7 Months Behind on Wachovia Mortgage?

I experienced a hardship in every avenue of my life including the loss of my side business. I did everything I could to do save my home and decided to short sell it. I am not being offered a loan modification with Wachovia. The first offer started me off at a 3.5% interest only for the first five years and then capped out at 6.5% at the tenth year, reduced 20% principal balanced and waived all late fees, etc. – – I had been told the deadline had been extended to work with them, then when I called to submit my paperwork, they said the offer expired and I had to reapply, which I did. They are now offering me 4.75% interest only for the first three years and goes up from there. I called today and they said I have until today to send it back or this offer expires and they can’t guarantee I will be offered a better deal or be qualified if I reapply again. I am now going to be paying $ 500 more a month because of false information I was given! Should I chance reapplying and hoping for better terms or just swallow it and save my home – – my home is not even in pre-forclosure department yet…Anyone dealt with Wachovia and know how they work?
Typo: I meant I am “now” being offered a loan modification.

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