Wednesday, February 24, 2010

WACHOVIA Loan Modification - Don't Try To Negotiate!

San Ramon, CA - A real story!

WACHOVIA Loan Modification - Don't Try To Negotiate!
 
Hello -

I am new here to the forum but I wanted to share my story of my loan modification with Wachovia to help anyone out there who may be in the same or similiar boat. Going through this whole process is a scary thing - almost like walking through a room pitch black, I felt so lost. I hope my experience can help anyone! My first mortgage is with Wachovia. I was in an Option ARM loan and due to the loss of my side business couldn't even afford the minimum payment. I had tried to modify my loan with them for over a year. Finally things were getting more tough so I decided to short sell. I became late on the payments and not until I was THREE MONTHS LATE, they offered me the MAP Loan Program. Being that I was lost in the whole process, I was trying to get help with going over the terms of the loan. It was a sweet deal (reduction of 20% principal, 3.5% interest only for the first few years, then went up about half a percent each year, eventually capping out at 6.5% for the life of the loan in a 40 year fixed. All late payments and fees waived). I unfortunately missed the deadline to return the signed docs because I was nervous, although it sounded like a sweet deal, I tried to get second opinions on the situation, etc (which I now regret)....so when I called back to turn them in, they made me go through the whole application process again! This time the offer was not as nice. (reduction of 20% principal, 4.75% first three years and up from there capping out at 6.5% for the remainder of the term for 40 years, late fees and back fees waived). Still can't complain - Although my payments will be almost $500 more a month then the first initial offer, I am hoping that when my property value is reassesed for taxes, this will help drop my payments. I have probably called those people a million times! TRUST ME THEY WILL NOT BUDGE! They say they DO NOT negotiate any terms of any offer whatsover and they are right. I am thankful that I will be able to save my home, but its hard to swallow at the same time. So my advice to anyone working with Wachovia, if what they are offering you the first time works for you, TAKE IT! I talked to a Rep today in the Loss Mitigation VIP Center and he said he has seen that when people do not take the first offer for whatever reasons and try to negotiate for whatever reasons, the bank is giving them worse options... So I hope my experience can help those who are feeling lost in the process. There is hope, keep trying. My home is now 7 months behind on the mortgage. You have time, but don't wait!!!

If you know someone who needs help please forward this to them.
Sam Parwiz
Real Estate

Posted via web from samparwiz's posterous

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