What? You are not late? NO loan modification for you. To the end of the line. Next!
That is the usual lip service borrowers receive when they reach out to their servicers when they are not yet late on their mortgage payment. Many reach out because they know they will soon be in very deep trouble and that is what they want to avoid.
But, struggling borrowers continue to get the cold shoulder when the call their servicers for assistance and many are told they have to be late in order to be helped. Yes, this happening daily and the “servicer shuffle” is the name of the game.
It looks like these Bostonians took that advice one step further.
A Boston-area couple who are in foreclosure, despite their herculean attempts to prevent it, have filed a lawsuit against Washington Mutual, one of the nation’s largest mortgage servicing firms.
In the suit, filed in Suffolk Superior Court, Lori and Mark Pestana of Westford allege the loan servicer was unresponsive to their repeated phone calls and to their applications to negotiate an arrangement that would have allowed them keep their house out of foreclosure.
The suit is seeking class-action status on behalf of thousands of Washington Mutual borrowers in Massachusetts.
Their allegations echo those of other borrowers who dealt with customer service departments at major loan servicing firms. Loan servicing firms accept payments and handle mortgage duties on behalf of lenders or the Wall Street investors who hold the loans.
The firms, inundated with loan delinquencies and foreclosures, often don’t respond to phone calls or letters and fail to accept late payments, renegotiate loans, or approve house sales that would avert foreclosures, some borrowers and agents have said.
This part of the story is a something I think many of my readers can relate to!
In January, Lori Pestana called WaMu again but was “caught up in an endless telephone loop,” the suit said; she left a message but no one called her back.
WaMu and Harmon Law violated state law requiring them to bargain in good faith, Klein alleged.
{ 63 comments… read them below or add one }
I can relate with this couple. I contacted WaMu in a proactive effort to get assistance during a hardship following medical emergency (surgery) and family tragedy that resulted in financial strain. I was in good standing with them and had very good credit when I contacted them. I let them know my situation and asked if there were any programs for borrowers like me who just had two major unexpected events set me back, yet has been a very good standing customer with long credit history and no lates. I was told that there was nothing they could do for me unless I was 60 – 90 days late to qualify for their loan modification program. I told them that would totally defeat my purpose for calling them and it would ruin my credit that I have worked hard over the past 20 years to establish and maintain. Needless to say, the financial burden was too much for me and I received late reporting to the credit bureaus and now my credit IS RUINED. I wrote letters, made calls, sent faxes but all to no avail. This action can potentially negatively impact any other options I have to gain financing due to the horrible process they take good, hard working, proactive customers through. I am seeking a remedy as well. I will continue to follow their progress.
WAMU failed and they still haven’t dealt with my application. My interest rate jumped and so did my mortgage by ~$500+. I’m not in a complete crisis, but definitely headed that way. What now? They keep telling me to call back and about how busy they are. They are saying that they sent my file to the wrong group (for defaulters) and now they say it’s pending a negotiator, but the reps I speak to don’t even know what the hold up is. Even after I get assigned a negotiator they say that it will take 6-8weeks for them to process and get an appraiser out to my place and another 4-6 weeks for the appraisal to complete.
I started this whole process and tried to be proactive over 6months ago and WAMU said I was acting prematurely and it would only take 30 days to process my request so not to worry. I am so frustrated and it seems like WAMU (or the now JP Morgan) is buying time because I am one of the Americans that hasn’t defaulted…yet. Again I ask you, what now? This is such a frustrating experience. I can’t imagine what a family in this same predicament must be going through. I don’t have children of my own, however, I do support my aging mother financially. How am I supposed to take care of her medical bills and deal with a ridiculously fluctuating mortgage. But of course, my mother shouldn’t count because she’s covered under our country’s great Medi-Care plan! You’ve got to be kidding me!
I finally caved yesterday and decided to work with a company called Loss Mitigation Services (LMS) that had been soliciting me for some time. They are saying that depending on my application they may be able to adjust both my first and second mortgage (9.45%). I’m so skeptical about all these companies who “offer” help. It seems like everyone is out to make a dollar off this crisis. The government isn’t even offering to help so why should they unless there’s some other fine print they’ll include that I’m not aware of. At this point, however, I’m willing to take the risk. Everyone is being so reactive they forget about the Americans, who like me, are actually making their mortgage payments on time. I’m so close to just saying, “hey, to hell with my credit!” and walking away. The government just borrowed 700BILLION from us to help out the Titans on Wall street, who are partially to blame, but won’t do anything for the homeowners to help actually stabilize home prices and get everyone in a fixed rate mortgage! That’s what started this mess and that’s what will end it. At the same time my Tax Assessor really truly believes that my house was worth $580,000 dollars from ‘07-‘08 (I purchased for $550) and really expects me to pay that taxed amount when the world knows that prices of homes have fallen. This is a crazy mess!
Now I have two open files; one with Hope Now and the other with JP Morgan. I am at a standstill and being given the run around. I am frustrated with everything. I am upset at this false American dream that’s been shoved down my throat. I am pissed off with this fake administration that is doing nothing to nip this whole problem in the bud. I am upset with the City of Oakland for being greedy and unrealistic with their assessments. And worst of all, I feel helpless.
What now?
