Wachovia Corp. said on Monday, June 30, 2008 that it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest.
The choice to pay less was one of the options of Wachovia’s Pick-A-Payment mortgages, which offers customers four different payment options each month. Wachovia said it will no longer offer the less-than-full interest payment option on all new home loans.
For more information on the Wachovia’s mortgage payment options click here
