In Early November, we requested wachovia mortgage lending to defer a payment. I called on november 28 to check the status on the deferment. Wachovia indicated that the deferment was approved and that we would get a confirmation letter in the mail for us to sign and fax back to them to confirm the deferment. 3 days later, and no letter, I called and they told me something completely different!
Wachovia indicated that the deferement was originally approved but then declined by another department since our mortgage loan had been previously "modified". First of all, why would they jump the gun and tell me that the deferment was approved when it was not? I dont understand how a bank can make a premature decision without going through all the lopes and making sure their decision is final and correct?
Second, the only "modification" they did was to modify our interest rate into a fixed one for only 3 years. After that, what will happen? If the bank rejected the deferment because of that, that's really unfair and it doesnt make any sense.
Third, Wachovia never took responsibility and never acknowledge the mistake they did when telling me the deferment was approved when it was not!
When I was told the deferment was approved on our November and December payments (2 months and $5000 total), I went and paid off some bills that were overdue and set money aside for property taxes which is the whole reason why I asked for the deferment in the first place.
Now, I have to create a miracle to get the money to pay for the mortgage payment which I was initally advised it would be deferred!
In these economic stressful times, it is more stressful to go through this and especially get misadvised by a bank which you would think would give you accurate information!
I can not believe that Wachovia can get away with this! Do they not have appropriate work standards? Do they not check their data when making an important decision such as this one? How are they working over there? They are unprofessional and have no idea what they are doing! They make premature and misleading decisions that have affected me and my family! It's an outrage!
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