Real Estate Insights Wachovia Eliminates Pre-Payment Penalties on all Existing Home Loans July 17th, 2008 8:07 PM Wachovia Corp. has decided to eliminate pre-payment penalties on its controversial “Pick-A-Payment” mortgage to help its customers deal with the recent landscape changes within the mortgage and financial markets in the US. Additionally, Wachovia is eliminating all mortgage products, such as the “Pick-A-Payment” mortgage, that include payment options that can result in negative amortization. David Pope, president of Wachovia Mortgage said "Proactively waiving prepayment fees for our Pick-A-Payment mortgage products gives our customers the freedom to manage their current financial situation more effectively." Wachovia became a major player in negative amortized mortgage loans, “Pick-A-Payment” mortgages, when it acquired Golden West in May 2006. Golden West specialized in “Pick-A-Payment” mortgages which allows its consumers to choose making a 30 year amortized mortgage payment, a 15 year amortized mortgage payment, an interest only mortgage payment or a less than interest only mortgage payment in which unpaid interest is tacked onto the total mortgage loan balance. A majority of Golden West’s “Pick-A-Payment” mortgage portfolio was concentrated in California due to the rapid growth of equity in real estate. The purchase of Golden West not only cost Wachovia Chief Executive Ken Thompson his job but it also has Wachovia bracing itself for further mortgage related trouble. Wachovia has worked with over 18,000 homeowners in the past year to help them avoid foreclosure and stay in their home through a number of their mortgage relief programs. "Wachovia is committed to serving our customers and ensuring they not only have the right product to meet their needs, but also the resources available to help them during these challenging times," said Pope. If you have a pre-payment penalty and your loan servicer is World Savings or Wachovia Mortgage, then you may be able to take advantage of this opportunity to get out of a costly loan and into a stable fixed rate mortgage. Also, this may lead the way for other lenders who are currently servicing “Pick-A-Pay” or other such negatively amortizing loan programs i.e. option ARM’s, to waive their pre-pay penalties. Posted by Bradley Gill on July 17th, 2008 8:07 PMPost a Comment (0) * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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