I just got an ad from wamu for a new credit card. what the hell does that signify?
SOS!! same old story – I got the same response from WAMU – i called twice indicating i anticipate a problem & wanted to be proactive to avoid it, BUT of course if you’re not late yet – they COULDNT CARE LESS ABOUT HELPING YOU!! I guess I was foolish enough to think it’s better to avoid a problem instead of solve one – wrong again – this is another indictment on why we hate banks isn’t it? Unless you’re in deep doo doo they don’t care about even returning your calls – but be late, oh, now you care eh? – who’s lovin you now eh jerry?
Negotiating in good faith my @*! – why don’t we all just stop paying & file a class action suit & then maybe they’ll care about helping us – remember us, the one’s who pay the bills & keep you in business?! Oh yeah, I forgot, the Gov’t bailout solves all our problems — BS!!! Looks like a tough year ahead – lots of company though – Good Luck – we’ll need it!!
I worked with the Maximondo Modification Consultant in Chicago,Illinois.
I know how hard to deal with the lenders. Sometimes they give wrong fax no. Some are not interested to help bororwers because they worked with the outside foreclosed lawyers. One time, I had a client and their modification is approved but the the employee of that lender called our client and say drop our company and deal directly with him and it seems He is asking money but incidentally my client was loyal and they told this incident to us.THe client told to that employee how come when they applied 2 months they denied and now it is approved thru our company’s effort, they told to our client to drop us. We protested and reported that employee for unethical behavior. Hope that government and attorney generals of all cities shoudl file a suite. The attorney general of Illinois won the case against contrywide. The wor lenders to deal for modificaitona are : chase,wamu,wells fargo,American Servicing, HSBC (wants 6 months only to modify),Saxon,Homeq,Homecoing,Central Mortgage. They should implement that Loan Modificaiton must decided withn 30 days.
I had the same problem with wamu. I called in January, my wife does day care and parents were finding alternatives, then she was diagnosed with cancer. We are both self employed. I thought I had good insurance. We spent $40,000.00 on medical bills. I asked for any help they would offer. They said they would not help until we were late. I said so you won’t think of helping till its to late. Thanks Wamu I did not fell the waho!!!
WAMU could not provide me with a loan modification as well. The WAMU people could only say “I’m sorry, I don’t have anything that could help you at this time.” I have to be in “dire need” of help to get help. I am in dire need of help right now so that I don’t get in to dire need later. It is a terrible feeling, being turned away from help. I’m placing my situation in God’s hands now. I wil not give up or give in, I will continue to work and look for a way out. I hope the couple sueing WAMU will get the justice they deserve and that the rest of us will also get the “dire need” help that we so deserve. God Bless everyone.
OMG! I can so relate to all of this! We sent a modification packet back in June because my husband was changing teaching jobs and was going a month without a pay check.
We sent a hardship letter to Wamu a year before, telling them that my husband lost lucrative part time job, and I was not able to go back to work yet because of my brain surgery, so financially we were strapped with a $3100 a month mortgage payment.
Finally after my calling at least a few times a week, as well as sending emails to anyone I could find, as well as certified mail, we received a modification 6 months later, without ever hearing from a negotiator, or having anybody over at Wamu review our financial status. The modification for the first year was ok…$2500 a month, as well as a $2500 “donation” that had to be sent it 4 days after we received it. The third year our payment would be a whopping $3500 a month.
We would have signed it and sent it back, but we did not have the $2500 “donation” on top of the fact that our payment would have been due 2 weeks later. We could not afford to do that, so our home counselor advised us not to sign it or send it back.
So, after 6 months of silence and no returned calls or nothing in the mail, Wamu is now calling us!
The only hope we have now is that Obama will have something signifcant in his stimulus package that will help us homeowners that have tried to do the right thing, but have had the door slammed in our face. We are not homeowners that refinanced to put in a pool or buy a new car, we are the homeowners that refinanced to add on the copays from my brain surgery…trying to do the right thing, but apparently it was not to our benefit. Now I am wishing I never had the surgery, because we would not be in this mess and possibly losing the home that our 6 and 7 year old have ever known.
God bless everyone is right, we are all going to need it.
I had the same experience with WAMU in November 2008. We have an excellent credit history, but have incurred financial duress during the past year due to my husband being in sales and the home improvement business. Company not doing well due to the state of today’s economy. Not late on any payments to any of our debtors, ever! I hit a wall trying to get my loan modified, they said I had to be late at 2 to 3 months to be considered. Then again in January, per the recommendation of a mortgage broker I tried again to combine my loans ( a portion in a fixed at 7.85 and a small portion on a variable) back onto my Equity Line. This would drop our payment substantially and temporarily which is what we need. With this phone call I found out the twit who wrote our loan on the fixed portion did not do an FRLO – linking our Equity Line with our fixed rate portion. Didn’t know I had two separate loans with WAMU until now. Bastards! I was out of luck trying to combine per WAMU. Got the run around for a few weeks, then finally was connected with someone who advised me that WAMU has now changed their criteria and they are accepting requests for people under duress even if not late. Well guess what, I faxed 60 pages worth of financials including a letter of duress and I supposedly have been approved as of today for a lower interest rate for one year. I’ll thank God when I receive the Fed X packet with my modified loan terms.
