BRENDA IVEY
Junior Member
What is the name of your state (only U.S. law)? California
In 2008 my mother placed $100,000 down on and financed on her good credit the home we currently live in . She had set up a living trust naming my sister executor with durable power of attorney for her estate which included this house. Upon her death she named me as beneficiary to this home. I have been making the payments diligently. It turns out the mortgage was a World Savings Loan bought by wachovia. The interest is 7% on a variable mortgage. we purchased for $450000 the home is now worth less than $200000 We are currently underwater and wachovia refuses to assist us even though my sister drafted a letter once again naming me beneficiary of the property. Recently I found out that Wells Fargo settled a class action lawsuit against Wachovia for pick a pay loans. Although I do not recall seeing pick a pay on the original paperwork, it has a lot of the same violations like non disclosure for the variable rate, the people at Wachovia are rude and even though I've provided all the paperwork copies of the trust will etc they still will not help me. I qualify for the H.A.M.P program but they keep playing the same game of fax a copy of the trust over and get authorization from your sisiter etc. this would be the fourth time doing it. What ARE MY RIGHTS AS THE BENEFICIARY? Is there anything I can do to complain or sue them for breach of contract for violating the trust? What is the name of your state (only U.S. law)?
In 2008 my mother placed $100,000 down on and financed on her good credit the home we currently live in . She had set up a living trust naming my sister executor with durable power of attorney for her estate which included this house. Upon her death she named me as beneficiary to this home. I have been making the payments diligently. It turns out the mortgage was a World Savings Loan bought by wachovia. The interest is 7% on a variable mortgage. we purchased for $450000 the home is now worth less than $200000 We are currently underwater and wachovia refuses to assist us even though my sister drafted a letter once again naming me beneficiary of the property. Recently I found out that Wells Fargo settled a class action lawsuit against Wachovia for pick a pay loans. Although I do not recall seeing pick a pay on the original paperwork, it has a lot of the same violations like non disclosure for the variable rate, the people at Wachovia are rude and even though I've provided all the paperwork copies of the trust will etc they still will not help me. I qualify for the H.A.M.P program but they keep playing the same game of fax a copy of the trust over and get authorization from your sisiter etc. this would be the fourth time doing it. What ARE MY RIGHTS AS THE BENEFICIARY? Is there anything I can do to complain or sue them for breach of contract for violating the trust? What is the name of your state (only U.S. law)?
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