Loan Modification Forum - LoanSafe.org - View Single Post - Anyone finalize after the 3rd mod payment w/ Chase?

Marie T · 09-04-2009, 10:17 PM

Cliffdweller..

You and I are in the same boat, with our lovely WAMU-owned loan. For the life of me I cannot see how it is that WAMU is still calling the shots on getting the loans restructured.

We have the added disadvantage of not having FreddieMac or FannieMae loans as it seems that those who have those are doing better getting modified.

I know that WAMU still has all our physical files and those have not transferred over to Chase and I have heard it may take at least two years for that to happen. It still does not explain if Chase bought ALL of WAMU's assets last September, shouldn't Chase be in charge of future earnings/losses on the loans they bought? It seems to me that would be like someone buying a rental property but then having the prior owner make every decision. I could even understand it if WAMU was the servicer for an investor but that is not the case as they did not sell my loan off to an investor.

This just baffles me and noone at WAMU or Chase has been able to explain it to me in a way that makes any sense at all.

09-04-2009, 10:17 PM	#19 (permalink)
Marie T Senior Member Join Date: Apr 2009 Posts: 487 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Anyone finalize after the 3rd mod payment w/ Chase? Cliffdweller.. You and I are in the same boat, with our lovely WAMU-owned loan. For the life of me I cannot see how it is that WAMU is still calling the shots on getting the loans restructured. We have the added disadvantage of not having FreddieMac or FannieMae loans as it seems that those who have those are doing better getting modified. I know that WAMU still has all our physical files and those have not transferred over to Chase and I have heard it may take at least two years for that to happen. It still does not explain if Chase bought ALL of WAMU's assets last September, shouldn't Chase be in charge of future earnings/losses on the loans they bought? It seems to me that would be like someone buying a rental property but then having the prior owner make every decision. I could even understand it if WAMU was the servicer for an investor but that is not the case as they did not sell my loan off to an investor. This just baffles me and noone at WAMU or Chase has been able to explain it to me in a way that makes any sense at all.