interest and principle payment only interest only and neg-am going on four years. We don't have a GSE loan so were hoping for a modification or MAP from Wachovia, I'll let you know how it goes.

[messi]

Well I still haven't received my HAMP packet I'm supposed to receive after the HAMP interview. Its been two weeks. It turns out the rep who took my interview left my app incomplete so it never sent out anything. I'm not sure why this wasn't caught during my previous calls. Anyway I had to re-do the interview and this time I was given an estimated mortgage payment, which is about $200 more than my minimum im paying now, and she asked a few more questions the original rep did not ask. She assured me that everything was good to go now and that I should receive my packet by the end of this week.

[Wizard]

Messi:

Read your post. I'm glad that Wachovia has finally gotten it straight and
your packet is coming!!! I had a question? You mentioned that the rep
quoted you a payment that is 200.00 more than you min. pymnt. is this
really a savings for you compared to what may I ask?

Wizard

[messi]

She quoted me 200 more which is more then my 31% dti should be. The minimum payment I'm currently paying is about what my 31% dti should be. I'm not sure why she quoted me 200 over the 31%, but she did say it would probably be less then that. Was your quote close to your 31% dti?

[Wizard]

Messi:

He did not quote me a payment, just asked me how much I could afford? and I told him 1,100.00 + taxes and Insurance!

Wizard

[californiadreamer2000]

I thought I'd toss this info out because it's just bugging me...
I applied for the HAMP on the first day it was offered in SO CAL - SAt - Oct 17th at 9am eastern time because the call center used was Ohio.
The rep- Lori Robinson with Wachovia took 45 to do the application via phone breaking off about 8 times to "check with her supervisor"... long story short, after all the info I find out I don't qulaify with a 1.1 mil loan - the cutoff - which is listed all over websites is $725k or so...

I have to question the intelligence level of these reps --- I am now in the running for MAP - which scares the crap out of me given all the negative feedback I've read on this one ---

Think about it, why would a bank want to lend out their own money when they can use the governments ... so far, I've had a series of mishaps - a lot of wasted time and no firm answer... I've faxed in info to 1-800-313-0892 three times always to have something missing!

Is this a little game that Wachovia plays?
Let's hide the paperwork or have the reps play dumb ... or maybe they are not playing ---

so far, i know there is a san antonio and ohio call center for map...

If anyone brave soul out there has some intel to share -- pls do, I'm ready to toss the hat in!
I didn;t think i'd give up so easily but, it's shaving years off of me ... and to think i began this mod process in jan 09!

[halfdome]

Californiadreamer,
Wachovia did a map for me-they extended to 40 year loan a 3.75 pct step rate, see my orig post.
It was hell getting it, but it can be done.
Best of luck!

[lkszip]

got my HAMP pack today ... approximately 1 week after the phone interview ...!

Messi, did you receive yours yet??

[messi]

IKSZIP,

I had to re-do my phone interview because the previous rep screwed it up. I did it over again on Monday. I should have it by the end of the week hopefully.