Wachovia Bank
First-Time Buyer Mortgage Denied Four Days Before Closing

Pete49
10-06-2003
2

I used to bank with Wachovia, so back in July while I'm in the branch I inquire about mortgages for first time buyers. I'm told to go to the mortgage office in Newport News and talk to Donna. She is great and can help me out! I go see Donna, she gives a great Interest rate of 3.75% with 3% down on an FHA loan. I'm thinking, great. So My wife and I find a house, write up a contract, now we have a month before the closing date.

I give Donna all the info she needs (W2's, bank statements, etc) and remind her that I work for our family business. I dont own the business, I'm just an employee. So after a few weeks, of course my wife and I very excited because it's our first house, and in four days we move in. Wrong!

4 days before closing I get a call from Donna, "Peter, we have a problem. Seems that because you are employed by your family business, we have to deny the loan, I'm sorry". Needless to say, I hit the friggin roof. After almost a month and four days before closing you morons tell me this. After I spend $350.00 for an appraisal, $200.00 for an inspection, plus all the other crap I had to buy like furniture etc. Well I lost the $550.00 (thanks Donna) but was able to get money back for all the furniture I bought. The house went back on the market because the seller was furious. I can't blame him. The house was sold in one day... To someone else!

Now (early October) we find another house, and I find a mortgage company that will deal with my job status. But, I need 6 months of bank statements, which I no longer had. I go into the Wachovia branch I used to bank at and tell them which months I need, a total of three months. They tell me I need to pay $5.00 per statement. Ok, you've screwed me enough, now you want 15 more bucks, I suppose that's the icing on my ass-screwing, huh?

This was 8 days ago, I still haven't gotten my statements, and I have to close in less than 2 weeks because the seller of this new home we found is in the Navy and is getting shipped out. Now I don't want to screw this poor guy who is trying to sell his house because he's got orders to some God-forsaken part of the world.

Bottom-line... Stay away from Wachovia. They are an awful company to deal with. They only care about making a few dollars off of you regardless of how they ruin your life.
F*ck you, Wachovia!