The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Wachovia / Loan Modification

1 CA, United States Review updated:

I had to apply three times in order for someone in Wachovia's underwriting department to finally APPROVE my application on a property that was / is an investment property.

Wachovia was way understaffed in both their loss mitigation department and their underwriting department. Since August of 2009 when I started this whole process I found the following to be true of Wachovia;

1) They are understaffed in the all the departments which handle their loan modicifiations

2) The rules surrounding loan mods change daily and even on the hour so customer service representatives in their loss mitigation area do not speak with one voice and often one person will tell you one thing, the next hour tell you something totally different. As a result, as a banking institution they loose all credibility. They lack the foresight to properly train their representatives to answer questions correctly the first time. Wachovia also needs to streamline the process, have better software and tracking of loans in process, and also assign one UNDERWRITER per file, not a room and people who pick up files randomly and supposedly work the file. In this process one day I had and UNDERWRITER pick up my file, bounce it back and said I need to update my P+L statement. The very next day after I spent 3 hours fulfilling the request and faxing it in, another UNDERWRITER - totally different person (I verified this) said my file was fine and no update was needed.

How ridiculous is that. It would be like seeing a different dentist every few months and wasting time having someone become reaquainted with your teeth every time you see the dentist.

Yet this is concerning a expensive property that you want help retaining.

3) One of their representatives told me AFTER I was approved Feb. 2010 that only 5 percent of all the people who apply for a loan modification get approved. Pretty bleak odds I would say.

4) If your going to apply with a loan modification with any bank, load all your documents on a computer in the form form of a PDF file and use an online service such as efax...this way when someone tells you in customer service - "oh we never got your fax" - you simply keep sending what they need - relentlessly.

5) The reason why UNDERWRITERS will ask for ridiculous items in paper work is because often times, behind the scenes issues like an in house appraisal or requesting copies of your previous tax returns from the IRS take a long time to complete and get in your file...so if they are falling behind in obtaining these issues...they will start asking for crazy items to be faxed, like a letter from your employer as to when you started your job, if your belly button is an innie or an outie, important issues like this.

6) You have to hold UNDERWRITERS feet to the fire and actually at the start of your application, FAX them way more than they ask for - that what this greatly diminishes them asking for more later on. If you get a new pay stub along the time line of doing this process, fax it in everytime, if your bank generates a new bank statement fax it in.

7) One of the most disconcerting things is at least a Wachovia,
on loans that are being modified outside the government program called HEMP, as MAP program which is modeled after the government program, are given a 70 day time clock where even IF all you paper work has been faxed in and scanned into your file, the computer is governed to automatically kick you out of the system, they use the word EXPIRED...which means to NO FAULT OF YOUR OWN, you have to start the whole process all over again. In my case, since I had to apply all over again, which in my case, being self employed, I have to REFAX OVER 400 DOCUMENTS THREE TIMES FOR THREE APPLICATIONS...this is absolutely ridiculous.

8) This point is the MOST IMPORTANT of them all.

When you do your initial financial interview over the phone where the put all your expenses on your file all your income, you never get to see a copy of this - even though there could and usually are some human input errors. In my case, the second application, the customer service representative typed in that per month I paid $1, 600 per month for a property management company to manage my rentals - WHEN THE CORRECT FIGURE I GAVE THEM WAS $198 - just that wrong amount alone got me turned down because my debt ratio was totally off. I had no idea this error was there until during my third and final interview, a customer service represent compared the figures and brought it to my attention. How you respond and the figures you give in the initial interview are CRUCIAL - and can and will make all the difference as to whether your file will be DENIED OR APPROVED...Make the representative read back you line by line ever item before you close your interview.

9) Lastly, and this is kicker of all, when I was approved, no where on the entire two page offer (approval) does WACHOVIA bother to mention that because my offer involved about $50, 000 debt reduction, reducing my principal balance substantially, that they will send me and the IRS a 1099-C
form, making me liable to pay taxes on that amount.
How they can get away without fully disclosing this is beyond me. I happy to be a detail person and love protect myself, so I did my own homework on this issue. Only if the loan modification involves your primary residence, you might can be 'excused' from this 1099-C making you financially responsible for taxes on this amount and even kicking you potentially into a much higher tax bracket than you normally would have been.

If some of these details empowers you to not give up on your own pursuits of a loan modification, it would make me really happy to have extended some helpful advice.

