Wachovia & changing the terms ..I'm done (LONG)

[NikoSan999]

A few months ago on this thread I posted about Wachovia taking an 5% interest only loan which we could pay plus some on principal and saying that in 6 months it would turn into a "regular" loan. What we were able to pay $600 a month on would at best guess would turn into somewhere between $2500 and $3000 a month. An increase of at least $1900 a month if not $2400. We are already short $2000 a month and climbing as it is without this. And those figures are IF a normal interest rate of like 8 or 9%.

Ok, get this. Yesterday we get a packet in the mail with a letter saying they hadn't heard from us. No one ever told us we were supposed to, just that in 6 months it would change. So come April 27th the new whatever they are going to do comes into play. If we don't have the paperwork included in the packet filled out and turned in before then they will call the loan in to the tune of $124,000. Like pulling $125,000 out of our butts is going to happen.

THIS is what gets me. I have NEVER saw paperwork like this. It is worse than buying a house. But before I go on let me say that orginally it was just in hubbys name as it was business with me on the checking account to write checks. When it came it was addressed to both and there are places for both of us to sign. They want my info as well. Not just tax returns. We can't find all the paperwork to this. I know, I know. I know I initialed a crap load of papers but to our knowledge it is him only. That is what the lady said. I asked. Never read line by line. As I've said before, never again. I have a feeling I'm on it also. But don't know.

Now get a load of the stuff they are requesting the info for:
ASSETS
Cash and short term investments
stocks & bonds ( readily marketable)
unlisted securities
notes receivable & accounts receivable
cash surrender value life insurance
general/ltd partnership interests
retirement accounts
all personal property value
real estate-personal residences
real estate investments
real estate investments direct & partnership interests
other assets
automobiles value

LIABILITIES
outstanding credit card balances
taxes payable
policy loan ( life insurance)
mortgages & obligations due
notes & accounts payable
other

NOW add and subtract for your net worth. (like we really have a net worth at this point. $750,000 in debt so there is NONE)

Also all annual income which I understand BUT also annual expenses including household

continued stuff they want
cash & short term investments (cd's, commercial paper, money market funds
sotcks and bonds ( include us government and marketable securities
unlisted securities
life insurance carried ( include individual & group insurance
general and/or limited partnership interests
real estate (personal residences
real estate investments
notes & accounts payable ( include credit lines and other commitments even if unused

Get this
personal information
Do you have a will and name of executor. dependents and ages
are you a partner or officer in any venture other than described on schedules
are any assets pledged other than as described on schedules
Have you ever declared bankrupt
are there any outstanding judgements against you
do you have disability insurance
income tax settled through
alimony child support/maintenance expense.

After all this garbage there are two places to sign. NOT HAPPENING. I wouldn't sign this on a bet.

This is a whole new loan application, again the like of which I've never seen before. So if we fill this out and don't pass, which we won't, they deny it and call it in. OR the only other scenario, we pass ( yeah, right) and they raise the interest to the 8 or 9% and we get a monthly payment of $2500 to $3000 that we can't pay. They have already pulled several credit reports ( we checked ) so the interest WON'T be that good...so.....

With the credit reports they have already pulled they know we won't pass. So I only see two scenarios here.

1 Say we can't do it or pay it. Call the loan in - in full. Slap a lien on the business and the house that is in foreclosure in hubbys name only. Garnish the amount of wages that can legally be garnished ( 25%). Mine can't be as it is unemployment. BUT if I'm on it also they can put one on the house we live in as it is in mine only.

OR

2. They can take the odds. They can let the loan go thru, KNOWING we can't do it, after all they saw the credit report and what we owe plus they would have the tax returns to show that we made 1/4 of what we did when it orginated. Write the loan papers up with all the hidden, unreadable garbage they put in it. Collateral (SP) being the business and/or house/s. When we default they would get it all.

We are at the point now where we aren't paying on 5 bills. We're $2000 short a month as it is NOT including the house in foreclosure. . I've jimmied and shifted for the past few months and it's finally caught up. This new thing can't be done. We don't have it.

Now American Express has not only A new collection agency (3rd and 4th ) but also an Attorney collection agency. So now we have 2 at the same time, both wanting the total bill. Same bill. Hmm..we were paying them and missed one payment on the plan cause we didn't have it.

