Im on a "pick-a-pay" loan wWachovia, have been since 2006. In Oct 08, they contacted me to "refi" from my "arm" into a fixed 30yr mortgage. They appraised my home @ 147K, I owed 13K more than the appraisal price, so they said they could finance the 147K @ 4.25% 30 yrs and the other 13K @ 0% 30 yrs wo payments for 3 yrs. I thought GREAT! 6 months later, after tons of phone calls to someone different every time because not one person contacted me twice. They kept telling me, "OH, you'll hear something in a week". Well, 6 1/2 months later, they said they had to have a second appraisal done.

They did a "drive by" appraisal that said my house is now worth only 80K. This is a 7 year old home! It would cost more than that to just build the house! Tell me how my house is valued at 60% of what it was valued at 6 months ago! I know the market has not plummeted that far since Oct 08!

First thing I think they did was use "comps" from bank repos in the area and then they picked a number out of a hat.

I think they wasted time on purpose, until they would need to justify a second appraisal. They didn't want to help anyone with their government loan program, because then they don't get all the extra interest that keeps building up on my current "pick a pay" loan.

Then, the best thing, they told me that I can call back in May and put my name on a waiting list for another government "loan mod" program, (that they will probably deny me for again).

This is just a huge scam. The contacts I had for Wachovia never answered their phones, had voice mails that wouldn't take any more messages, or the phone line would just disconnect me. I cannot even count how many times I tried reaching these people over the past 6 months to see why my loan was taking so long. I guess current customers can just draw a number and sit and spin. If I was applying for a NEW loan tell me it would have taken 6 months to go through. NOT! I am pissed!

Now I have to pay for my OWN appraisal and find another company willing to refinance in this blasted economy. Any suggestions or similar stories, please let me know.


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