Since August 2009, I called Wachovia at least 2 times a day to finally get this approved in 2010.

Sort by: UpDate | Rating

Comments

  • Va
      19th of Feb, 2008
    Wachovia - Unauthorized billing!
    Wachovia
    4580 Jimmy Lee Smith Pkwy
    Hiram
    Georgia
    United States
    Phone: 800-950-2296
    www.wachovia.com

    Hard Luck: Son in hospital repeatedly, my own nervous break down, My health insurance raised to more than my mortgage and bills got paid late. Late fees, NSF charges... All these things got me behind in everything. Never had late payments before, then power cut off, no money for food , gas... Finally through diligence, going without food, loans from family and friends etc... I get back on my feet. The first month I don't start off with NSF charges, Wachovia placed a hold on a check that I deposited because 'I had had repeated NSF charges in the last six months.

    The 'held' check had been deposited into my Wachovia account every month for the last ten years with no problem. The check has a history of being good! None the less, it was held, the account never went below $250, but NSF charges in the amount of $175 were charged to my account because I had problems LAST month? Say what??? Wachovia kicked me while I was trying to pull myself up, by stealing my money! They took money from my account when there was enough to cover everything coming through, because of some stupid bank policy!

    I've been with Wachovia since before they were Wachovia. But no more! Does anyone know of a bank with a heart? I'm shopping. I will not put one penny back into that institution!

    0 Votes
  • Va
      24th of Jul, 2008
    Wachovia - A picture of greed
    Wachovia
    United States
    wachovia.com

    Just to comment on the writer who had trouble with Wachovia calling the wrong number. No wonder just read what the CEO did in buying a savings and loan that had all kind of creative mortgage loans!

    Greed! Greed! Greed! Wachovia the 4th largest bank in the US. Oh my God! What is next? I am a Wachovia banker and I am seriously considering taking all my money out and bring it home! Look at article entitled Wachovia-Golden West: Another Deal From ***? We have all lost our greedy minds in this country! All Americans who believe in fairness bail out of this financial abyss called eternal debt!

    0 Votes
  • La
      20th of Aug, 2008
    Wachovia - NSF fees ripoff
    Wachoiva
    Augusta
    Georgia
    United States
    Phone: 7068771375
    www.wachovia.com

    Wachovia rips people off left and right this is not the first time I have had to pay nsf fees due to them allowing companies to keep charging when i gave one time authorization. Also if you are a dollar short they do not pay. Like Wamu they give their customers some respect. Wamu is all about the money they do not care less about their customers. They are no better than Amsouth and look what happen to them sold out of business. Wachovia will be next especially with a Ceo like they have. If you have to call customer service be expected to be treated poorly and don't bother asking for a supervisor they are even worse to deal with. We as Americans need to step up and start telling big business banks this is not allowed. We need our government to put regulate banks just like they do other companies that try to rip people off. I would be happy to join a class action lawsuit lets put this bank in their place.

    0 Votes
  • Ms
      18th of Sep, 2008

    I agree!!!

    0 Votes
  • Va
      8th of Nov, 2008
    Wachovia - Overdraft fee
    Wachovia Checking
    Clemson
    South Carolina
    United States

    I have two overdraft fees in Wachovia and they happened on Sept. 5 and 12. I called them and requested them to canceled the fee. They said since I was a new customer, so they cannot clear the fee, but finally they accepted my request. However, after several weeks, I found they didn't return money at all, so I called again. But this time, the representative told me they cannot refund the money since I didn't argue for that within 30 days. So ridiculous! U know what, they have the telephone information and may recorded down the conversation I called the first time, but they still don't want to help me canceled the fee and lie to me that they cannot find the telephone note. Currently, I decided to close my Wachovia account because I cannot trust them again.

    Please remember: they steel money from customer's account

    0 Votes
  • Gu
      11th of Nov, 2008

    YOU OVERDRAFTED!! Thats not the banks fault... If you had money in your account then this would'nt happen. They didnt steal anything from you...