I HAVE BEEN DEALING WITH THESE SAME ISSUES SINCE FEBRUARY OF 2007. I HAVE OVER 50 CALLS LOGGED THAT WERE EITHER NOT RETURNED OR THEY WOULD CALL MY HOUSE WHEN I WAS AT WORK…EVEN THOUGH…I WOULD LEAVE CONSTAT\NT MESSAGES TO CALL ME ON MY CELL…NOT AT HOME.
THEY ALSO TRICKED ME INTO APPROVING AN ADDITIONAL $2000 PERM ONTH UNTIL THE LOAN MODIFICATION COULD BE APPROVED. THEY SAID IT WOULD TAKE ONLY 3 DAYS AND I WOULD NOT REALLY HAVE TO PAY THESE 6 – $2000 A MONTH ADDITIONAL PAYMENTS. THEY TOOK THESE PAYMENTS OUT FOR 6 MONTHS AND CAUSED TONS OF CHECKS TO BOUNCE AND CAUSED MY CREDIT RATING TO GO FROM 800 TO 450.
IF ANYONE DOES FIND AN ATTORNEY THAT WANTS TO GO AFTER THEM…..LET ME KNOW.
I have the same issue with washington mutual. since October, I put in an application to reduce my interest rate to help lower my monthly payments but inspite my many appeals, Wamu tells me, I have to be late on my payments or at a risk of losing the property in order for them to review my file. Every time I call, I am told that if they do not recieve a payment from me for the month,then they will consider looking at my file..They are sure giving me the run around.
Where to start? I am currently fighting for my mother to keep her home. Like many, her dream was to own a home but unfortunately the home she fell in love with was beyond her means. I believe my mother bears some responsibility for this but the bank does as well. Wamu should have never lent her that money. She was clearly over her head. That being said she filed for, what she thought was a loan modification. It turned out to be a “Special Forbearance Agreement which provides temporary relief from your loan payments.” I love this one!! What they failed to tell my mother was that she would have to pay all four months once the agreement was up. So lets recap shall we… she couldn’t pay the loan prior to the agreement so much less come up with a ridiculous lump sum afterwards. We tried numerous times to contact the bank and she was told that her contact was no longer there. Finally, we went to a HUD approved counseling agency and they advised us to reapply for a loan Modification which I am in the process of. ARGH!!!!!!!! Good Luck, all.
i had the same problem. i sent in a requeast to modify my loan, when the great govener of california decided to ballance the budget on my pay check. $800 a month and overtime has been none existant. this equates to about a 2k pay cut for me. they didn,t want to hear it i got my denial letter about 60 days later. i was trying to be proactive. they want me to be 3 months behind before they will consider. i talked to a friend at work and he was told he needed to be current on his loan before they would consider helping him, which is it. seems the banks don’t care. they already got their stimulis checks.
Same as everyone else I contacted them in October 2008, It’s now March 2009, They refuse to help and instead increased my payments and took away my equity line. I walked into the local branch and closed my little checking account. I won’t let them use what little bit of money I had….Now I’m just gonna walk, Keys will be left on the kitchen counter. EVERYONE PLEASE CLOSE YOUR WAMU CHECKING AND SAVINGS ACCOUNTS NOW!!
sos wamu refused to modify my home equity loan foreclosed on my house lost all equity. I owed 51,0000 they sold it for 59,000 appraised at87,000.
tough luck in texas
i am going through the same thing my husband is laidoff and we are struggling
wamu rep. approved me for loan modify
and told me they would be sending documents for us to sign. this was
2 – 20- 09 still waitng i call weekly
i get the run around (well, it’s been
approved it’s only a matter of finalizing.) and supposly it’s been sent fedex this is the longest wait
i’ve ever seen. greedy- wamu lies,and b.s. it’s clients and that’s a damn shame.it makes me so sad others are hurting like me.my prayers are with you all. and to wamu
remember, god doesn’t sleep
i’ve been dealing with the same thing
my husband has been laidoff and we are struggling. wamu said i was approved for a loan modify and that they will send the documents to sign i still haven’t recieved it i call they acted like they didn’t know why i haven’t recieved it yet .they told me to call next week if i haven’t recived it by then .then i asked well how do you send the documents wamu rep. answered – fedex this has been since 2-20-09 been preapproved 11-09
i just don’t understand why do they lie to families like this .i am so stressed out! so many people i know already lost there homes. where is the help for us, doesn’t anyone care .
i don’t want to lose my home and i feel like i’m in a ocean trying to swim ashore knowing i might drown. is there no help.
i feel so sad that there are so many hurting like me. my prayers are with you all. and i’m sorry this is happening to you too. i also would join a class action suit if any lawyer chooses to help us.
wamu, shame on you!
I have a pre-existing mortgage with WAMU. I still have about $200,000 in equity in my home. My court ordered child support doubled and I suffered a $32,000 reduction of income recently due to the ailing economy. I have since been falling behind on the payments. At WAMU’s request, I filled out a Loan Modification request. Since WAMU claims they want to help homeowners keep their homes, I was confident that they would help me. Especially since President Obama gave them billions of dollars to help people like me. WAMU denied my request on the grounds that my debt to income ratio was now too high. I reminded them that I suffered a big loss of income that was not at all my fault and reminded them that President Obama gave them money to help people like me. They refused to help me and told me to put my house up for sale. I think WAMU is hording the money they received from the government by being way too strict with their so called qualifications for loan modification. The less people who qualify, the more money WAMU gets to keep. Typical treatment from corporate America. WAMU sucks.
