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WACHOVIA ISN'T HELPING ANYMORE??

I JUST CALLED WACHOVIA TO TRY TO DO A LOAN MODIFICATION AS YOU SUGGESTED, AND CUST SERV REP SAID THEY AREN'T DOING

LOAN MODIFICATIONS ANYMORE, I DON'T KNOW IF THEI TOLD ME THAT BECAUSE I CALLED THEM DIRECTLY ???

THEY SAID SORRY, TRY TO REFI (EXPLAINED I CAN'T REFI DUE TO LACK OF EQUITY, UPSIDEDOWN)  OR SEND MORE $$ IN TO TRY TO REDUCE YOUR PRINCIPAL AND THEN YOU WILL EB ABLE TO REFI... 

GRRRRRRRRRRRRRRRRRRRR!!!!!!!!!!!!!!!!!!!!!!!!!

  • July 14 2008 - US
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Answers (21)

I would try calling back, and speaking to a manager instead of a CSR.

  • July 14 2008
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I ASKED FOR A MANAGER AND REP REFUSED TO HELP SD THEY STOPPED DOING LOAN MODIFICATIONS ABOUT 3 WEEKS AGO.

  • July 14 2008
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You need to make sure you are talking to the right department. If a CSR picked up the phone even you are not calling the right people.  Loan Modification can be a long, difficult task that your average homeowner is ill equipped to handle.  Reccomend you get a refferral from someone to a loan mod specialist who can handle it for you.  My experience indicated that by far Wachovia is the hardest lender to deal with in this regard and would counsel you to seek expert advice.

  • July 14 2008
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That seems a little far fetched considering the bind Wachovia is in right now.  They would love to modify many of their loans they purchased from World Savings.  You need to keep pushing until you get the right person.  They will always tell you to refinance first, so just be prepared for that and keep at it.

  • July 14 2008
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That CSR person is probably just uneducated- try the loss mitigation unit. That should help.

  • July 14 2008
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While you're checking into doing a loan modification with Wachovia, find a lender in your area who does FHASecure loans. You can refinance up to 97% of the appraised value (subject to max loan limits in your area). You will need to find out what the parameters are so you can talk to your lender about it. The lender will have to cooperate, of course, and allow the remaining upaid principal balance become a 2nd mortgage. When you do get a hold of someone intelligent enough to talk to at Wachovia, tell them you're in danger of going into foreclosure (even if you aren't), and that you need their help. Otherwise, you might have no choice but to file for bankruptcy (even if you aren't) to protect your yourself and will allow the house to go into foreclosure. Once someone's ears perk up and you have someone who's willing to listen to you, tell them there's a way out, so it's a win-win situation for both. Tell them how you can refinace with FHA Secure, and that all they need to do is do a second on the unpaid principal balance, etc. I'll bet they listen to you then!

  • July 14 2008
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At last check Wachovia won't subordinate anything over 100% combined LTV...if you guys know something I don't, I'm all ears....

  • July 14 2008
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MY LO SD MY LTV WAS 115%, I NEED HEEEEEEEEEEEEEEEEELP.

AT LEAST WACHOVIA TO MODIFY MO LOAN TO A FIXED RATE, THAT IS ALL I WANT, I HAVE A PICK A PAY OPT ARM

  • July 14 2008
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Market says they are going under...  Not me.. But all the boys up in NYC are destroying it and we know WALL ST is a discounting mechanism that looks forward a little bit.  Also, Sheila and others stating other banks will fail......  Hope not, but looking a little INDY to me and we all know that the purchase of Golden West turned out to be a Golden Shower..... Ugly is all I can say.

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I would certainly ask to speak to a manager.  Also, if you can grin and bear it for a little while longer, there are new government backed programs supposedly coming out to help your exact situation.  Not all lenders will be able to offer it though.

  • July 14 2008
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Richard, do you know what Margin your loan has?

 

As the COSI index contionues to decline, you should find your rate will continue to decrease by about .1 per month and by end of the year you should end up with a fairly reasonable interest rate on the loan.


Can you afford to pay more than the minimum payment?

  • July 14 2008
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I still can't imagine them going under....

  • July 14 2008
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ID4Richard stated at the beginning he's upside down.  One way to certainly get someone's attention would be to walk into the bank with the deed and housekeys in hand.  Tell them you want to give them the deed-in-lieu of foreclosure.  I would imagine you'd get to the right person that can help you in no time.  Sounds a bit extreme, but desperate times call for desperate measures.  The bank does not want your house!

  • July 14 2008
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YES I CAN SEND MORE THAN THE MIN PYMNT, I AM AWARE THAT MY PYMNT MIGHT GO UP, BUT STILL WOULD LIKE TO FREEZE MY RATE AND HAVE A 5/1 ARM OR FIXED LOAN

  • July 14 2008
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E,

 

Don't imagine... believe... it can happen.... 2 Big 2 Fail?  We heard that with ENRON (largest energy trader.. MCI.. phones... CFC.... Largest Lender... IMB... 2nd largest FDIC bank) that seems to me to be an old wives' tale.  It can't happen.  What bothers me is that they scream that all over the CNBC.... While UNLOADING 120mil shares to reach the lows of FEB '91... Yick. They are not alone.... STI is trying to catch up as well yelling wait for me!!!  WFC and BAC look horrible too. Very very sad to say the least.

  • July 14 2008
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The Pick a Pay product is a portfolio product and Wachovia (actually world savings) has always done things differently than most other lenders.

 

Review this link and notice the trend.  It is a lagging index and the trend is virtually guaranteed to continue for the remainder of this year.

 

You might find your current loan will have a better rate than any modificiation would do.  From my experience World/Wachovia would only modify fixed rates for 1 year, sometime 3, but never longer than that.

 

COSI Index

 

One other thing to look into (depending on when your loan originated) is to see if your agreement includes a Fixed Rate Conversion Option.  Many World loans already have this clause.  When did you take out the loan?  Was it World Savings or Wachovia at origination?

 

  • July 14 2008
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THAT I DONT KNOW I HAVE ALWAYS HAD MY LOAN WITH WACHOVIA

 

 

 

  • July 14 2008
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Make an effort to communicate with the LOSS MIDIGATION DEPARTMENT not customer service CS can only offer a refinance.  You can try and reach the collection department even if you are current, I have found they can get you to the Loss Midigation people as they generraly are working together to avaoid losses for the bank.  Be persistant, plan on spending some time on the phone have a cup of coffee and stay on the line.  Good Luck.

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THANKS WILL TRY AGAIN TOMORROW MORNING, HOPEFULLY THEY REALIZE I NEED HELP AND SEE I DO NOT WANT TO FORECLOSE MY HOUSE, BUT WILL DO IF I HAVE TO...

 

THANKS PPL

  • July 14 2008
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Hmmm. Wachovia's stock is tanking. They've been above $20/share since late '92 or early '93, traded in the $50 - $60 range in '98, slid back to $30/share, then back up to the $50 - $60 range again from late '04 until Sept of last year. Their stock price is dropping like a rock as it's now less than $9/share. They're obviously having some difficulties which may explain in part why you're having some difficulty. Keep trying - be persistent. You need to get trhrough to the Loss Mitigation Dept. You might want to try this phone number: 866-926-8937

  • July 15 2008
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In my experience lender's will not offer to do a loan modification unless you 1. are already late on a mortgage payment or 2. prove  to them that you can not make the payment. Unfortunately if you are currently making payments it is pretty hard to prove you can not afford to make them so in a nutshell I believe they are not offering to help you with a loan modification because you haven't missed a payment.

  • July 15 2008
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