    0 Votes
  • Hu
      19th of Feb, 2009
    Wachovia - Bad service
    Wachovia Bank
    Memphis
    Tennessee
    United States

    The bank said i had 60.00 and then my direct deposit hit and i had 49.00, i then had 6 charges 35.00, 20.00, 20.00, 8.97, 6.93, 9.78...it was .68 cent over and i was charged 210.00. So I am changing back to my credit union. FSNB they at least kiss you before you get "fd"

    0 Votes
  • Da
      10th of Mar, 2009
    Wachovia - Bad service
    Wachovia
    Alabama
    United States

    This isnt really a complaint, i owe them money i know but right now i am currently deployed to iraq. i received this letter while i was home on R&R, now how can i take care of this? Reference # 7554652913

    0 Votes
  • Az
      27th of Jul, 2009
    Wachovia - poor service
    Wachovia
    United States

    A court order was issused aug 2008(last year) to have child support deducted from Wachovia account 1) it took 3 months and lots of persistance to get Wachovia to start deductions.. 2) have had to "remind" them to make deduction every other month since.. 3) Wachovia is now "claiming" not to have a court order and has STOPPED deductions from my account... 4) Ohio child support says its the banks problem (agreed) Wachovia claims its Child support agency problem... 5) getting NO HELP from either... 6) does this make me a "deadbeat dad" and can I file suit for non-feasence?

    0 Votes
  • 1v
      23rd of Nov, 2009
    Wachovia - nsf charges
    Wachovia
    Florida
    United States

    I was charge for 15 nsf fees totaling 525.00 when in fact there were NO overdrafts except for the ones caused by the nsf fees themselves. After sitting down with the Bank Financial Specialist, who could also find no reason for the nsf fees, she makes a call to someone who then takes about 30 minutes to try and configure some explanaation for the charges, at which point, the specialist tries to relay that to me. Looking at the account, there was no basis for these charges. And I am but one voice standing up for fair banking procedures, but if enough are heard, maybe changes will be made.

    0 Votes
  • Ch
      10th of Feb, 2010
    Wachovia - Allowed unauthorized transaction to go thru my account
    Wachovia
    United States
    wachovia.com

    I bank with Wachovia in Georgia and up until last month I had never had a problem with them. They decided to let an unauthorized transaction to go thru my account and when I called and asked that the account be closed they didn't do it and allowed other charges to come thru and charged me several Hundreds of dollars in fees. I complained to them but they told me it was my fault and to deal with it. They also took it upon themselves to drain my other account and put that money in the account that had unauthorized transactions even after I explained to them that the money they took had already been spent. They told me that it was my problem and I would still incur other fees and would not get them back!

    0 Votes
  • As
      15th of Feb, 2010

    wow what a story. truth be told they do not have to modify your investment mortgage. even more hard to believe is there is a solution that could lower everyones payment and make more money for the banks!!! it's the way amortzation of mortgages work. the longer the term the less money goes to principal. there is a good book ...HOW TO MODIFY YOUR LOANS by paul stemborowski there are web sites www.modloanforfree.com check them out and goodluck!

    0 Votes
  • Ai
      27th of Apr, 2010
    Wachovia - Bad service
    Wachovia
    United States

    I have had $100 vanish from cash deposited at a drive thru teller from the time I put it in the tube to it getting to the teller (supposedly) two weeks in a row.

    0 Votes
  • Je
      22nd of May, 2010

    Wachovia is one of the most fraudalent companies... they first tell you they cant help with a modification since you are current... so they suggest that if I am not current for 3 months they will be able to asssit... It was a matter of time and I became victim and was no longer able to pay the mortgage. I was offered a modification with payments more than i was paying in the beginning... if i cant pay 1500 how am i going to pay 1800?

    We went to mediation and now they say I do not qualify due to a high forebearance... I am able to make mortgage payments... BUT I owe nearly 100K more than this home is worth..

    Wachovia even went so far as to request BEFORE FILING FORECLOSURE... for me to send my garage door opener and the keys to my home.

    I am going to file a counterclaim...

    anyone else have the same sort of situation... lets all sue under a CLASS ACTION SUIT!!!

    0 Votes
  • Lc
      6th of Oct, 2010
    Wachovia - Ripped Off/Poor Service
    Wachovia Personal Banking
    United States

    Upon moving to Oklahoma, where there is no longer a SINGLE Wachovia or Wells Fargo [in the entire state], I had to switch my banking accounts over to a new big bank. Upon calling Wachovia, I sat on the phone with a representative while trying to close down my bank account and have ALL FUNDS mailed to me. Not only did it take over 45 minutes to connect with someone who would/could actually help me, but I was told it would take 2 to 10 business days to get the check to me. Frustrated by such a ridiculous time frame [this is ALL my money I'm talking about...everything], I told them to just close it down and send me the check asap. He then told me the check would be expedited and charged me THIRTY-FIVE dollars to expedite the check. WELL, FOURTEEN business days later I have not received the check. Every time I call, reps tell me that I'm "not a Wachovia customer" and it takes forever to get assistance. Even more frustrating is that I have gotten mail from Wachovia at my new address, which I gave them the SAME day I closed the account and they said they would mail my checks. They managed to send me billing statements and credit card applications, but not my money. And don't worry...it's not that it got lost in the mail. I finally got Wachovia to admit that they didn't send it on time. But they then refused to give me my 35 dollars back. This bank is honest-to-goodness one of the worst institutions with which I've ever dealt.

