Pick-A-Payment Mortgage Loan with World Savings Bank or Wachovia Mortgage Class Action Settlement?

[calin]

I have a Pick-A-Payment Mortgage Loan with now Wachovia that a Mortgage Broker had set us up with in 2003/2004. I learned that I'm a class B and will receive benefit from a Class Action Settlement. Should I sue the Broker for putting me in this type of mortgage, stay as part of the class action lawsuit and hopefully get whatever $benefit; or opt out of the class action lawsuit and get my own Real Estate Attorney? My current mortgage increases each month because of the deferred interest. I can only afford the minimum payment (Interest due, less deferred intest, paid escrow, interest due) that pays for no principal but only the interest. We were denied HAMP three times; we were told we should now attempt the Mortgage Assistance Program 2 (MAP2R) next. Thank you in advance...

[tiernan]

Hi The Banks sold us a BILL OF GOODS.YOUR broker had no choice in this Matter that's why The BANK,ALL BANKS WILL BE LIABLE That SOLD the pick a pay Loan...This products the Banks offered where assimilated at the lowest payment to the buyer income. WRONG>>>But the banks knew this product was going to blow up in or face...When I sold this product Wachovia could not care less who qualified as long as you had a pulse, you had a loan.................They knew these pick a pay loans were going to blow up in our face . Don't trust your Bank ....