Wachovia/any experiences or advice?

[Lajazz947]

I was just discharged.

I called bank.

They said it took two weeks to get to loss mitigation.

They told me to call back.

The loan owned by Wachovia.

They SEEM to be friendly telling me that they are doing loan modifications.

Has anyone had an experience with Wachovia or have any advice on what to expect?

Thanks,

[last2cents]

Lajazz, my first mortgage is with Wachovia, and my experience with them was 100% positive.

I dealt with the modification prior to my filing. I was three payments behind, called the "let us help you number", and explained my situation. The guy on the phone took all the basic info to see if I qualified for their mod program (apparently the computer gives an immediate yes / no), told me I did, and that he'd fax the papers.

About an hour later, I had the mod papers to fill out and fax back with paystubs.

Two weeks later, I had the offer from them. I got a principal reduction, along with a conversion from an adjustable to a fixed, with a term extension to 40 years. This is not a trial mod.

I was stunned. It was a smooth process, I am very pleased, and the fact that I took care of it prior to filing my ch. 7 made the BK just a little less stressful.

Now, the only reason that I can think of as to why this all went so well is that my original loan was made by World Savings, and it was one of their portfolio loans. Basically, there was no way Wach could sell this thing, and it was probably in their best interest to do what they did.

Good luck!

[Lajazz947]

Lajazz, my first mortgage is with Wachovia, and my experience with them was 100% positive.

I dealt with the modification prior to my filing. I was three payments behind, called the "let us help you number", and explained my situation. The guy on the phone took all the basic info to see if I qualified for their mod program (apparently the computer gives an immediate yes / no), told me I did, and that he'd fax the papers.

About an hour later, I had the mod papers to fill out and fax back with paystubs.

Two weeks later, I had the offer from them. I got a principal reduction, along with a conversion from an adjustable to a fixed, with a term extension to 40 years. This is not a trial mod.

I was stunned. It was a smooth process, I am very pleased, and the fact that I took care of it prior to filing my ch. 7 made the BK just a little less stressful.

Now, the only reason that I can think of as to why this all went so well is that my original loan was made by World Savings, and it was one of their portfolio loans. Basically, there was no way Wach could sell this thing, and it was probably in their best interest to do what they did.

Good luck!

Thanks for the encouraging reply. My loan is also a World savings loan so maybe I will get lucky.

[tkharvey]

wow, "last2cents" that's great! Not all of us were that fortunate

[All Cash]

A 40 year mortgage, ugh.

[last2cents]

A 40 year mortgage, ugh.

Well, yes, I agree with that sentiment - but for the time being it saved my posterior......and with the principal reduction, in a few years, I might be able to sell the place.

[Lajazz947]

Well, yes, I agree with that sentiment - but for the time being it saved my posterior......and with the principal reduction, in a few years, I might be able to sell the place.

I've thought about that too but if things get better you can always amortize to 30 years without the pressure of HAVING to do it.

The way I look at it I am 52. If I have a 40 year mortgage I won't pay it off until I am 92.

I calculate that at 82 my wife and I will sell the place and buy something smaller. I should have sufficient equity in the house by then.

BTW I spoke to wachovia yesterday and I am not out of their BK department yet but they were very friendly. Told me to wait for a letter and then they would set up an interview.

Our friends accross the street were trying for months to modify their loan with some strange mortgage outfit without any luck.

They ended up selling the place at about a $300,000 loss and the day after they submitted the paperwork to inform them of the sale they got a call saying they were approved for the modification.

Strange.