Several months ago we were told about Wachovia's loan modification program. We started out with a loan from World which is now Wachovia. We have never been late. Over the past few years our income has been reduced considerably and we have a negitive amortization loan. Our Loan is getting larger and it has become considerably more difficult for us to make these payments. When we contacted Wachovia they were very receptive to helping us get the loan modification. My husband told them that our credit debt and income would not let us qualify for any other type of refince.
Wachovia had us send them hundreds of pages of documentation including letters informing them of our 401 and other savings that we have been using in order to keep paying them on time. Wachovia sent out an appraiser promptly. After several weeks we tried to contact Wachovia since we had not heard anything. The number we called had a recording stating that someone would get back to us within 24 to 48 hours, we waited a week and tried to call again. Same recording, still no return call. My husband finally got through to someone and was informed that our file was in underwriting and it would be at least 3 weeks before we would hear anything. During this time friends of ours who were also in the same situation were denied because their home is only worth $500,000 and they owe $550,000 (what are they supposed to do? Walk away?)
Last month we received our standard form letter informing us that we were denied because our debt is too high so we do not qualify for a mortgage. WHAT PART DON't they understand???? We already have a mortgage with them that we know we cannot afford at the current interest rate. We have tried many times to get hold of someone who can at least explain the denial but as usual if we do get someone on the phone they refer us to another person who has a voice mail that they do not answer or return calls.
We are in a situation that we have some equity in our property, have never been late and we want nothing more than to work with Wachovia to keep paying as a good customer and get rid of our negitive amorization. You would think that they would want to talk to us. Has anyone else had these problems???
Cinnaminson, New Jersey