    0 Votes
  • Lc
      6th of Oct, 2010

    Because when I plugged in Wachovia/Wells Fargo locations on their website before I moved, it showed that there were two locations in Norman, OK. At that time, I had no intentions of closing or ending my relationship with the company. Upon getting settled here, and driving to the Wells Fargo financial center, I found out that they had shut down the branches. There was one branch that was still "open, " but that entailed having a single older lady sitting at a desk, who then informed me that the company was done in the state. When I called the Wachovia customer service representative, he asked me to hold so that he could locate branches for me in Oklahoma...I told him there were none...he told me that I was incorrect and he would find me a branch. Of course, two minutes later he, very surprised, told me that I was correct. The people I have dealt with have been [censor]s. Believe me, I did my research before I moved here. This company is absolutely criminal in the treatment of their customers.

    0 Votes
  • Dr
      13th of Jan, 2011
    Wachovia - Costumer service
    Wachovia
    United States

    I called Wachovia to issue a complain about an overdraft fee that they had charged me. First of all it was a fee to my way to save account, which amazed me since i had money in my checking account ! They told me the two accounts are not together so i have to pay the fee. I found that to be absurd. Second what really got to me is that when i was speaking to a costumer service representative, he told me that he had a right to hang up on me because i was upset that i felt my money was being stolen from me ! At least that what it feels like. This people are legal thieves! Then he had the nerve to call me back and tell me he had done this all by mistake, he said he was going to transfer me to a manager, as i had asked for before he hung up on me ! But this time he left the phone off the hook sitting on his desk. Who do this people think they are ? What gives them the right to deal with our money as they please but when we commit a simple mistake we get charge $35.00, but when they commit the mistake all we get is a simple apology!

    0 Votes
  • Jy
      27th of Sep, 2011
    Wachovia - Bad service
    Wachovia
    United States

    I basically fell for an internet scam through Craigslist. Instead of wiring funds I sent an official bank check which has not yet cleared/ been cashed by the fraudulent party. It has been over three weeks. My complaint is with the bank who will not make an exception to the rule and stop payment on the check and return my money to me. They say it now belongs to the other party even if they never cash/ claim it. Or it will end up with the state government as lost property but not mine. I want my money back and feel I am being punished by the bank, who should be on my side, for trusting someone I shouldn't have. Yes I was stupid but it is the bank who has my money at this point and knows what is going on. So do not use official checks ever and don't trust Wachovia or any other bank for that matter. They will not back you up.

    0 Votes
  • Va
      7th of Jun, 2016
    Wachovia - Scam billing
    Wachovia
    United States
    wachovia.com

    I was working in Augusta Ga, one day I checked my balance only to find out that my account was overdrawn. I went into my local branch office to see how this happened. I was told that I had transaction from two companies that I have never had any business dealings with. So I filled out the fraud form and assumed that all would be taken care of.

    Well it was not, and after many months of trying to get this issue resolved, just today I was on the phone with Wachovia headquarters and was told that this matter can be resolved if 'I' paid the $194.00 in overdraft charges!!!

    I need to pay overdraft charges in order to correct a problem that 'They' allowed? Also when I moved to Virginia Beach I was in a branch office still trying to resolve this issue the lady whom I was talking to informed me that there was just (as I sat there) another transaction being done on my account, I thought surely this would help my case..

    Sadly it did not. All I can say is consumers beware and if it is at all possible find another financial institution to handle your hard earned money!

    0 Votes
  • Ti
      7th of Jun, 2016

    You know I was a wachovia customer before it merged with southtrust and once it did, WE had nothing but troubles too.

    Like WHY won't they give you a record of your withdrawal slip UNLESS you beg them for it?

