• Report: #406590
Complaint Review:


  • Submitted: Wed, December 31, 2008
  • Updated: Tue, February 23, 2010

  • Reported By:Cinnaminson New Jersey
Wachovia.com Nationwide U.S.A.

Wachovia Loan Modification Waste of Time Nationwide

*Consumer Comment: Show The Note

*Consumer Comment: Wachovia - Be Persistent

*Consumer Suggestion: Vince in New Jersey

*Consumer Comment: Wachovia Corp.Wachovia Wachovia Loan Modification Round in Circles Charlotte North Carolina

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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

This report was posted on Ripoff Report on 12/31/2008 07:49 AM and is a permanent record located here: http://www.ripoffreport.com/reports/wachovia/nationwide/wachovia-loan-modification-waste-of-time-nationwide-406590. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Show The Note


I am too am a victim of the World Savings predatory lending practices and unknowingly ended up with a negative amortization loan.  The way they explained the percentage rate was that it would start out at a low rate and it would only increase once per year until the 7th year at which point it would cap out at 7.5%.  At the time, rates were in the 6.25% area, so I figured I was trading off a higher rate further down the road for a lower introductory rate.

What they did not tell me, is that my payment was figured on this lower rate.  The actual interest rate was completely separate and was a variable rate at almost 9%.  So the difference between the interest due, calculated at the variable 8.xx% and my low 4.1% payment rate, was added on to the principle.  Thus my mortgage was going up!  I called World Savings immediately and they informed me there was nothing I could do until after my 3rd year; at which point I can refinance.

Then Wachovia takes over World Savings and the housing market/Wall St collapse takes place.  At this point I am 2 years into the mortgage and my mortgage principle has gone up $14,000.  I called Wachovia several times asking to refinance the mortgage.  I got a bit of a run around until finally I had mortgage paperwork in my mailbox and they scheduled an appraisal.  The appraiser came ,did his thing and left.  I called Wachovia a week later and they informed me that the Loan Application was canceled.  I asked them why.  They said I called them and canceled it!!!  I informed them I did not call them and I asked them what the appraisal was and they would not tell me.  I called the appraiser and he could not tell me either b/c it was paid for by Wachovia.  So it is clear that I owe more than the property is worth and they do not want to forgive any principle in order to re-negotiate a new mortgage.

Now 3.5 years in, I am finally paying principle.  Ironically, this might work out in my favor as my interest rate is now 6.1%.  It is amortized bi-weekly, and I pay bi-weekly.  So I should have it paid off in 21 more years, even with the negative start.  That is so long as I can afford to make payments and stay current.

For those of you facing foreclosure.  You need to know 3 words.  "Show The Note".  It is your only weapon against these banks and their fraudulent attempts to shame you, damage your credit and steal your home.  Fight Back!  Google "Show The Note".   http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

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#2 Consumer Comment

Wachovia - Be Persistent

AUTHOR: Frustrated In Florida - (U.S.A.)

Hi Angry

I am currently going through the same exact situation you went through. Appraissal, loan approved, then in underwriting, then coditions, then enied, I appealed, then denied........Just like you I have the income, debt to income ratio is 37%. They requested a lot of information which I provided and they kept asking for more once they had ran out information to request they got transcripts of my tax returns from the IRS and started picking them and started to make a big deal about a rental property that I had, I explained and provided information to them indicating that I was only on the deed but not on the mortgage note.

After I provided them with a copy of the mortgage documents showing that I am not on the note they said that I might be at some point in time, I then asked them to show me where that mortgage showed on my credit report but they said it was irrelevant since credit reports are not accurate (only when they use it to jack up our interest rate) therefore they could not rely on them. To make a long story short I started the same process in Septemebr 2008 and we are now in February and I still have not resolved anything but I plan to keep calling untill I get someone who is willing to help, just keep trying Angry.
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#3 Consumer Suggestion

Vince in New Jersey

AUTHOR: Stormy - (U.S.A.)

Hi Vince, If you have not done so already, find out about an FHA or FNMA reverse mortgage. Contact TD Ameritrade and ask a rep to refer you somewhere local to get information.

Wachovia's not going to help you. And I've got news regarding the bail out - the money doesn't come from taxpayers. (I don't remember paying for the S&L bailout 15 years ago, do you?) but that's another story. check it out here www mosereconomics dot com. :-D
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#4 Consumer Comment

Wachovia Corp.Wachovia Wachovia Loan Modification Round in Circles Charlotte North Carolina

AUTHOR: Vince - (U.S.A.)

I read the report: Wachovia Loan Modification Waste of Time, right after I wrote the following letter which I am sending to several newspapers. I thought Angry in Cinnaminson was standing over my shoulders reading my letter. To Angry:IF YOU WOULD LIKE TO INSTITUTE A CLASS ACTION SUIT AGAINST WACHOVIA I AM WILLING.

Anyway this is my story:

The government gave Wachovia taxpayers money to help bail out mortgages, I am one of those taxpayers, and Wachovia won't help me. I am 65 years old and lost my job in August 2007. I have no pension, am collecting unemployment and just received my first social security check. I have been paying my mortgage, on time, every month from my savings but the well is running dry.

My original mortgage with World Savings bank was transferred to Wachovia after the buyout. I always read that you should contact your bank before you get into trouble so I contacted Wachovia CEO Robert Steel's office to see if Wachovia could help me. He referred me to his Executive Associate who in turn passed me to someone in the loan modification department. I explained my situation to her, she looked into it, and called me the next day saying that without a job they couldn't help me. I told her I wasn't looking for a handout I just wanted my interest rate adjusted to the prevailing lower rate to help me through a tough period.

She told me that without a job I couldn't document how I could make the payments so I didn't qualify for a rate modification but there may be a program in a month or two that I would qualify for. I told her that I had been making payments for 16 months out of savings and they didn't question where the money was coming from but now that I asked for some help I had to prove I could make the payments. Ironic coming from a company that won't tell the government how they are going to utilize the bailout money that my tax dollars contributed to.

I told her that since they didn't want to help that perhaps I should stop making payments, get three months behind in my mortgage, and then ask for help before going into foreclosure. She said she couldn't advise me to do that but hinted that I would probably get help at that time. Two weeks AFTER they turned me down they checked my credit report and told me I was being turned down because of negative information.


Scotch Plains, New Jersey

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