Loan Modification Forum - LoanSafe.org - View Single Post

Lisa in MN · 12-18-2008, 06:26 PM

Hi Everyone,
I am sorry to not post this in my original thread but I can't find it, so I started a new one.
After months and months of run around and the usual crapola with WAMU, it took a letter to the executives at Chase to get me a call by someone in WAMU's Quality Assurance department, who in turn forwarded me to a supervisor in the loan modification department, and today she called me with an offer. I will post that first:
Step Rate Loan Modification:
5 yrs
Year 1- interest rate 1%
Year 2 Interest rate 2.33%
Year 3 -3.667 %
Year 4- 5 % which is fixed for the life of the loan.

I think this is very reasonable when viewed by itself.
The questions I have are as follows:
1. They have tacked our late fees, attorney fees, etc... on there. Bringing the mortgage to 318,000 on a property that is now worth less that 250,000. While the mod is I feel a good one, it still keeps us in a mortgage that we believe was based on an inflated appraisal back in Oct 06. Will we ever have the value of what the mortgage is in our home?

2. Do you think it would be worth it to try to negotiate a little more such as reducing the principal to todays value, and a little higher interest rate for the term of the loan?

3.Since this would be a re-writing of the same loan, we could accept the terms now and still follow up with a document review regarding that appraisal and see if anything happens from that, or do you give up any rights to anything further once you accept a loan mod offer?

Thanks guys!
I am feeling pretty good, because if we accept, it will give us a chance to rebuild.
My brother ( the CPA) thinks we have absolutely nothing to lose by asking our negotiator to approach the investors with a counter offer of sorts. I am going to have him crunch some numbers.

Happy Holidays
Lisa

12-18-2008, 06:26 PM	#55 (permalink)
Lisa in MN Senior Member Join Date: Sep 2008 Location: Minnesota Posts: 132 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Finally offered WAMU loan Mod! Hi Everyone, I am sorry to not post this in my original thread but I can't find it, so I started a new one. After months and months of run around and the usual crapola with WAMU, it took a letter to the executives at Chase to get me a call by someone in WAMU's Quality Assurance department, who in turn forwarded me to a supervisor in the loan modification department, and today she called me with an offer. I will post that first: Step Rate Loan Modification: 5 yrs Year 1- interest rate 1% Year 2 Interest rate 2.33% Year 3 -3.667 % Year 4- 5 % which is fixed for the life of the loan. I think this is very reasonable when viewed by itself. The questions I have are as follows: 1. They have tacked our late fees, attorney fees, etc... on there. Bringing the mortgage to 318,000 on a property that is now worth less that 250,000. While the mod is I feel a good one, it still keeps us in a mortgage that we believe was based on an inflated appraisal back in Oct 06. Will we ever have the value of what the mortgage is in our home? 2. Do you think it would be worth it to try to negotiate a little more such as reducing the principal to todays value, and a little higher interest rate for the term of the loan? 3.Since this would be a re-writing of the same loan, we could accept the terms now and still follow up with a document review regarding that appraisal and see if anything happens from that, or do you give up any rights to anything further once you accept a loan mod offer? Thanks guys! I am feeling pretty good, because if we accept, it will give us a chance to rebuild. My brother ( the CPA) thinks we have absolutely nothing to lose by asking our negotiator to approach the investors with a counter offer of sorts. I am going to have him crunch some numbers. Happy Holidays Lisa