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MNdaddy · 07-03-2009, 02:06 PM

Initially fell a few months behind in early 2008 due to business failure. Fortunately found full-time employment, at a salary that would barely cover normal monthly payment and living expenses. Served foreclosure papers in June 2008 but was already in talks with a WAMU negotiator about a "work-out agreement" and was given a 3 month trial, (July - Sep 2008) at the same payment as before I fell behind. I made the 3 trial payments, and then expected to get some kind of work-out package, reinstatement, or whatever you want to call it. I got nothing. Not a word. I called every week for months to check on the status of my loan work-out and heard nothing until March 2009. During that time, I didn't make any additional payments as I was told that WAMU was just waiting on the paperwork, and in that time, WAMU collapsed and became part of Chase.
March 2009, a new negotiator called me and asked if I still wanted to stay in my home, and took all my financials. She called an hour later and told me I would qualify under the "Obama plan" for Freddie loans, and it would entail a new 3 month trial, but this time with a payment about 200/mo lower than the original. So, I was very excited and made the 3 trial payments in Apr,May, and June. Once again, didn't hear anything....
I called today and actually reached my negotiator, and thought it was a miracle that the same negotiator is still dealing with my loan. She told me that they are just overwhelmed and that while they had verified that I had made the 3 trial payments, the "permanent work-out" paperwork wouldn't be ready for at least 2 weeks.
I'm happy they acknowledged that I had made all the payments, but I am torn about whether to send them something this month, as I don't know for sure yet that the work-out will be made permanent. I mean, I have the money to make the payment, but why would I if they could just pocket it and still foreclose?
I'll update this thread as I move further along. I understand that very few, if any, have gone past the trial and into a permanent workout as of yet with Chase.

07-03-2009, 02:06 PM	#1 (permalink)
MNdaddy Senior Member Join Date: Jul 2009 Posts: 37 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	WAMU/Chase; where I am in the process. Initially fell a few months behind in early 2008 due to business failure. Fortunately found full-time employment, at a salary that would barely cover normal monthly payment and living expenses. Served foreclosure papers in June 2008 but was already in talks with a WAMU negotiator about a "work-out agreement" and was given a 3 month trial, (July - Sep 2008) at the same payment as before I fell behind. I made the 3 trial payments, and then expected to get some kind of work-out package, reinstatement, or whatever you want to call it. I got nothing. Not a word. I called every week for months to check on the status of my loan work-out and heard nothing until March 2009. During that time, I didn't make any additional payments as I was told that WAMU was just waiting on the paperwork, and in that time, WAMU collapsed and became part of Chase. March 2009, a new negotiator called me and asked if I still wanted to stay in my home, and took all my financials. She called an hour later and told me I would qualify under the "Obama plan" for Freddie loans, and it would entail a new 3 month trial, but this time with a payment about 200/mo lower than the original. So, I was very excited and made the 3 trial payments in Apr,May, and June. Once again, didn't hear anything.... I called today and actually reached my negotiator, and thought it was a miracle that the same negotiator is still dealing with my loan. She told me that they are just overwhelmed and that while they had verified that I had made the 3 trial payments, the "permanent work-out" paperwork wouldn't be ready for at least 2 weeks. I'm happy they acknowledged that I had made all the payments, but I am torn about whether to send them something this month, as I don't know for sure yet that the work-out will be made permanent. I mean, I have the money to make the payment, but why would I if they could just pocket it and still foreclose? I'll update this thread as I move further along. I understand that very few, if any, have gone past the trial and into a permanent workout as of yet with Chase.