    Who wouldn't want to keep those sort of records? I mean, it would be one thing if people were depositing money into your account without your knowledge, :), that would be nice! But to have NO record, even ones you make YOURSELF of the money taken out of your bank account, what kind of bookkeeping is that?
    I think someone's cooking the books over at Wachovia, they've behaved VERY strangely in the past few years.

    0 Votes
  • Ev
      7th of Jun, 2016
    Wachovia - Simply horrible
    Wachovia
    United States
    wachovia.com

    I banked with Southtrust before it became Wachovia . Since the change to Wachovia, I have had nothing but trouble. I have never bounced a check in my life and have excellent credit, clearly not someone who is check kiting, but on 3 different occassions, my checks have been presented for payment BEFORE my $2000+ deposit, even though they were entered the same day. This is only one of a million things that have gone wrong while banking with them.

    I asked to file a complaint and they said that they don't accept customer complaints. Well no wonder they are #1 in customer service, they don't take complaints. Everytime I have called, I have gotten a rude, person with horrible grammer, hardly the face of what the business is trying to convince you of. They have cost me over $1500 in fees and random "service fees" over the past year.

    HORRIBLE!

    0 Votes
  • Va
      7th of Jun, 2016
    Wachovia - Beware
    Wachovia
    United States
    wachovia.com

    We mailed a $1, 300.00 check for deposit to our Wachovia Bank checking account in Dothan, Alabama. September 1, 2008 the bank admitted receiving the deposit Tuesday, September 2, and told me it would be processed after midnight. They would not, however honor my debit card to purchase necessary prescriptions on Thursday. Automatic bill pay was suspended. The bank will not refund "Late" charges. They used our money for a week; paid no interest and gave us no access to our funds. This action is obscene and an insult to their so called Senior Citizen friendly policy.

    0 Votes
  • Va
      7th of Jun, 2016
    Wachovia - Stay away
    Wachovia
    United States
    www.wachovia.com

    Well the last place someone wants to open an account should be Wachovia. They have big posters on buses stating #1 five years in a row. I guess they rip normal people like you and me to pay off their executives as well as advertisement. Last week I made some transactions using my debit card and you see how much money you have left on wachovia.com. I kept a track of my expenditure looking at those available balance. Three days later I see I was hit with 205 dollar of insufficient fund fees. I walked in the branch pissed so as usual they told me it was my fault and I should have been more careful. I was suppose to receive my pay check with didn’t come through. So after arguing for so long they gave me a 77 dollars courtesy fees. I asked them y did they let the transaction go when there was no money in my account as any else bank will do, I got an answer it could be an emergency that is y they didn’t stop it. Yes I had an emergency for a smoothie that coasted me 40 dollars instead of 5. I wrote a check next week for 700 dollars and guess what I had 18 dollar less in my account and Wachovia cleared it. Well can you imagine a bank that pays your checks or debit card purchases even when you don’t have money in your account? Well here is a bank called Wachovia who will rip you off no matter what. I want to see if I write a check for 100o dollars and I don’t have any money in the account to back it up and see if they cash it... honestly if you work hard for your money and you want to keep it safe from banker turned thieves open your account in chase or bank of America... I have already filled for complaint with bbb and would request people to do the same against this robbing institution...

    0 Votes
  • Va
      7th of Jun, 2016
    Wachovia - Overcharged badly
    Wachovia
    United States
    www.wachovia.com

    This Month I was going through the drive through and gave the teller the order check blank to have them send me more checks. Mysteriously, the charge was taken out of my account like someone strategically waited until it would cause my account to be overdrawn by a whopping 17 cents. That has already cost me $235.00 in fees!

    I have read through all of this post and my express opinion is that these algorithms that the banks servers use are a major rip-off! It should be immediately outlawed and the Feds or someone should expose the programming that is creating this ridiculous form of robbery. We should all get together and offer a cash reward to the programmer or employee of Wachovia that comes clean and provides the evidence needed to bust these banks for what they are doing.

    To those here that do not think that this could happen to you, think again! Even your perfect accounting could not have avoided this one!

    0 Votes
  • Da
      7th of Jun, 2016

    I agree! I have an student account and I personally know I'm not the best with keeping up with my transactions and such, but today I JUST got one of those postcard thingys and it said I had $365.77 in overdraft! I was overly pissed, so I called the 1-800-wachovia number and me and my mom worked with it and from what she said is that they were overcharging me.. at the moment we're still on the phone argueing with them...please help!!

    0 Votes

Post your comment