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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.
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302 thoughts onWachovia “Pick-a-Payment” Mortgage Loan Class Action Settlement
I loss my home to Wachovia, so how come know one notify me about thus settlement? I beleived I fully intital for this settlement
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#199 Cynthia wish you would share how you avoided paying your bill for a year! Berns and Weiss never disclosed on the papers sent to opt out, neither on the website… until it was too late, that there were more than half a million people involved. Everyone would have opted out, because that was the writing on the wall. They collected the money and out of that half million they are only “helping” 30 taking it to court AGAIN, and more than likely collect $$$$ on top of the million each of the 26 attorneys involved received with the 2010 lawsuit. I am reporting them to the state bar, that was -misrepresentation. Think people, they would never help more than half a million people. Just line their own pockets. They should be the ones to be sued by all of us. Jeremy Vogel, Judge in San Jose Court allowed this to happen.
is it too late to claim? do they have an email address?
I TRIED TO MODIFIED MY PICK UP PAYMENT LOAM IN 210 BUT THEY DENIED IN HOW I CAN STAR A MODIFICATION WITH THIS SETTLEMAN IT IS TO LATE? BECOUSE NO BUDY LET ME KNOW I HAVE THE RIGHT TO DO IT PLEASE LET ME KNOW A SOON IS POSSIBLE
is there a statute limitations on this loan?
Hello Mauro,
I believe there was a time frame. But maybe if you contact the lawyers they are able to help you, Berns and Weiss. I am doing a modification with a lawyer. They told me that wells fargo was the worst to accept any loan modifications.
We Have our Loan from World Savings and Wahcovia but were never notified about this class action. Who do we contact or is it to late to act on it
Linda is right is not worth our health or emotions. If the banks have no sympathy over us why should we have any?!!?!!
I feel ya! Don’t stress out…its not worth your health. Personally, I really don’t give a shit anymore! It’s all bull…the whole system! Take care!