I have a Mortgage with Wachovia Bank that is about to balloon in 1 month, The mortgage is on a multifamily rental property that is 100% occupied and makes money and has $100'000 in equity. I have never been late with a payment in 5 years. But Wachovia will only refinance at 9% and only offer a 10 year mortgage, making the payments way to high to make keeping the property viable. Wachovia will not negotiate and has informed me that they will foreclose on the property as soon as I default when the loan comes to an end.
Why are they trying to force me into bankruptcy, the area is already full of foreclosed properties and becoming depressed they just don’t care. I have also spoken to the supervisor in charge, He was rude and made ridiculous accusations, that we had performed IRS irregularities, when I questioned him he retracted what he said and made it clear to me he wanted us to foreclose.

I have fallen behind meeting my monthly mortgage payments. Compounding this is the fact that my house is worth about 60% of the current loan balance. It has been suggested I declare bankruptcy and just walk-away from my home as part of the procedure.

I have been trying to get my loan modified through Wachovia. Wachovia is owned by Wells Fargo bank, one of the biggest offenders contributing to 'Alt A' and sub-prime loan programs.

In response to request for information concerning my hardship and current financial status I have received redundant requests for information, I have received letters telling me I was 'eligible for foreclosure', I have received letters indicating I should seek a loan modification and I have received letters indicating I am eligible for loan counseling and possible loan modification. I have received a letter indicating my request for loan modification has been denied but not in the sequence one would expect given all the communications filling my mailbox.

The majority of correspondence encouraging me to proceed with loan counseling and a loan modification have arrived after the denial.

I have spoken to numerous individuals at Wachovia, answered their questions and awaited return phone calls from I guess the next department 'up the line' in this process. The phone number I filled in is for a person that has been very helpful and seemingly on her game. My complaint is not about her specifically, but more about the confusion which seems to be running out of control.

Like so many consumers I hear in the news about all this bail-out money and all these corporate excesses and fiscal abuses and wonder how this can continue.

I have told the representatives at Wachovia that I do not want to walk-away from my home. It would cost me more to rent in my neighborhood. I have told them I would accept another loan like I have now if we could amend the loan value and start the payment clock over again. I believe that once my employment situation solidifies I will be more than able to meet my obligations and specifically keep my mortgage with Wachovia (and previously World) current as I have for the past fifteen years.

It is particularly frustrating to be held in the dark in this matter in this new era of 'transaction transparency' new 'Truth-in-Lending ' requirements to further protect the consumer (even though it adds as much as three weeks to a purchase transaction) and other potential legislation to handcuff mortgage brokers like myself.

I am a loan originator, have been for twenty years and I am feeling like I am soon to be a new endangered specie; a loan officer that owned a home.

Wachovia has been a thorn in my side since the day they bought my mortgage account. They have tried to foreclose on my home due to their accounting error. Now, they are trying to take my insurance check to repair my home after Hurricane Gustav.

Beware when you account is being bought from another mortgage company because sometimes your payments are not transferred or appropriately placed in the correct account. And without notice they will foreclose on your home for a missed payment, even though they can't prove one even existed. After several months of torture and lawyer fees, the court system that is supposed to help people, screwed me by ruling in the favor of Wachovia. And, yes the judge couldn't even find a missed payment.

And during the whole process, Wachovia returned my monthly checks, then expected me to pay all of the late fees, interest lost, their lawyer fees, etc. A payment they lost has now cost me over $25, 000.

Hurrican Gustav destroyed many parts of my area and has left me with $20, 000 dollars of damage to my home. Wachovia is now keeping my insurance check for repairs to my home. Where does the madness end!!!