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. 128c44e
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. 128c44e
 Comments (1) |
| 1. Written by Maya on March 20, 2010 from palm springs, california, US After dealing with them for three months, and they lost 35 documents I faxed them, they sent a letter last tuesday that an escrow account was opened for our new loan. Two days later we called them and they said we were denied. They never return phonecalls. I requested detailed documents showing why we were denied and they won't send them. I asked for the mortgage note, they are ignoring that request. Makes me think, do they even have that, if not I don't owe them anything. Love to file a lawsuit against them for being sloppy with my documents and making false statements. Wachovia is notorious for not willing to do loan modifications. I found that many people have expressed there anger and frustration about Wachovia, don't count on Obama or any other person in government to ever help you. What is important.... to fill there own pockets. I wish that every person who had bad encounters with Wachovia would be willing to file a lawsuit, that would shut them down permanently. |
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