Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Preliminary approval has been given to a class action lawsuit settlement between Wachovia and certain borrowers who obtained Pick-a-Payment mortgage loans between 2003 and 2008.
The Wachovia Pick-a-Payment class action lawsuit settlement will resolve claims that World Savings Bank and Wachovia Mortgage (a division of Wells Fargo Bank) violated various state and federal laws in connection with the Pick-a-Payment mortgage loan product. The lawsuit is styled In re Wachovia Corp. “Pick-A-Payment” Mortgage Marketing and Sales Practices Litigation, Case No. M:09-CV-2015-JF.
The Pick-a-Payment mortgage loan permitted borrowers to select and make a minimum payment amount for a limited time under certain conditions. When a payment was insufficient to pay the interest owed, unpaid interest was added to the loan balance and the outstanding loan balance increased (a practice called “negative amortization”). Plaintiffs in the Wachovia mortgage class action lawsuit claim that Wachovia did not adequately disclose the Pick-a-Payment loan’s potential for negative amortization.
Wachovia denies any wrongdoing but has agreed to establish a $50 million settlement fund to resolve the case.
If you obtained a Pick-a-Payment mortgage loan for a primary residence from World Savings Bank or Wachovia Mortgage at any time between August 1, 2003 and December 31, 2008, you may be eligible to claim money from the $50 million Wachovia class action settlement.
The amount of money you can receive will depend on how many people file valid claims and which Settlement Class you fall into:
Settlement Class A includes borrowers who no longer have a Pick-a-Payment mortgage because they sold the property securing the loan, refinanced the loan, personally paid off the loan, or have already obtained a loan modification that converted the loan to a regular mortgage.
Settlement Class B includes borrowers who still have a Pick-a-Payment loan and their mortgage payments are not 60 or more days past due (as of December 16, 2010).
Settlement Class C includes borrows who still have a Pick-a-Payment loan and who are 60 days or more past due (as of December 16, 2010).
If you are a member of Settlement Class B or C, you do not need to do anything to receive a payment from the Wachovia Pick-a-Payment settlement. You will automatically be mailed a payment if the settlement receives final approval.
If you are a member of Settlement Class A, however, you must submit a claim form postmarked no later than March 16, 2011 to receive a payment from the class action settlement. Claim forms will be available on the Settlement Administrator’s website on January 28, 2011.
For more information on how you can receive money from the Wachovia Pick-a-Payment Class Action Lawsuit Settlement, visit the Settlement Administrator’s website at www.pickapaysettlement.com.
Honda, Hyundai, Kia, Subaru vehicle data collection class action lawsuit investigation
May 17, 2024 | Legal News
302 thoughts onWachovia “Pick-a-Payment” Mortgage Loan Class Action Settlement
Yeah these Berns and Weiss are a bunch of shit too. They tell me now that because I eventually got the modification but only because I hammered Wachovia for over 9 months and was denied twice over that time and even with all the BS they are pulling on me now they don’t want to be bothered with me. They first told me that because I was in Bankruptcy now they couldn’t sue for me, but that was BS and I knew it and told them why, so now they have come up with this new excuse. I thought they were different but they are just like all the other lawyers I have known. They don’t give a shit! By the time they might be ready for me, my time will have run out and I probably won’t even be here anymore. Shame on these Guys! Just when you think someone is going to help, they turn out to be just like everyone else. Money Grubbing Liars out for themselves only. If I don’t win the lottery, I’ll probably lose the house and without it be dead by this time next year. I’ve had 2 heart attacks over all this stress within the last 6 years and the 3rd is not far off. Thanks a Lot Lawyers. For NOTHING!
ok, its all a sham! they act like their going to help u out, then after they get your info, they find an excuse and tell u that u didn’t get ‘get it to them in time, then they send u letters telling u your case is closed. con-artists! it’s all bull, they never planned on helping anyone!
So any help would be greatly appreciated..we are in a pick a payment from world savings to wachovia and now wells fargo no one seems to be able to help us with this dumb thing we did way back when! Any direction plz..