I wasnt even delinquant and the liars talked me into a 6 month prepayment plan to pay off some late fees and they now have ruined my credit by lying saying it wouldnt effect my credit and now they have reported me as being late and evrytime i call wa mu its some rude uneducated black kids or orientals who answer the phone and dont know anything about anything or hardly speack english its pathetic they do this and today i told em you violated our prepayment agreement so im going back to regular miminal payments and they hung up on my twice and the last time left me hanging there for like 2 hours and i hadnt got mad at em or nothing i was calm asking why they twice said theyd not hurt my credit only to screw me there the devilevil wamu the hurting bunch who begged for 50 billion and tell people f u i hate em and now i cant refi as they ruined my credit i wish i could join in sueing them their evil unamerican devils from hell
wa mus a devil from hell
If we hired an attorney to work with WaMu on our loan modification who do you recommend? Is there an attorney out there who already has a relationship with the legal department of Wa Mu?
Also – when I have tried talking to WaMu they misinform me. The last person who did not speak English as a first language kept asking me for the definitions of words such as forbearance. She also told me that we should just stop making payments on the mortgage and the modification would take care of it. She said that it would not go into foreclosure. I know this is incorrect. The legal department acts independently of the loan modification folks.
So what does one do to avoid foreclosure?
I am going to start recording phone calls with Wa Mu.
I want to join any efforts to go after them.
Tammy in Indiana.
OMG-I am 70-got into an incomestate loan with wamu-totally unaffordable-now I am really scared-don’t know what to do-almost got scammed by a loan mod co. who wanted all the $2250 up front-I was thinking of going thru the bank(may still do it)just to have some evidence when I hire an atty. Who can you trust now? The bank is telling me they”want to help” and at the bottom of their letter is says “we are a debt collector” well you all know what debt collection agencies do. they just want to get their money-not that I am unwilling to pay-I do want to keep my house-am not late yet-have excellent credit-I just want Bank to be fair with me.How can I tell if a loan mod co,. is legit and not a scam?
WAMU has been stringin me along for 6 months. My loan reviewer is Doreen Martin. All I want is a modification b/c my ex-husband took my cash and equity out of my house. I have been at the same job for 13 yrs, I did not buy a home I could not afford, I have no other debt except my house, I have excellent credit. I am the type of person WAMU should want to help and keep b/c I am not a credit risk, yet I am being forced to go into default b/c no one will talk to me. That is “un-American”. The system rewards those who are selfish and manipulative and it punishes the responsible and moral. Ugh.
I agree completely, and would love to join a law suit. I was laid off after 13 years and have been struggling with whatever work I can find (so many are out of work now). We are trying to modify our loans with WAMU/Chase through Baker, Kennedy and Associates. We began in Feb., and still have no answer. We were current with our mortgages until March. We just stopped paying – hoping they would agree to something. This is really a shame that we have to lower ourselves, ruin our credit and be drained daily by the stress of it all. We are both on our last nerve… We also had to have our other debts go into a debt settlement company – which is also ruining our once A+ credit. I don’t really give a damn about our credit at this point – I just want someone to help us out and not treat us as trash… Luckily, we own a tent…
I have been trying to get my Toxic Loan modified since 6 months ago. After calling everyday for the past 3 months I get nothing. I have someone working on the file but they never call and I call for a status and I get nothing. I feel as though you are better off if you dont pay your mortgage. I have consistently paid every month but I owe wayyyy more than my house is worth. this is the reality of it, I bought my house for 550k 5 years ago, it was valued 2 years ago at 590k I refinanced and now the house is valued at 320k outch… I have a stupid mortgage which is toxic and my house is beyond upside down. All I want is a 30 year fix so I dont have to deal with this crap.
I have the same problem with WAMU. I was contacted by an automated WAMU voicemail message that basically said “due to your good standng with us, we can help you with your loan” I contact the 800 number and was told by a rep that I could push three months of payments to the end of the loan and that my payment would not be due until 1/2009. After about one month, I never received anything in the mail, (eventhough the rep told me that there was nothing to do on my part). Consequently for listening to this Rep, I got hit with a 30 day late which they now refuse to remove – even though it was there misinformation. I have no reached out to them again through the Hope Now program and I sent them a 29 page fax and am still waiting to hear back.. These people suck
Has anyone ever heard of this company? They review your loan(s), you pay $900 up front, they submit loan mod request to WaMu and “guarantee” it will reduce your payments. But, I don’t know if you get your money back if nothing happens. Shady or not?
No one can guarantee a loan modification and if they are, run as fast as you can in the other direction! There are legitimate law firms that can help you or a non-profit. You have to research the internet and spend time checking these lawyers credentials.
Yeah, welcome to the foreclosure crisis and it’s like the DMV is in charge and this is the Twilight Zone…….
