Wachovia Says They are NOT Offering Loan Modifications to Struggling Homeowners

[Moe Bedard]

[IMG]http://www.franchisegecko.com/soup-****.jpg[/IMG]The Soup **** from the TV show Seinfeld was known for his abusive customer service skills and saying, “NO soup for you, to the back of the line!” Now, it appears that he is working at Wachovia in the loan modification department.

Attention American homeowners, the FDIC, the OCC, the FTC, Barney Frank and anyone else who will listen to this BS coming from a bank that must be afraid of write downs and or is about to go under or implode.
The word is out, Wachovia is NOT offering loan modifications to struggling homeowners at risk of losing their homes.

Apparently as of June 30, 2008, several employees and negotiators have communicated to my staff that they have stopped modifying mortgages and will only offer short term “payment help”. Anything that involves modifying a note, a loan modification, they absolutely will not do.

There is one exception to Wachovia’s new rule that Loan Safe has found, predatory lending. Mortgages with federal and state violations and or mortgage fraud are being looked at by their legal departments and modified on a case by case basis.

If you are a Wachovia client, this may be the only way to get a loan modification.

Scary times we live in.

It looks like Wachovia is leading the charge of predatory servicing by holding people hostage and chained to thier mortgagesby making them live the “‘American Nightmare” one toxic mortgage payment at a time.

From Wachovia Says They are NOT Offering Loan Modifications to Struggling Homeowners | Loan Modification & Home Loan News

[Dan Bailey]

Will the others follow suite now....??????

[925girl]

This is what I've been told for months. I was taking itpersonally as they led me to belive it was my own fault for being late in the past (although we came through and paid up). I recieved a letter yesterday after writing for a QWR stating I have a conventional ARM. That's it. No documents, nada. I was under the impression they HAD to let us look over the doc's they have to check out if violations occured. If they go down does it mean the FEDS/taxpayers are picking up the pieces?

[beggingformercy]

That is what I am really concerned. I have been trying to modify my loan with them but they completely shut the door. My payment will go up starting Sept 15. I dont know where else to go.

Any thoughts?

Note: What do we need to do for this predatory lending?

[Moe Bedard]

I received a letter yesterday after writing for a QWR stating I have a conventional ARM. That's it. No documents, nada. I was under the impression they HAD to let us look over the doc's they have to check out if violations occurred.

The purpose of the QWR is to make the servicer address a "servicing complaint" and if they do not follow the way the law reads in regards to the Section 6 of RESPA, then there are possible legal remedy you may pursue. So, hopefully your letter was servicing oriented and stated why you needed these loan docs and why they need to give them to you and they need to give you legitimate answer as to why they are not providing them for you in the time prescribed under section 6 of REPSA.

If they go down does it mean the FEDS/taxpayers are picking up the pieces?

Yes, that is exactly what will happen. But with the FDIC running the show, it will be easier than dealing with them now.

[cutlass]

so who do we contact now about dealing with our Wachovia loans?

Citi and Wells both say to contact Wachovia, and Wachovia says they arent doing anything it will be up to whoever finalizes their deal (Wells or Citi).

Isnt that Hope for Homeowners thing available starting Oct 1? Where do we get started on that?

Pls helpo!

[Moe Bedard]

cutl****

Here is the info on that.................it has the qualifications too.........if you qualify you will have to see first if the investor on your loan is willing to accept a short payoff............

If the investor is willing to accept a short payoff, then you can go to any FHA appoved lender of your choice.........you can search on www.fha.gov for one in your area.........


HUD News Release 08-150

[sluja]

I have been dealing with Wachovia's Office of the President, since i wrote to the Office Of thrift supervision, I am trying to get into a 30 year fix, and get my parents off the loan since they cosigned, they sent me an application via fed ex, I returned it that same day, Friday they sent out an appraiser, I don't know whats next, if its good or bad, it's the most glimmer of hope I've had since getting this pick a payment hell!!!!!!!!!!!!!!!!!!!!!!!!!!!

[gigi321]

sluja,
Could you post the contact to the magic office at Wachovia. I am getting no where with the loss mitigation department!!!!

Thanks,
Gigi

[FireandRain]

Gigi, I found this address for thOffice of the President,
Wachovia Bank
301 S. College St.,
Charlotte, NC 28288

Sluja's post was back in October, not sure if he/she is still around on this site.. mayeb you can find a contact # or perhaps *** might have one... What has the Loss Mit. Dept. been telling you this week?

[Moe Bedard]

gigi,


Here is the number to Wachovia office of the president..........

1-704-590-6555

[sluja]

I am still dealing with Wachovia office of the President, they denied my back in November, I wrote another complaint letter along with all my original docs and just received a call from another person wants me to fax all household income, because last time I never received a denial letter, so I got different reason why I was denied, debt to ratio, insuffient income, so this time I want to use my husbands income, all though he doesn't work full time 6 months on 6 months on unemployment, how should I sumit that proof, My 22 year old daughter also lives with me and pays me rent, how should I sumit this package, I have until Monday 6-1-2009 and I want to do everything perfect, could someone tell me what exactly to sumit, Please.............

[Moe Bedard]

You can voluntarily give the information on your husband's income if he is not on the mortgage loan................and if your daughter lives in the household you can also use her income if needed................but that decision is up to you............you would need to contact Wachovia to see what is needed to be submitted.........

https://www.wachovia.com/foundation/...00127d6fa2RCRD

[Solange]

Hello Moe,

Thank you for posting this warning but "Wachovia" no longer exists. The real villain who absorbed it is the dreaded Wells Fargo.

I was banking with Wachovia before the take-over and it seemed to be a normal bank, then at the take-over, most of the decent employees were removed and some pretty nasty people showed up. It has not improved since then.

Is there such a thing as a decent banking establishment left now?

I am looking for one.

[MaMel]

What a hoot. If this just ain't the truth?! Somebody has got to stand up to these predatory servicing crooks! Try reading my latest posting on the possibility of a WF class action lawsuit, see what you think.

[Wizard]

Update: 9/14/09

Spoke to Wachovia ,no hamp yet, but they are considering implementing their in house MAP program to those whom are not delinquent on their loans, until the Hamp rolls out, and who knows when that is? Look's like the pressure is on the lemder to do something more than they have been doing ( they are lagging in their efforts).
(note the Map program is currently reserved for delinquent home owners' only!)

Keep the faith!!!!
WIZARD