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Wachovia Deceptive and Manipulative Foreclosure Practices
By:
Shari from California
On: 2008-05-07 Wachovia Bank is one of the most deceptive and manipulative companies that I have ever had the displeasure of being forced to do business with. This company refused to give me a loan modification after originally approving me. I have numerous people involved (i.e. Fox6 News, Community Housing Works, Congressman Bob Filner) in the many but unsuccessful attempts to stop World Savings, which is now Wachovia Mortgage from taking my home. John Mattes, Fox6 News San Diego has aired my story on two recent occasions and has been in contact with Wachovia, along with Community Housing Works in an effort to try and get them to work at a loan modification with me. All attempts have been denied by Wachovia. I understand that the mortgage industry has received federal money to assist homeowners in distress. What I don't understand is with all this money given to the mortgage industry why is Wachovia Mortgage refusing to help me keep my home. The auction date for the sale of my home was February 6, 2008 at 10:00 a.m. in which the house was sold back to Wachovia for $638,253.93. The loan amount that I obtained from them through a refinance in September 2005, consolidating a first and second that I had with World/Wachovia was for $562,000. (Of which $20,000 was fees charged for the consolidation of the loans, $9,000 was a prepayment penalty that I was originally told would not be charged.) I originally purchased my home in December 1995 and refinanced the current loan in September 2005. This loan is an Option Adjustable Rate Mortgage loan which I did not want but had no choice at the time. I originally fell behind in my payments because my employer for the last twelve (12) years went out of business and the payments kept going up. I have since started my own business and am now able to resume paying my mortgage. I was originally pre-approved for a loan modification from World Saving/Wachovia in August 2007. Before the final approval they informed me that they needed to speak to my employer. They told me they would contact me regarding the status of my request. When I did not receive anything from them, I called to check the status of my modification and was told that my employer never returned their call (which is totally untrue) so therefore I did not receive the modification. I explained to them that my employer had called and left a message so they agreed to allow me to resubmit documents and reapply. They told me that this would take at least thirty days. On September 17, 2007 I resubmitted the requested documents. On or around September 25, 2007 I received a Notice of Default in which they informed me not to pay my mortgage payment because they were demanding full payment of arrears and any thing less than the total amount demanded would not be applied as a payment and would not stop the foreclosure proceedings. I contacted World by fax (10/15/07, 11/2/07, 11/20/07, 11/30/07, 12/5/07 and phone several times asking for the status of my modification but was ignored. On December 4, 2007 I made an online complaint and received a generic response that due to the nature of my loan I would need to call the 800 number listed in the email. I called the number and explained that I had been contacting World Savings regarding my modification and could not get anyone to acknowledge my request. I explained that the Notice of Default had been filed on 9/12/07 and that the three (3) month deadline was near so time was of the essence. I was then told that in order to finish processing the modification agreement I would need to submit updated bank statements. I submitted the required documents the next day, 12/6/07. On December 10, 2007, two days before the deadline, I received a call from Hilary in the loan modification department informing me that they were denying my request. When I ask her what basis she said 'because we do not believe that you have the ability to pay the mortgage'. I explained to her that I had deposited over $10K from one month of sales to my checking account from a new business that I had just started. She then told me that I had not adhered to the requirements of my first modification in August. I told her I never got a modification in which she responded 'well that's our decision'. This person is the same person who originally informed me in August that my modification had been denied because I had been given one in November 2006. When I told her this was not true she faxed over confidential documents from another lender's modification. I called her and told her that she obviously had me confused with someone in which she politely apologized and asked me to shred the documents. I decided to keep them in case I needed proof of her incompetence. In addition, I also informed World Savings/Wachovia that the City of Escondido is requiring me to obtain permits on a detached structure on my property that I remodeled for a guesthouse. The city is requiring plans and modifications to the structure of which I was very willing to do. I also told them that the city was going to place a lien of public nuisance on my home if I did not either obtain the required permits for their approval or return the structure to its original condition. The city has now placed that lien which makes my home unsaleable until the conditions are met. I also told them about a lawsuit filed by my neighbor regarding drainage issues around my property that was ongoing. Since my house cannot be sold until both of these situations are resolved I don’t understand why World Savings will not work with me and allow me to keep my home and fix these problems. After being denied, I contacted Community Housing Works in December 2007 and was working with Adelina Enriquez. After attempts to work out a modification were denied by Wachovia, she enlisted Gabe del Rio, Vice President of Community Housing Works. He then contacted Wachovia and tried to help me but all his attempts were also denied. He shared my story with John Mattes at Fox6 and that is when he became involved. After John aired the first story about me, Wachovia decided to re-open my file only to deny me again. They even told John Mattes that reversing a foreclosure was impossible and accused me of being a slacker and that I had refused to accept all their offers of working with me. They also blamed Community Housing Works for not contacting them in time to work out a modification. Congressman Bob Filner, 51st District is now involved (my congressman Bill Bilbray must be too busy to help the citizens) and doing what he can to try and get this company to be reasonable. I am afraid that I have no alternatives now because of World Savings manipulative practices of foreclosure. They are well aware that I have equity in my home because I had previously sent them an appraisal of my home for $850,000 and as much as this should have helped me keep my home, I believe that was their incentive to take it. I have the ability and income (which I have proved to them several times) to pay my mortgage and am only requesting that World Savings (now Wachovia) allow me to do so. I have never had a modification through this company and I don’t understand why they have been so diligent in their efforts to not cooperate with me and allow me to keep my home that my children and I have occupied for twelve (12) years.Run from Wachovia. They will lie and cheat you everytime. |