I got a forbearance with WAMU after months of the back and forth phone calls with no response. It wasn’t until my husband and I were both laid off that I was able to get them to agree with this. The process of remodification started in December-after we fell 3 months behind, in March, after I was laid off, they gave us a 3 month forbearance (no payment until July) and then we were to resubmit in June for a remodification to begin payment in July. I am really afraid of what will happen in July. We are a total of 6 months behind (+3 with forberance) and no way can we afford the current payment. I got a job and I start back on April 21, but my husband still has no job and no unemployment coming in.
Maximondo loan mod is a marketing company affiliated with Montegna Law Office. They do wholesale processing, not open to the general public in 2008. The company is no longer in business since 2008
I put in a loan modification 2 mos ago. Credit is great. Lost job due to perm. layoff. I get 2 or 3 calls a wk. saying they need the same old info already sent several times. Got 2 letters stating needing the same mess. I just read all kinds of things about wamu online. They have no intentions on helping anyone. Why cant something be done? I would just like a lower interest rate. They act like people can help what come out of the bad economy and the loss of so many jobs. I pray for help, and after the things Ive read today and others dealing with wamu, Ill also pray for them.
I applied for a loan modification on December 3,2008 and it is April 28, 2009 I have been going from department to department with no freakin luck. I would love to be in on the class action lawsuit if one gets started. what can we do? where do we go? who do we turn to?
Sorry, Maximondo is a marketing company and closed in 2008.
My friendI worked with Law and accounting office of Chicago, Illinois.
I know how hard to deal with the lenders. Sometimes they give wrong fax no. Some are not interested to help borrowers because they worked with the outside foreclosed lawyers. One time, they had a client and their modification is approved but the employee of that lender called their client and say drop our company and deal directly with him and it seems He is asking money but incidentally my client was loyal and they told this incident to us. The client told to that employee how come when they applied 2 months they denied and now it is approved thru our company’s effort, they told to our client to drop us. We protested and reported that employee for unethical behavior. Hope that government and attorney generals of all cities should file a suite. The attorney general of Illinois won the case against contrywide. The worst lenders to deal for modification are : chase,wamu,wells fargo, American Servicing, HSBC (wants 6 months only to modify), Saxon, Homeq, Homecoming,Central Mortgage. They should implement that Loan Modification must decided withn 30 days.
OMG, WAMU should be shot.. I applied for a loan modification 6 months ago and I am staying waiting to hear from a loan officer. Every week I place a call and get the run around!! they need to be sued!! enough is enough! We are americans and we demand justice. This is not a third world country. I need to talk to a lawyer
washington mutual is not reponsive to any of their customers.it appears they are activatly trying to force foreclosure so they can remove the mortages from their books thus clearing them off while the taxpayers are paying billions to keep them operating[big business] [screw the little people]is what is going on in washington.we are powerless now but remember this when you go to vote again.i will, and i am in the same boat except i was a small business owner.TRY TO GET THEM TO HELP A BUSINESS OWNER AND IT’S WORSE
I don’t know if you know, but Washington Mutual sold portions of thier business to Chase. How do I know this? I was one of those good standing citizens who made sure I was never over the limit and my bill was paid over the asking amount due. Yes, not only was it transfered to Chase, but my interest rate went up to 29.99%. More than twice as high as it was. That may be the reason for them not responding to your request.
My loan is not with WAMU but I have had a similar situation.
I contacted an attorney and will gladly pass his info along. WA resisdents only.
Myself and my husband are experiencing the very same as everyone else who is struggling with this Lying Lender. We had applied for a Mod. in the fall of 2008 we recieved a modification notice only 3 weeks ago where they offered a lowered payment of only 30 dollars a month and not interest rate drop and tacked on 10,000 dollars on for fees. We have been frantically trying to attempt people as well, and get told a different story every time wrong phone numbers wrong emails, for the elusive “NEGOTIATOR” that is supposed to be working for us. What a crock of >?:”. I finally get a response via email only from some “negotiator” half hazardly anwering my many many questions to only be told, when my questions were too specific that he doesn’t have my file and that I could feel free to reapply, but hurry cuz we are facing an auction of our home in August and they will try too hurry before then. PLEASE SIGN ME UP FOR A MEMBER OF CLASS ACTION SUIT, I WILL BE THERE IN A MINUTE. This has taken it’s toll on both my husband and myself, we have 3 children 5 horses, dogs cats etc. I am a full time working RN, my husband is/was self employed in the remodeling industry…..and well is not making any money. trying to find work, yeah right well, it goes on and on not just for us but everyone, when and how can we make the government take notice of these horrible outcomes from the lenders who have recieved all of their money and none for us veterans, nurses…. everyone. All we can do is pray that the second mod app. will be helpful but we are wary. Anne Wilson and Mike Wilson
YOU JUST TOLD MY STORY SAME EXACT SITUATION I CANNOT BELIEVE THE WAY WAMU HAS HANDLED THIS DEVESTATING SITUATION. ONE MIN THEY GIVE YOU HOPE THE NEXT MIN YOUVE DONE ONE LITTLE THING OFF AND THEY MAKE U FEEL LIKE A SECOND CLASS CITIZEN ON GOVERNMENT WALFARE OR SOMETHING. I HAVE OVER 50K IN EQUITY AND WAMU HAS BEEN NOTHING MORE THAN LESS THAN MEDIOCRE WHEN IT COMES TO DELEGATING THESE LOAN MODS THEIR HEADS ARE IN THE DIRT NO ONE KNOWS WHAT ANYONE ELSE IS TALKING ABOUT AND I THINK THE NEGOTIATORS ARE FANTHAM. THE WORST PART OF THE WHOLE THING IS THE WAY THEY SPEAK TO YOU JUDGMENTAL, DISREPECTFUL, BELITTLING AND HUMMILIATING IN ALL SENSE OF THE WORD. IF YOU GET ANY WHERE CONTACT ME AND I WILL DO THE SAME WE SHOULD START A ONLINE SUPPORT GROUP AND TAKE IT TO AIKIN(NEWS) MSNBC ECT. MAKE PEOPLE AWARE OF THIS SITUATION. JESSICA IN LEAGUE CITY, TEXAS
I have a potential solution?
