Wachovia Corp. says it is taking a number of actions to help its mortgage customers deal with a challenging economy and declining home values.
Effective immediately, the company will waive all prepayment fees associated with its Pick-A-Payment mortgage to allow customers complete flexibility in their home financing decisions. This rule includes all Pick-A-Payment mortgages on one- to four-unit residences.
Additionally, for all new loan originations, Wachovia is discontinuing offering products that include payment options resulting in negative amortization.
‘Wachovia is committed to serving our customers and ensuring they not only have the right product to meet their needs, but also the resources available to help them during these challenging times,’ says David Pope, president of Wachovia Mortgage. ‘Proactively waiving prepayment fees for our Pick-A-Payment mortgage products gives our customers the freedom to manage their current financial situation more effectively.’
Source: Wachovia Corp.