Loan Modification Forum - LoanSafe.org - View Single Post

hoodcana1 · 02-27-2008, 01:04 PM

Hi, after reading for weeks I decide to post. Thank you for any help.

I have a 9.125% ARM with WaMu( loan sold to Deutsche bank) and it resets in July 08. I did a stated loan (08-06) with income verification by sending in my bank statements. (Loan balance 580k and home currently valued approx. 720k I live in Bellevue WA. no 2nd. credit scores bad maybe 630-650 not sure and never late on my mortgage) It has been very difficult to make my 5200 mortgage payment and to pay other bills. I have also exhausted my savings. My thought was this recent decline in rates my ARM will adjust down and I can have some breathing room. Well, I was shocked when I pulled out my loan doc's to see my loan will never go down below my initial rate of 9.125%. I followed the advice of this wonderful website and sent 3 certified letters to WaMu requesting a QWR and stated my financial hardship and requested a loan modification.

So here is my question. WaMu wants a hardship letter and 6 months financials. Is this the best way to have Wamu/Deutche bank modify my loan?.... Discuss in my hardship letter the fact I am self employed in the financial services industry and buisiness is dramatically down, mention 3 kids at home, my wife is working odd jobs ,ect ect. I can show monthly income of 10,000 -14,000 ( 100% commission and I must pay taxes and expenses, no retirement accounts and 48 years old). However my bills are approx 12,000 or more. I can show 150 left over per month if need to.

So if anyone seeing my situation has any strategies on how I should attack this Loan Mod with Washington Mutual it will be greatly appreciated.

Also, as many couples have stated this is extremely difficult on your marriage.

THANK YOU !

02-27-2008, 01:04 PM	#1 (permalink)
hoodcana1 Member Join Date: Feb 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	WaMu loan mod, SUCCESS!!! Hi, after reading for weeks I decide to post. Thank you for any help. I have a 9.125% ARM with WaMu( loan sold to Deutsche bank) and it resets in July 08. I did a stated loan (08-06) with income verification by sending in my bank statements. (Loan balance 580k and home currently valued approx. 720k I live in Bellevue WA. no 2nd. credit scores bad maybe 630-650 not sure and never late on my mortgage) It has been very difficult to make my 5200 mortgage payment and to pay other bills. I have also exhausted my savings. My thought was this recent decline in rates my ARM will adjust down and I can have some breathing room. Well, I was shocked when I pulled out my loan doc's to see my loan will never go down below my initial rate of 9.125%. I followed the advice of this wonderful website and sent 3 certified letters to WaMu requesting a QWR and stated my financial hardship and requested a loan modification. So here is my question. WaMu wants a hardship letter and 6 months financials. Is this the best way to have Wamu/Deutche bank modify my loan?.... Discuss in my hardship letter the fact I am self employed in the financial services industry and buisiness is dramatically down, mention 3 kids at home, my wife is working odd jobs ,ect ect. I can show monthly income of 10,000 -14,000 ( 100% commission and I must pay taxes and expenses, no retirement accounts and 48 years old). However my bills are approx 12,000 or more. I can show 150 left over per month if need to. So if anyone seeing my situation has any strategies on how I should attack this Loan Mod with Washington Mutual it will be greatly appreciated. Also, as many couples have stated this is extremely difficult on your marriage. THANK YOU !