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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 need help to modify my mortgage with welles fargo
I have a law suit against Wells that is in it’s third year. Not sure what state your home is in, but I have a hearing set for August 27th in Brevard County FL (reference my Case No 2011-CA-014613). My attorney is Purvi from Shuster & Saben 321-622-5040, point being is that you need to hire an attorney if you have not done so already as Wells will not help if its not in their own best interests. Also looking for a notice that was supposedly sent out to Pick-A-Payment Customers that canceled/terminated the loan life modification option that was pitched by Wold Savings to entice its prey
Richard, I have received numerous and conflicting reasons as to why the interest only payment option was removed from my pick a payment loan. When I was behind in payments, I was told the interest only option would be reinstated when I became current. It was not. Then, I was told the intersest-only option had been removed because the CODI interest rate had dropped so low (Wells Fargo still enjoys the same large profit margin, regardless of what the Feds reduced interest rates.) Then I was told it was because the loan amount was higher than the value of my property. (Now my property has appreciated, but the interest-only option has not been reinstated). I was told that after so many years in the loan, that feature is removed. None of these terms are evident in my loan paperwork. I have stacks of correspondence and failed attempts re-activating the interest only payment option.
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I received a check from Wells Fargo dated October 7, 2011 in the amount of $178.04. Unfortunately, I did not realize it was a check and filed away the notice in my Wells Fargo file. It has since expired and I would like to know how to replace the check. It was made payable to my trust (which holds title to my property) “Two Thousand Five Watson Trust”. It was written from Pick-A-Payment Settlement Administrator on Wells Fargo Account, check #240807. Claim #0005074013. Please respond. Thank you!
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