Weels Fargo Letter Just Came " Watch For Certified Mod. Prog. Letter" ???

[FireandRain]

We are one of those lucky families who has been locked inside a super toxic Wachovia pick-a-pay loan. I've been trying for months to get a straight answer from Wachovia, but to no avail. Now that Wells Fargo has swallowed up Wachovia and their $122 billion dollar toxic pick-a-pay portfolio, I'm left wondering if Wells Fargo will be, anytime soon, be seeking out aggressive mods on these loans.

Any thoughts or predictions?

Wells stock plunged nearly 50% since the merger was completed on Jan.1st, largely due to investor concerns over its acquisition of Wachovia's toxic loan portfolio.

Does this, in any conceivable way, bode well for someone like myself who is stuck in one of these pick-a-pay loans?

Like 80% of the Wachovia pick-a-pay borrowers, I have been paying the minimum payment for the duration of my loan thus far (neg-am).

We actually were 4 months delinquent, and, two weeks ago,4 hrs. before Wachovia notified us that our loan would pass officially into the foreclosure process, we panicked and scrapped together $14K to get our loan current current and avoid dropping into foreclosure! This decision was difficult for us~ We have feared and continue to fear that we will be overlooked for a modification now that we are "current" again on our pick-a-pay neg am loan.

So, our hope, our "strategy" for now is based on the belief that, while we our loan may no longer (for now) be on the brink of forclosure "list", that Wells Fargo will want to modify our loan BECAUSE it is a neg-am, super toxic, non-performing loan on their "books"

Are we insane to think this? Should we continue to try and make these neg am payments in the next couple of months and stay "current" for Wells Fargo, or is it more intelligent to allow our loan to slip back into default for a few months in order to be "more" eligible for a loan modification?

We've spent hundreds of hours online and on the phone trying to get advice on this, so any input would be of great benefit to me and my family.

Thanks!

Matt

[Moe Bedard]

Hi Matt,


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

Actually.............this announcement was just made yesterday........and not a moment too soon for those toxic type loans...............


With the Dec. 31, 2008 completion of the Wells Fargo / Wachovia merger, Wells Fargo has begun to aggressively use current streamlined approaches and new customized solutions to avoid preventable foreclosures for Wachovia mortgage customers. In total, 478,000 Wachovia customers – including those with Wachovia Pick-a-Payment loans – will have access to the program, primarily those whose loans are delinquent or are likely to become delinquent will be eligible for assistance. Given changing economic factors, the exact number of customers expected to be helped in this approximate $120 billion portfolio cannot be provided. Customers with loans being referred to foreclosure or that are in foreclosure will receive an extension until Feb. 28, 2009 to allow them time to contact and work with Wells Fargo on the new solution most appropriate for their circumstances.
https://www.wellsfargo.com/press/200...6_Wachovia_HMS


and I suggest you contact the executive team to find out what you would need to do to apply for this streamlined modification program......

Wells Fargo
Executive Team
1-800-853-8516

[FireandRain]

Thanks ***. I found the same article(s) from yesterdays news. I'm worried that Wells Fargo will really only want to be working on mods with Wachovia loans that are in default or in foreclosure... Now that Im "current" on my pick-a-pay loan, do you think that I'll no longer be eligible? Aye Yaye Yaye! Thanks

[Moe Bedard]

Well it does say likely to become delinquent............

[FireandRain]

This is crazy.... It looks like Wells Fargo will be working only with loans in foreclosure or on th brink of it. Hey, maybe the Fed will buy my loan! Wowwee? What do you think of that, folks?

[orcina_orca]

Hi ***:

I'm with Wells Fargo and 2 months behind. I've been sitting tight all this time waiting for a miracle to happen. Do you think WF has such a streamlined program of their own other than Wachovia's? Or do you think I'll be more successful to go through NACA?

[Moe Bedard]

It is all up to the investor.................so all you can do is ask if they have a program and make the decision from there.....

[pyrojulie]

Thanks to Matt for posting this question and to *** for some great insight. I have one of those toxic pick-a-pay with Wachovia and have been current until 15 days ago --trying to get a modification for 2 months and they keep telling me there are no programs to help. Well, once I skipped a payment they started calling and leaving generic messages. I called today, again to ask what options might be available and got the runaround and was directed to a different extension and then disconnected. I guess they won't bother to help people until the situation is bad and the process is so frustrating for those of us trying to do the right thing and stay current. I'm going to pursue the Wells Fargo info you posted, ***. Thanks for providing the Exec. Team number!

[nisb4]

Hi all. Please see my post from 2 weeks ago below. I have just sent my paperwork in so we will see what happens?
Hi,
I have a negative amm loan with Wachovia. My husband was a self employed contractors and business for him literally stopped in August. We were not able to continue mortgage payments. I contacted Wachovia for help with a modification in October. When Dec rolled around I was denied. I told them I could start trying to make the payments but no back pay. They wanted 10,000!! They said no. So I have not paid and awaiting a meeting with a HUD counselor on Jan 22. In the meantime Wachovia sent me a UPS letter. it looked like it was something sent to several people, even had a pamphlet. It indicated if I qualified they would possibly reduce my alance by 20 percent, put me on a 30 yr fixed. Work out late tax and insurance adjustments and if I paid 12 months consecutively on time send me a 500.00 visa gift card after the 12 months. This seems to good to be true. They want me to send check stubs. I am nervous about doing this before I speak with HUD,. But I only have so much time to take advantage. If it is something new they are doing and it is a possibilty. How do I figure out what they are looking for as far as debt to income ratio? Do they consider household expenses in this or just mortgage and car, credit payments? I want to be sure I arrange it so my DIR is sufficent. Than

[FireandRain]

Im one of the lucky souls who has a Wachovia "Pick-a-Pay" loan. Curious if there is anyone else in here with a similar option-arm loan who is seeking a modification with wachovia/wells fargo...