Something to bring to a laywer anyway.
I have two investment properties through WaMu. My mortgage broker assured me they would not sell my mortgage. It even says in my closing papers that they had a zero percent history of selling mortgages. This is one of the reasons I went with that mortgage.
Low and behold, they sold it to Chase as we know.
There was of course verbage indicating that they can sell it. But going out of their way in the closing papers to indicate that they don’t. So much so that the mortgage brokers call that out when selling the loan.
Has to be worth something as part of the court case?
There was also strict guidlines in the paper work, as are actualy Section 6 of RESPA (12 U.S.C. Section 2605) law.
Point being. I’ll bet if faced with an expensive class action law suit by a good lawyer. One that can find enough probles with the way the transfer was handled according to the law and/ or contract. They would be willing to help those of us that need it.
Me, all I want is to give the properties back and it not hurt my credit. A loan modification would my second best outcome.
FYI, if you are interested in a loan modification. I do work with a very good licensed organization out of Minnesota for other reasons. Very reputable.
Not sure if I can post a link here?
If not, it’s Real Estate Dump dot coom. Under “Home Owner”
Lawyers… I want to hire you if you can help.
Very simmilar situation here.
I’ve given up on remod.
I’d just give the property back if it wasn’t so damaging to my credit.
I’d short sale if I could afford the taxes. (Thanks uncle Sam for that by the way)
I LIVE IN NEW Jersey and i applied for a loan modification three times once i was denied when i truly need the help.the other two times they are losing my applications. and we are very close to losing our house that we work very hard for. wamu needs to be fined.
I think we are in the same boat as all of the above statements….never a late payment. Hubby owns heating & air company. I work at home doing the paper work. We work for the rich and they don’t pay their bills either. “Thats why they are rich” lol
Wamu is so frustrating, they never give you an answer, they just tell you to wait for the magic call that never comes. Then Wamu calls to ask about your late payments. Why don’t the collectors contact the loan modification people and help us. I think it may be time to go elsewhere for help. Its been too long waiting for someone to contact me with any answers. When you call them at customer care, they don’t know anything either. Wonder why they are called customer care? My last collection call told me to call help gov dept. 800-388-2227 and also to call 866-394-4034 and ask for loan modifiction dept…. hey its there dime!
Best of luck you all.
like most of you, i have been dealing with wamu on the Loan Mod since 11/08. finally i received a loand Mod for a trial period of 3mos. my payment went down from $2,600. to $2,300. my credit went from 760 to 539. does anyone know what is next? cant get anyone one the phone, fx, email. they did not even mention the home equity, as if its a different bank. does anyone have any ideas about credit repair. should wamu be the one to help me since the the only creditor that F..kd me up? good luck to all including myself. i wish i would have give them the keys for the house 6mos ago.
Anyone know any laywers in California that would go after these scumbags? Current on my payments (have pulled from my 401K, stock,sold my car to make payments and have been trying to deal with loan mod process for 7 months. Please contact me immediately at nicolecrenshaw88@yahoo.com
I have been speaking with WA-MU since January 10, 2009 , have had the very same problem with my loan modification . Two rep’s told me that I had been approved for a much lower rate , however when i received the paper work , nothing had changed now I can’ t reach the rep that had given me that information .
How do i FIX THIS ?
I think a lawsuit needs to be filed on behalf of California home owners, like the one in MA.
I was told by my loan officer, who when I called informed my that he was quiting, that the banks do not care. They get their money in the form of bailouts etc. He said it was too hard for him because there is nothing he can do to help anyone. So, there you go. WaMu or Chase, whatever they want to call themselves, do not care about their customers. Plain and simple. And after all, they and the likes of them, are the reason the economy is where it is at. Yet, we are at their mercy. But I believe what goes around, comes around.
The same sinking boat, here in AZ with WaMu/Chase! Our home value has tanked! We are 65% upside down. We have requested modification and was told that we didn’t fall into the Obama plan because we were not late. Another time we was told by the lender that they just don’t have the man power to deal with us unless we were 60 days or more past due. We were told to get a packet together and submit it. We have sent the 60 page packet 4 times to no avail. They claim they didn’t get it, or not all of it, or the person we sent it to is no longer dealing with the modifications so resend the packet to this number. We consulted with a law firm and they said it is all a numbers game. They can’t write off loses if you stay in the home, however, they can write off as a loss if you short sell or foreclose. So, the billions they got, essentially, helps no one but the banks. Our interest rates on credit cards with WaMu/Chase raised to 29.99% for no reason…never late, never over. Only hope now, not to lose our home is a forensic audit of our loan docs to see if we have leverage to negotiate a modification/debt reduction. Husband just got back from Iraq…nice homecoming, don’t you think!
