Tuesday, July 14, 2009
Loan Modification - Wachovia Bank's new streamlined loan modification & short sale process
Wachovia is taking a leading step to fix their looming bad loan portfolio. They are giving short sale replies within two weeks of receiving a very simple application. Also, the short sale approval process that they have in place is an industry leading best practice. From making an offer on a home with a Wachovia first loan, I am seeing close of escrows in 45 days which includes the 5-7 business day turn arounds on short sale decisions. If you have a Wachovia loan, talk to me - there are solutions!
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let me tell you my horror story of their modification:
ReplyDeleteWe were not and still are not late on any payments to Wachovia. We requested a modification to lower our payments in order to not default. I was approved for an interest reduction from 6.63% TO 2% FOR A PERIOD OF 1 YEAR in May 2009, with interest reverting back to original 6.63% in May 2010. I was assured that this modification was an agreement between the bank and myself and would have no negative info reported to my credit bureau file. LIARS! As I have tried to refinance my home, I have come to find out that my credit file contains the following statement: PAYING PARTIAL PAYMENT AGREEMENT - which in turn is far worse than being late on a payment, according to the credit bureaus. I questioned the Wachovia Loan Officer who handled my modification, and he did say, by way of leaving a voicemail, that "yes", I was correct, no negative reporting was to have taken place, but Wells Fargo changed the terms and are reporting modifications as negatives.UNBELIEVABLE! Forget about Wachovia doing what is right and removing their statement. I got a BS letter to my dispute stating that "the info is accurate" No Shit - but you lied! I didn't need Wachovia's help in ruining my credit, I could have donne that on my own! My reason for this modification was to NOT HURT MY CREDIT! And I was assured that it would not!!!!
My question is this: Does not Federal Law REQUIRE banks to notify consumers of changes in terms to their original agreements? Had I not tried to refinance my home I would not have known this was being reported this way, as I received nothing from Wachovia stating that this was their supposed policy now.
Has this happened with anyone else? I would be interested to hear. If they've set a pattern of deceit there could be grounds for looking into a class action lawsuit to correct their wrongdoings.