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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.
302 thoughts onWachovia “Pick-a-Payment” Mortgage Loan Class Action Settlement
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Absolutely everything I have read happened to us too. I been through the World Savings, Wachovia pick-a-payment or Libor loan. Now it is Wells. We are paying almost 7%, have excellent credit NEVER missed a payment…..we cannot get a loan modification, refinance, nothing. I did not even know about this Class action LS. To be honest, I ended up having nervous breakdown and am now on disability. I made formal complaints and just kept getting the run
around . I sincerely spoke with some of the dumbest and
rudest representatives. Pathetic. I have no help from my
husband. He frankly does not care, so I gave up and have
given it to the Lord.
God has bless me with three kids and a loving husband, i promise to share this Testimony because of God favor in my life, 4months ago i was in desperate need of money so i thought of having a loan then i ran into wrong hands who claimed to be a loan lender not knowing he was a scam. He collected 1,860USD from me and refuse to email me, since then i was confuse,but God came to my rescue, one faithful Sunday i went to church after the service i share idea with a Church member and she introduce me to a loan agency owned by an Anglican Church, she said she was given 35,000USD by the loan agency. I collected the loan agency email address and i emailed them on Monday morning, he told me the rules and regulation and i followed. After processing of the Documents he gave me a loan of 300,000EUROS. Anyone can contact him through oxygenloanagency@gmail.com and i know that he must help because they are the best.
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Mrs. Rosita…sorry sounds like a scam to me
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I use to bank with Wachovia bank 2007. I didnt have a mortgage loan but i had problem with my account with wachovia. My account some time overdaft when i had money in it. One time when I had my phone service with centurytel and tv service dish tv thur the phone company. Dish tv took money out of my account with me telling them to get the money out of my account. I was wondering can get in on the class action settlement for Wachovia Bank.