Hey everyone, I to have a WA MU/chase mortgage. Called them back in january o9, wanted to talk to them about my home value, now upside down about $110.000. I have a arm loan that will go up in about two years. They really didn’t care about me, only if I was going to make my payment. I tryed to reason with them, on why should I be excited to make a ever larger payment on a house that was now worth far less than I owed. No good answer, but were willing to let me short sale it. Why because the loan is insured, they get the money if I default (short sale), or forclose. They don’t get payed to work with me. So here’s the bottom line. I knew something was very wrong with this, But what? Most of the loans WA MU made in the last four or five years have TLA and RESPA and many other laws that were broken in about 90% of the loans they made. So I had my loan looked at by a loan auditor company, and they found about two dozen laws that had been broken. So now I’am interviewing real estate lawers to file suite against WA MU. I plan on clearly showing the loan is not valid. and not inforceable. I’m bypassing loan mod, or refie. Why negotiate with a criminal, after they’ve been caught. Do some research, find a good loan auditor, it will cost around $1,00o to have it done. I used ( National loan Auditors ) out of oakland california, Very good and easy to talk to. Stop being a victom of criminal acts. The law is on our side here. Don’t take the frist thing someone says as you’r only choice, or option. I’v spent three mounths, and severall hundred hours on this. It’s my house, it’s worth the work . I’ll let you know how it goes. Good luck to all LYNN
Does anyone know what the procedure is for WaMu customers who need a loan modifications after having filed for bankruptcy? Maybe you’ve been thru this process yourself…please help!
I have my loan through WAMU now JP Morgan and Chase. They modified my loan last November and I saved a whopping $100.00. Now I can live it up like the rest of you..yeah that was sarcasm. I tried again in March and been getting the same crap you guys have been getting. Now we are looking into a “Deed in lieu of” sale back to the bank and renting a cheaper place. They told us that we made to much money, in fact I was laid off and they added 1,000.00 to my wifes income as an excuse to deny me. When I told them that information was wrong they said to file a loan dispute, and then that was denied, so I know they are full of s***.
I have had the same experience with WAMU over the last six months. Call after call. No results. Every few weeks they tell me they lost my 60 page fax, and that I need to send it again. (They were better before they got sold to Chase.) Now, it’s getting worse and worse. For the last two weeks I’ve been getting calls from their people in Costa Rica who can’t even speak English. When they ask for information, they don’t understand what I say, and I don’t understand their questions. You’d think after Chase got all this money from the American taxpayers they would have the decency to service their American customers with American service reps. This isn’t customer service! this is disgusting! Certainly the higher-ups must know how bad this customer service is. And they condone it! Whoever hired their Costa Rican subcontractor should be shot.
I have been dealing with WAMU since April 2007 to help me modify the 2 loans I have with them. I lost my high paying job since the national title company closed their operation. Since the beginning I have been told to fill out miles of paperwork and either fax or mail them in since I did qualify. In every case I was denied and was tricked by WAMU to make more payments. In 2008 and 2009 several of their employees told me that I had to be late for at least 2 months in order to get the mod approved. So I did that and was told to fax in another set of paperwork which I did and was denied about 30 days later because we earn too much money!!
So recently I get a letter offering me a great deal to refi my loans with no costs or qualifying! This came from Chase ~ After getting our hopes up the Chase loan rep told me that since we had 2 mortgage late pays that we do not qualify. SO NOW MY CREDIT IS SCREWED THANKS TO WAMU/CHASE! My family home that we love so much is now in question with having 2 adjustable mortgages with the worst bank on the globe. I hope someone reads this and together we can launch a class action law suit against WAMU/CHASE for their illegal business practices!
My mortgage is with Chase and I want to file a lawsuit in Florida. Please email me on how you secured a lawyer that you felt comfortable. I am currently writting OCC to see if there is any violations.
Please email info and mark hi alert.
Chase was not working with me on my loan modification. And after 6 months they denied my modification.
It seems there should be some legal remedy. I can tell the same story, and I only missed one payment and am still paying. They turned me over to Freddie Mac who called and said I needed to get a loan modification, that according to their calculations I qualified. But, previous communication with WaMu was that I didn’t. And, when I followed Freddie Mac’s suggestions, I repeatedly got a “duh, what?” response. I have also noted what seemed to be an Asian Accent, with the inability to understand questions I asked. These questions were met with silence. It has occurred to me, that maybe some of the telephone jobs are outsourced to China!
