WORLD SAVING Settlement – Wachovia “Pick-a-Payment” Mortgage Loan Class Action Settlement

The World Saving Settlement is between Wachovia and certain borrowers who obtained Pick-a-Payment mortgage loans between 2003 and 2008 and revolves around claims that the World Savings Bank and Wachovia Mortgageviolated various state and federal laws in connection with the Pick-a-Payment mortgage loan product.  A $50 million dollar settlement fund has been issued in the lawsuit even though Wachovia denies any wrong doing in the case.  The settlement includes a total of three classes;  Class A, Class B, Class C and as follows:

Settlement Class A includes borrowers who no longer have a Pick-a-Payment mortgage because they sold the property securing the loan, refinanced the loan, personally paid off the loan, or have already obtained a loan modification that converted the loan to a regular mortgage.

 Settlement Class B includes borrowers who still have a Pick-a-Payment loan and their mortgage payments are not 60 or more days past due (as of December 16, 2010).

 Settlement Class C includes borrows who still have a Pick-a-Payment loan and who are 60 days or more past due (as of December 16, 2010).

The deadline for appeals was June 16, 2011, and three separate appeals have been filed.  More informatiopn can be obtain at the admin portal: