Breaking News!
If you have a NegAm loan with a Prepay - they'll waive it.
(does that mean only if they do the refi?)
I'll update more info as we get it!
(I used Seesmic to get the word out to those on Twitter almost instantly, in my haste I missed the "A" in WachoviA) LOL
From Calculated Risk and Yahoo AP
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Nancy - I'll bet it was because I was adding the links as you viewed - does it work now?
This is big news, and nice scoop Mike - haven't heard anything from my rep yet. It's a real shame, as you mentioned they've always done them the right way and their loans performed, and World was doing them before they were popular. I bet if Wachovia wasn't in charge, we'd still have them available. I imagine the higher-ups at Wachovia starting believing the hype and decided to pull the plug. Too bad...
PS. The video worked fine for me.
You think they might have thought about that several months ago. I guess they are a little late to the party.
Press Release from Wachovia: LINK
Mike,
All I can say is wow.
I have been busy and did not follow this story. Just closed one for a client less than 60 days ago.
yes that is true... no more prepayment penalties for any loans with a pick a payment option.