WoW, so im not the onlyone who has Wamu issues.Well un-like some of you i got a law firm(PARSA) to represent my case with Wamu.I was on that Forbearance plan with Wamu before the Obama plan took action.I went thru the 3 month payment period of $1,200.00.I thought i was gonna get my loan mod fixed after that,but No…..Wamu saw i qualifyed for the Obama plan so we started the hole process all over again.Now i was on the same Forbearance plan for 3months with a payment of $1500.during this hole ordeal i kept on getting letters from Wamu that my house was going into Foreclosure. I was told to expect that.Then after about the 2 month of paying$1500 I get a guy at my property looking suspicious and my wife ask’s him if she could help him.He tells her hes taking a look at my house because his company is thinking about buying it that same day at a Foreclosure Auction.My wife was like what!!! so she get on the phone with the law firm we hired (Parsa) and ask our rep what the heck is going on.Did we do something wrong for Wamu to sell the house?So Now (they tell us Wamu mest up and that my house was not suppose to be sold.This is where it gets really ,really F-up .My represntaion (Parsa) start to tell me that they cant get thru Wamu.Now im here waiting to hear from Wamu or the lawfirm (Parsa) and i get no calls or nothing.I call Wamu and like the rest of you they put me thrue a number of representatives telling me to leave a msg.Now i call (Parsa) and they dont take anymore phone calls or in person app.What am i to do now…?All is what am i to do know that both Wamu and Parsa are both playing that hard to reach bull crap.If anyone has any kind of idea please help me out.All thoughts and advice is welcome
The banks are the crooks
Wow, we went through Ike. Were told in September 2008, we could take 2 months off and place at the end of our loan, but no. They denied even saying that. Then the calls of your late started and now 1 year later….nothing. We have sent the papers 20 times, called every week, been turned over to so many people. But the real kicker is, we had a forebarence in Feb for 2 months and have not heard anything since. We call, don’t really no what our payments are since they have changed depending on who takes our call. We were even told not to pay anything while we wait for the modification to be accepted. we continued to make our payments and are only behind the 2 they said to take off. I have lost my job and my husband took a paycut at his. We are not sure what the future holds, but I am wondering is everyone got together and filed a class action lawsuit would that wake them up. they are killing families all over the USA, how can they get away with this. Any ideas?
My brother and I tried to do a loan modification on our properties.
We both have WAMU / CHASE. my brother was denied because his income
was not struggling and he has never missed a payment. When I first
refinanced and got this option ARMs loan I was told that I could
make the minimum payment for the term of 40 years and the payments
would not go up, I would have only covered the interest and after that
the principle payments would continue. They also said since my credit
was excellent they could do a stated income and qualify me for a
higher loan so I could take cash out and make improvements to my home.
Now that I am in need of a modification I need to qualify
but without that stated income that got me into this mess.
I have missed payments due to hardship and my Option ARMs loan climbing.
I was in desperate need of a modification. Wamu put me through
a 3 month payment trial to see if I could make all my payments.
Then on the 4th month they asked me to continue my trial another month,
on the 5th month they asked me to continue again.
I finally called and asked if they could speed up the process because
my 3 months was turning into 6 months. I finally got a hold of the loss mitigation
and they told me that I was denied because I did not make enough money.
“I wish they could qualify me the same way they got me into this mess with
stated income which is known as the lie loan”.
My debt is now way above my income due to the Adjustable Rate and Stated income
no longer around. Now WAMU / CHASE is going to start a foreclosure if I do not
bring myself current with the payments I missed along with the
Option Arms adjustment payment that almost doubled.
I think this Options ARMs loan along with stated income was just a plan to
make all borrowers qualify high to get into a home but when the loan
adjust the borrower is guaranteed to fail due to not being able to use
the same stated income that got the borrower into the loan.
If the loans did not adjust and WAMU kept it at the minimum,
we all would still have are homes.
Well, we filed ch 7 earlier this year due to a huge drop in income. Thinking things would get better now that we don’t have the credit cards, I get laid off. So we gave up and decided that we would just let the house go too. But then WAMU/Chase offered us the “Modification”. We went from $2300 to $1300 and we’ve completed the three month trail period. Now the negotiator calls and asks me to get a letter from unemployment stating that I have another 9 months left of unemployment. I knew when she asked that getting such a letter would be impossible. Heck our state is almost bankrupt and there is no guaranty that unemployment will be around. I just don’t know what to do, I love my house and want to be here forever. I want to raise my kids here, I need some help some reassurance that everything is going to be okay. I need to know that all the work that I’ve put into this house was not in vain and that this will pass.
I made a comment on here on September 1st, we have decided to walk away from our house. The house is too far underwater and Chase is the biggest joke ever. They keep giving us the run around and fax this and fax that. I don’t care if they modify our loan down to $100.00 a month. We don’t wnat to be a part of Chase or any other bank…just our credit unions. We already have started moving our stuff to California. My wife and I have made a promise to each other to never deal with a bank again at any level, only credit unions or nothing at all. Our decision to walk away was very easy thanks to Chase. I finally feel free and now I put the monthly payments aside in the bank. Some people go a year or so without paying a payment before they are foreclosed on. My sister has been in her house for two years and six months without making a payment. If you love your house, fight for it and do everything you can to stay in it. If your like us, and the house holds no value whats so ever…..your better off walking away. Don’t forget nothing is more important then your family’s happiness. It’s not that tough starting over somewhere else.
CORRECTION:”I put the monthly payments aside in the bank.” Credit Union..not bank.