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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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I worked for Wachovia during the Pick A Pay frenzy. I refused to offer the loan because I knew it was wrong & would hurt people. If I remember correctly the lenders were paid more for closing these loans. I now work for Wells Fargo. There are still customers with Pick A Pay loans. They have gotten no where with Wells Fargo. My one customer took out a loan for 197k in 2007. He now owes about $237k! More than the value of his house. He keeps paying because he doesn’t want to lose his home. I can’t do anything for him because I’m employed at Wells Fargo. I have a feeling he’ll receive several printed articles in the mail about the class action law suit. I’ve been in banking for over 20 years. In sales. Never, Never, Never trust the sales people. You are a number to them. The employees are nice people, but the high pressure from their leaders is unbearable. We do you think there is a high turn over rate? At least this is true at Wells Fargo. Careful. I may not have my job next week if they track me down for writing this. But it is all true. I have nothing to gain.
Way to go with your honesty! There are too many slick loan salesmen and saleswoman out there still moving from one institution to another. From S&L days like World to countrywide to Washington mutual to credit unions to ??? Why they are still able to lend when they are responsible for so many bad loans, some due even through their own manipulation of figures prior to underwriting, is unfathomable. They continue to hide under the corporate cloak. Why would the NMLS let them continue? I smell an investigation?
gee, I thought that you were talking about me……
I just found this site and am even more frustrated than ever!
thanks for your honesty and I hope that you have a job.
Is the class action law suit still ongoing? do I have any chance? I am trapped in a situation that I can’t get out of, short of absorbing a tremendous amount of debt or bankruptcy. Fortunately, or not, we like our home and would rather not leave even though we are still upside down.
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