We are all sick from the stress especially hubby to the point he's scaring me. There's times he can hardly stand up. He shakes.
The daughter has hair falling out and has a lump/knot on the back of her head that the doctor says is from stress. Yes, she has had an MRI.

I'm tired physically and mentally and I'm calling it quits. I'm/we're throwing in the towel after 16 months and I hope they all choke on it. We've drained our savings and have none left. We've used all her college money. We used all that for living expenses for the 16 months. The sooner it's over the better. Lawyer Saturday. Take it from there.

Thanks for the vent. I needed it.

[nodmicks]

Gosh Niko seriously I am speechless!!!!!!

[Imarachne]

I'm so sorry--I don't know what to tell you. I just think its all gonna get worse--these companies are freaking out and now we are !!

[NikoSan999]

I'm so sorry--I don't know what to tell you. I just think its all gonna get worse--these companies are freaking out and now we are !!

If it had stayed Wachovia it might not have happened. But it's Wells Fargo now. Who knows.

It's not a case of selling a few things. It would take ALOT of BIG things to make up a shortage of at present only $2000 a month. EVERY month. We did this last month and it was the only way we made the house payment. At some point there's nothing left to sell and at that point you have nothing with the same end result.

Yes, it's going to get worse. But that's just my opinion, I understand that. The thing to stockpile is money.

We have basically a 6 month stockpile of food which has helped get us this far. But put that change and dollars away. It isn't over yet.

[BeccaJoy1014]

Sorry about you hardship
I see you live in Florida, as far as I know when you file bankruptcy in Florida that stalls any pending foreclosure case or sales (at least ones that have already gone into the court system) I dont know if that applies to a home thats not your main residence or not. Just a thought....

[Contrary Housewife]

I wish you the best of luck. I think a lawyer is your best bet right now.

[dcompton]

I am so sorry, Niko. You have tried so hard to keep it together and pay everyone. But the time comes when it just isn't possible. On the whole, I'm glad you're seeing a lawyer. At some point you have to just turn loose of it and start again from there. This is killing you and your whole family. Let us hear what you find out.

Thinking of you and your struggle every day.

[Vanilla]

Niko, I'm so sorry to hear that you're in this situation. That's look likes a whole new loan application.

[ladytoysdream]

So sorry for all the troubles you are looking at.
I too think a lawyer is your best bet.

((( hugs )))

[Russ]

Niko,
I've been expecting a day like this, maybe not as bad as those (insert foul name of choice) have made it, but a tough day none the less.
You should hold your head up proud at the monumental effort and sacrifices you and your family has made. Nobody can take that from you, NOBODY!

Anybody else, myself included, probably would have thrown in the towel months ago, so you can stand there today and say "we did our very best" and say it with no remorse.

Time to finish this off, look forward, GET THE FAMILY HEALTHY and remake life.

I think I can speak for all us at FV and say "we're pulling for you and your family and wish you our very best."

Always a friend,
Russ

[Palooka]

Niko, so sorry. You and your family tried very hard. Yes, get to that lawyer and be done with this.

[Samigirl]

I'm terribly sorry for what you're going through. I can't imagine the stress you've been under. You've most certainly given it your best...and that's all that can be expected. Your tenacity is admirable! Hold your head high, and hold tight to your family. Keep us updated here...we are all pulling for you.

[frugalfranny]

Niko - you gave it one hell of a try.......you don't need the stress anymore........get this over with and get on with life.

This whole things SUCKS!

Many hugs to you - good luck!

[frugalfoster]

Niko... I am about the same age as you...I understand how scary it is for you to be in this position at our age. BUT... there is a point in which you have to say to them.... you are not worth my health or the health of the people I love..... you have given an all out attempt to hold this together but now the cost is more than you should have to pay.. Life is full of crossroads...and you are at one of them now... take a different path and be healthy...it's just not worth it....

[Greebo]

Can you qualify for a Chapter 13? If you're $2k/month behind, and a Chap 13 can repay your creditors eventually but slower than originally expected, that might be the route to take. I doubt you're at 7 status, but I'm not sure of the means test on either.

Regardless - hang in there Niko - you guys have been doing the absolute best you can, and you know we're all behind you.