I spoke with Wells Fargo Exec. team yesterday. They told me that Wells fargo is NOT yet dealing with these Wachovia loans.. Wachovia is "still the servicer"...

I continue to be confused! We all know how crappy Wachovia has been in dealing with modifications...many of us were hopeful that with Wells Fargo's acquisition, that we MIGHT be getting more assistance...

Has anyone dealt successfully or productively in ANY way with Wachovia on the topic of loan modification recently???

Any information, contact #'s,etc would be greatly appreciated! According to the guidlines of the new Home Affordable Program, I am eligible, but am stuck trying to figure out who I should be contacting! I am currently 2 months behind on my payments...

Thanks in advance to anypne who cares to chime in...

[FireandRain]

Thanks for the consolidation of my post,***. Do you know of any "exec team" contact numbers for Wachovia? i phoned the wells fargo exec team # you provided but they said they are not yet handling wachovia loans... all i have is the loss mit. #.. thanks!

[Moe Bedard]

just corporate

Wachovia Corp
301 S. College St., Ste. 4000
Charlotte, NC 28288-0013
Phone: 704-590-0000
Fax: 704-374-3425
Toll Free: 800-922-4684

[messi]

I also have one of those pick a payment loans. I spoke w/ a rep on saturday and she told me they are still working out all the details for the modifications. She told me to call back in a couple of weeks. I have a jumbo loan so i dont qualify for the refi program. I am also current on my payments. I'll call back next week for status. If anyone else gets started on a mod please let me know.

[FireandRain]

...you would think that wachovia/wells would be a little more prepared for all of this. i mean, i realize the details were just released last week, but you would think that these banks would be more prepared, at least for the application process to begin! as i mentioned earlier, i phoned wells fargo exec. team last week and they told me that they are 'not yet managing wachovia's loan portfolio'.... in the infamous words of dr. evil..... "RIIIIIIGHT..."

[FireandRain]

I have a pick a pay with Wachovia/WF and just received a simple letter from Wells Fargo indicating saying "Be on the lookout. Potential mortgage programs are coming your way."

The letter goes on to say:

" You'll receive a special overnight package in the mail from Wachovia within the next week. This package will provide important information about the new mortgage programs available. Look for the package, open and review it, call the number in the letter as soon as possible."

Needless to say, I am hoping that is a positive signal that a mod offer MAY be forthcoming from Wachovia. Has anyone else received such a letter from Wells Fargo or Wachovia? I am currently 4 months behind on my pick a pay loan with Wachovia.

Any input is appreciated!

[messi]

Hello FireandRain, would you mind posting that number? I also have a pick a payment w/ Wachovia and have been trying to get info about the mod program since December. I've gotten no where. We are current on our loan so maybe they are only working w/ delinquent customers.

[FireandRain]

Messi, When I receive the certified letter w/ the number, i will post the information.

[FireandRain]

Has anyone else received this letter from Wachovia yet?

[emfjs]

I also have a pick-a-pay and am 2 months behind still waiting for an answer after submitting hardship and financials etc.. Please come back and let us know the details! Thanks

[stevep]

Originally Posted by FireandRain

Has anyone else received this letter from Wachovia yet?

I received a letter from Wells Fargo on Friday with the same wording.

[FireandRain]

Stevep.... same letter! Let us know what you here next from Wells/Wachovia! I will do the same! Also, how far behind in payments are you currently?

[messi]

FireandRain, are you current on your loan? I spoke to a rep today and she told me I didn't qualify for anything not even the obama modification program. But I get a different story each time I call. This is getting very frustrating. I have so many wachovia numbers I dont know which one to call anymore because I can't get anyone to help me out. I'm considering missing some payments to catch their attention.

[FireandRain]

Messi,
As of the 15th of this month, I will be 4 months behind on payments. Ill keep you all posted on what transpires with the supposed forthcoming "modification" certified package that Wachovia will be sending me this week sometime. Keeping my fingers crossed!!!!

[PERSISTENT32]

How long did it take to get the modification only 4 months? I submitted my information for a loan modification since Jan. 09

[stevep]

On Friday May 29, 2009 I finally received the letter that Wells Fargo told me to look out for from Wachovia. Wachovia is offering something called a Mortgage Assistance Plan which I would have to qualify for. With what the plan offers I do not see how this will help me, basically offering to extend my 30 year plan to 40? They also state in a foot note that if I only make the minimum payment each month for the duration of the interest only payback plan and do not pay extra to bring down the principal I will actually end up paying more. To me this is not assistance at all; it seems like this extra 10 years is a means of them mitigating any loss and just prolonging it for the home owner. They can keep their $500 visa gift card and shove it where the sun don't shine. Unfortunately I do not think this offer will help me in the least bit, hopefully it may useful to someone else. I hoped they could do better than that as I don't see how this would help me, it seems more like a short term fix than anything; and definitely not something I want to be paying for well into my 70's.