Reaffirmation with Wachovia/IMPORTANT!!!

[Lajazz947]

After reading posts that state that a loan that is not reaffirmed cannot be modified because they cannot modify a loan that does not exist ( makes sense to me ) I decided to call Wachovia and ask them for reaffirmation papers.

I figured that I could have all the papers in line and ready to go if I need to do something fast.

The BK rep told me something very interesting:

1-Wachovia does not reaffirm
2-The discharge is with the bankruptsy department, no one else. When one gets discharged they take it out of the BK department and send it to customer service and loss mitigation. He said that their Legal department said not to modify any loans.

Why would wachovia not reaffirm a loan? It seems that it would be in their bests interests to do so.

[liz417]

hmmmm, I wonder why they don't reaffirm too?!? Interesting....
Were you hoping to reaffirm on a mortgage or a car loan?!?

[StartingOver08]

Wachovia is now Wells Fargo. See info here: https://www.wellsfargo.com/wachovia/faqs/wachovia

Wells Fargo has been very, very difficult when negotiating short sales - they prefer to foreclose. It may be they have carried that philosophy into their BK dept with the Wachovia notes, JMO.

[Lajazz947]

hmmmm, I wonder why they don't reaffirm too?!? Interesting....
Were you hoping to reaffirm on a mortgage or a car loan?!?

My mortgage. I am going to call Wells fargo about my second and see what they say.

[eddiep]

hi Jazz

What does this mean? "He said that their Legal department said not to modify any loans."

[relief13035]

My husband's truck loan is with Wachovia. We didn't reaffirm, but they modified our loan right over the phone. They lowered our interest rate by 3% and added 12 months to the loan.

[danaf]

so Relief - if they lowered your loan by 3% BUT added another yr to the loan, in the end - what remedy did you really get?

[Lajazz947]

hi Jazz

What does this mean? "He said that their Legal department said not to modify any loans."

Oh Jeez, I miswrote.

I apologize. they said not to REAFFIRM, not MODIFY.

I am sorry for the confusion.

[Lajazz947]

My husband's truck loan is with Wachovia. We didn't reaffirm, but they modified our loan right over the phone. They lowered our interest rate by 3% and added 12 months to the loan.

Relief,

I just noted in your signature that you are in So Cal as I am.

It took 115 days to discharge???????

Is this because they are backlogged?

Did you just lay low or ask why it was taking so long?

I need my discharge to modify my loan so it is important to me that mine does not drag on so long.

Thanks,