I had a pick-a-payment loan but was modified before and separate from the settlement agreement on my own as part of a bankruptcy Chapter 13 HAMP loan. Eventually I got $178 settlement for the pic-a-payment. CHUMP CHANGE!
I was denied twice for the HAMP modification before I finally figured out the numbers they wanted and raised enough actual and acceptable income to be counted and made the 31% monthly income to payment ratio. It was very difficult and they tried their best to deny me, but I kept hammering until I qualified for the “trial Period”.
I made it through that fine and was finally approved for modification, but then 2 months into the new loan they retroactively raised the payment on me by over 25% really hurting me. Besides the fact that I already made the payment before they raised it. They held that entire payment in suspense for over a year and deducted late charges from it every month.
At extreme hardship to me, I have been making the higher payments on time and for over another year, but in the process they have messed up my loan so much by retroactively raising my payment after the due date, placing payments in suspense and counting payments late ever after that for over a year before they figured out they messed up. They finally midway through reversed all the late fees, but then misapplied them messing it up again and it started all over again counting me late. I had to write 3 separate 15 to 17 page complaint letters over a period of almost a year before they finally acknowledged their mistakes and fixed it… apparently.
Its been 2 months since then and 14 months since they first started this crap but I still think they are still keeping 2 sets of books because they still think I am a payment behind every month when I call to make my payment. Also I believe they have done everything possible to make this loan fail in violation of the Pic-a-payment settlement.
I am in contact with Berns and Weiss and we are talking about the next suit. Its Coming SOON they tell me. Not soon enough for me! I can’t wait. I need the money now and it should be about time that these crooked banks feel the sting of their actions.
They rob us of Trillions and pay us back $178 each. That’s just Great! Does anyone know where they give you Trillions of Dollars and you only have to pay back 800 Million? That is one pretty fine return on investment. This is one time I say HOORAH for the Lawyers! GO BERNS AND WEISS!! Just Hurry up, Please.
That is my experience with HAMP for BLANCA above. They have a new program out now called HARP and HARP2 that you may wish to apply for, as they are similar to HAMP1. Since I had HAMP1 they are telling me I am ineligible for HARP or HARP2.
Has anyone had success with the settlement agreement modification? I’m trying to do a Hamp,but they have not responded since May we just keep sending Check stubs and check stubs.
There are options for Maryland homeowners. Please email me so we can discuss at: diannajpearson@comcast.net.
It’s true for me too. I got a check the evening of my last post! Over 5700 dollars! Cool! It wont buy my home back but it’s a good bit to pay bills! :0)
The lead attorney has now figured out that Wachovia/wells has not complied with the terms of the settlement. Berns Weiss are legit. They want denial letters from people to confirm the pattern of Wachovia/Wells not modifying any pickapays. They may sue Wells. Go to http://www.law111.com. You can fill out the Wachovia mod denial form or call them.
May take months though – Cynthia I would love to know how you managed to not get a bill all year. Can you post more details? Or email me at elspethmchugh@hotmail.com?
Thanks
As
The government should have said you will get NO MONEY from us you will have to WORK with the people even if it means making .05% interest on a loan for 30 years. I am going to SUE Wells Fargo. I am going to WIN because what they did was INJUST and DECEITFUL and HEARTLESS. I have every single document/name/ id and letter with envelope ever sent to me. I have the original loan document copies where the title note and deed don’t match. I have the original emails form the lender stating my rate was suppose to be locked for 5 years. Wish me luck cause $5000 isn’t going to cut it.
funny thing I never received the paperwork to complete. March 2012 3 offers on the house. They throw out the “VA” offer cause they don’t want to wait for a government approval. Way to treat our vets. April 2012 they tell us they are backed up we can stay til August. That afternoon we get papers stating July 1. May 2012 a week before Memorial we are notified we have til June 13 to vacate. So here I sit telling you we tried to be proactive in getting out of this loan and the BANK screwed us for our good effort and STOLE our home DISPLACED our family and to this day spits in our FACES because the JUDICIAL system and GOVERNMENT allow them too.