Wachovia Settles “Pick-a-Payment” Mortgage Loan Class Action

If you got a “Pick-a-Payment” mortgage from Wachovia between Aug 1 2003 and Dec 31 2008, you might be up for claiming some cash in a $50 million settlement.

The settlement alleges that the bank deceived customers by not fully telling them that there could be negative amortization if they opted to make a minimum payment during a limited time under certain allowed conditions. If they payment was under the interest owed, the remaining interested was added to the principal.

Two of the three settlement classes will automatically receive payouts from the settlement. If you sold off the property having the Pick-A-Payment mortgage, refi’d, paid off the loan, or got a loan mod, then you need to submit a claim by March 16, 2011.

For more info on the suit re Wachovia Corp. “Pick-A-Payment” Mortgage Marketing and Sales Practices Litigation, Case No. M:09-CV-2015-JF and submitting a claim, check the settlement site.

Settlement Site [pickapaysettlement.com]

Repost via Consumerist

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2 Responses to “Wachovia Settles “Pick-a-Payment” Mortgage Loan Class Action”

  1. wachovia just sold my property, rental, and my property manager, debbie LeTourneau, dre # 01318587, with willowstreet property management inc in temecula, ca (who originally obtained the loan from world/wachovia) (and whom i still have a property management agreement with that does not expire until march 31, 2011), debbie handed my property, tenants, money, everything over to a real estate agent, (who she said according to dre rules, she could not tell me the agents name; and the dre said they knew of no such rule) and the real estate agent handed over to wachovia/wells fargo. the original loan was on 3/29/2007, loan number 0045613023 in my mothers name, stephany lukas, with a power of attorney, that the bank wrote, and is part of the loan docs, and is recorded doc #2007-0233667, which states that everything has to go through me, victoria antonia, and i signed the loan docs for my mother since she was a stroke victim, debbie knew this and she also notarized the Affidavit of Death of Joint Tenant; this property, 26743 calle emiliano, sun city, ca 92585, assessment no 330-280-081 and my other property is in a trust, i am not sure her reason for that document. also, there is a courtorder confirming me as successor trustee, case no. RIP 089727, filed feb. 9, 2006, by judge james wiley, which wachovia and debbie has now violated the court order. when i checked the recorders office under the assessment no, the property shows only my name and my mother, when i went in thursday, the clerk just told me to look under just my mothers naame (of which they have as a widow and still alive, even though they sent letters by fed ex to my home address coersing us to do a short sale. NOTICE OF TRUSTEE AND ALL CORRESPONDANCE WAS SENT TO RENTAL HOUSE TO MY MOTHER AS THOUGH SHE WERE STILL ALIVE AND LIVING AT THE PROPERTY.

    wachovia, cal-wetern reconveyance and regional trusteesales had started foreclosure back in 2008, and since they refused to speak to me i finally filed a complaint with the OCC, case no. 756637, office of thrift supervision, case no 0542792008, ftc ref 19779721, gov. office in 2008, the fbi on 5/19/09 and first went to san diego office, who then sent me to riverside office, who then said, “we don’t do that sort of thing,” by an agent who refused to tell me his name. evidentally, wachovia just laid low for awhile and on jan 13, 2011 started the process of trustee sale, while debbie ca;med and comforted me that i had nothing to worry about, so i would not go to the third trustee sale, and she handed prperty back to wachovia, breaching our contract, she must have forgotten about that. since jan 13, 2011, i have sent cal-western reconveyance (WHO’S PARTNER IS STEVE PITE, OF PITE DUNCAN LAW FIRM, AN EVICTION LAW FIRM) and regional trustee sales, all bt fax and cert mail, of all the info above and asked for validation of debt et. al. pursuant to civil code, and NONE OF THEM EVER REPLIED BACK OR ANSWERED, i even faxed them a copy of the pickapaysettlement class action lawsuit, never replied, and as i found out today it is only for owner-occupied borrowers, but that won’t stop me. ANY FEEDBACK?

  2. Hi, I cannot find anything on the Pick-a-Pay settlement. I have the current loan from World Savings (bought by Wachovia). They have ripped me off royaly. What can I do?

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