Wachovia modification

[Lajazz947]

I've been rather quite lately as I am trying to negotiate an offer in compromise with the IRS and that keeps me busy.

Talk about complex!!!!!!!!

I am also in " modification " status at Wachovia but I have a couple of questions.

It seems to me like they have not asked for much:

1- 2008 taxes
2- My pay stubs
3- P/L since I am self employed 1099

That's it plus the interview. They know I have no debt since I was discharged in BK.

I call them every other day and they SEEM to be on track but how can they evaluate my situation without wanting a more complete financial picture?

Has anyone been successful on a modification?

What did you go through in terms of paperwork? It seems like this is less onerous than buying a car and I keep thinking that I am missing something.

I have my money saved just in case they say no but it sure would be expensive to make the back payments in one lump sum to keep the house.

How long before anyone here got an answer? I have heard two weeks and six weeks.

Six week would kill me as I am always nervous anyway.

Any advice, thoughts?

[notforsale]

Don't wait on them!

Based on my dealings will Wells Fargo, they have requested most everything you mentioned but also wanted my debts listed. They will not ask for anything else until you call them. Then they will ask for the same things again saying they need to update what you have already sent. I am 1 yr into attempting a mod now seeking the HAMP program without success. I have even been working with the Presidential office with limited success. The banks (servicers) have no real reason to help you. They make more money while you are in default! Keep calling!!

[NanaOf11]

Hope others will post as they TRY to modify as well!

I've been rather quite lately as I am trying to negotiate an offer in compromise with the IRS and that keeps me busy.

Talk about complex!!!!!!!!

I am also in " modification " status at Wachovia but I have a couple of questions.

It seems to me like they have not asked for much:

1- 2008 taxes
2- My pay stubs
3- P/L since I am self employed 1099

That's it plus the interview. They know I have no debt since I was discharged in BK.

I call them every other day and they SEEM to be on track but how can they evaluate my situation without wanting a more complete financial picture?

Has anyone been successful on a modification?

What did you go through in terms of paperwork? It seems like this is less onerous than buying a car and I keep thinking that I am missing something.

I have my money saved just in case they say no but it sure would be expensive to make the back payments in one lump sum to keep the house.

How long before anyone here got an answer? I have heard two weeks and six weeks.

Six week would kill me as I am always nervous anyway.

Any advice, thoughts?

Wish I could help as we soon will be in your shoes with Wachovia/WF as well.

PLEASE keep updating the status with these guys.

Hope others will post as they TRY to modify as well!

Wishing you well....

[Lajazz947]

Wish I could help as we soon will be in your shoes with Wachovia/WF as well.

PLEASE keep updating the status with these guys.

Hope others will post as they TRY to modify as well!

Wishing you well....

Good luck. I will post as soon as I hear something.

They told me to call every Wednesday.

The one thing I can say is that communication IS the key here.

Keep meticulous notes of your comversations and keep a book and copies of everything that you send.

Wachovia has been good, WF for my second seems to be extremely disorganized. I don't know why.

[CCCrazy]

Hi LaJazz,

I've been negotiating with WF on my 2nd for a couple of weeks now. I offered them 10 percent of my 2nd balance. They said to call back in a week to see if there's been a decision. I BK'd both my first and second with WF and I'm about 20K underwater with just my first.

If you've BK'd with WF, they can't call you, you always have to call them - even after discharge. Kind of annoying.

[CCCrazy]

Another question for you LaJazz...did you BK both your mortgages? Are you current with your first while you try to negotiate? What are you trying to do with your first?

[Lajazz947]

Another question for you LaJazz...did you BK both your mortgages? Are you current with your first while you try to negotiate? What are you trying to do with your first?

I BK'd both mortgages.

I am 9 payments behind on the 1st ( keeping reserves just in case ).

I talked to Wachovia yesterday and they told me that:

THIS WAS JUST THE SERVICE REP NOT THE UNDERWRITER THOUGH AND NO ONE HAS BEEN THIS CLEAR ALTHOUGH THEY ARE VERY FRIENDLY AND HELPFUL

I had pre-qualified for the Modification ( he said that was good news )
My file is complete
It was on the "deal desk" and they are verifying income
They are swamped
Computer came out with a 40 year mortgage at 4.9% (Hell, I can amortize if things get better, just want breathing room.)
Payment reduction of about $2100 per month
9% reduction in principal ( About $80K)

Might take another 2 weeks.

Not celebrating yet but at least its optomistic.

Not a peep from WF on my $50K second.

Pays to keep fighting and be persistent. I call Wachovia every two days.

[secondtimer]

I'm on my 7th trial period payment. They ( Citi ) keep telling me I'm "pre-approved" and that "all the paperwork is in order" but cannot offer an explanation of why the mod hasn't been finalized. I keep wondering about the fact that the Fed has announced it will cease buying mortgage backed securities next month and that interest rates are starting to rise.

Is the bank waiting for rates to go up before they close the modification?

Are they just stringing me along to get some $$ out of me until the sheriff sale?

Have the banks enrolled all these people in the hamp program just to placate the whitehouse knowing they won't modify anyway?

Am I one of the people whose original loan documents got lost so they can't do the mod??

The list goes on.

I called my attorney to see if the paperwork I signed was binding. We agreed that since I don't have an executed copy with both parties signature it is basically worthless and in all honesty I'm asking for a handout so I'm really at their mercy.

I did call the sheriff's office to see if I was on the foreclosure list. They told me no paperwork had been filed and that I could call back as often as I like to check.

A little peace of mind from my local sheriff....

[Lajazz947]

Well, I call EVERY other day and a week ago rep sent an E mail to her manager to speed things up.



I called today and they said I was approved for a MAP modification but they did not have the payment details yet. They will be sent to me this week.



I was able to get out of them that it involves a 9% balance reduction or about $70,000 and that I was going to start out at 5.3% but I have no clue for how long, it if it interest only , who knows.



40 years.



I will amortize when things get batter and pay it off quicker.



They key is persistence, being polite, asking very nicely for information every time you call and taking names and notes.



Lets see what the terms are but I am in no mood to negotiate or be anything but grateful, humble and thankful that I can keep my home.



Good luck to you all.

[NanaOf11]

Thank you soooo very much for posting an update! This is my #1 thread as we will be on this road shortly as well !

[Lajazz947]

Thank you soooo very much for posting an update! This is my #1 thread as we will be on this road shortly as well !

Good luck, I will post the details as I get them.