[caldwellb02]

UPDATE.FIRST, MY STORY IN BRIEF is I bought my house in February, 2006. When the original loan application was placed with Long Beach Mortgage, my son and I requested that we both be on the loan.
We found out shortly before the deal closed that they had decided just to give the loan to me and not include my son. I thought this was a bit strange as I didn’t think I made enough to qualify for the $300,000 mortgage, but since I knew my son would be paying half I wasn’t worried so I went along with the deal. The way the market was going at the time we planned to refinance in a couple of years anyway.

I have a first and a second mortgage. The first is an ARM that will adjust again in September. The second is fixed at over 9 percent interest.With the mortgage crises in full swing, my mortgage was set to start adjusting in 2008. I worked with WaMu for 4 months on a loan modification. At the 11^th hour they said it could only happen if we put my son onto the loan, and that they would only give me a modification for a year. The mod just froze the adjustable first mortgage at the rate it was originally at.
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I started working on a longer term modification on January 4, 2009. My first mortgage adjusted in March, and it is set to adjust again in September.
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For the past four months my son reduced his payments to 600 dollars a month, and since Chase now cut his credit limit on his credit card he will not be able to help at all from here on in. Other reasons for this are: he works at WashingtonMutual/ Chase and his monthly salary decreased significantly, and that he has taken on more than 500 dollars a month in student loan payments (he graduated from college in 2007).
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I have told this story to numerous representatives of the WaMu/teams, from the loss mitigation department to the Executive Team to the imminent default team and others. Several people at WaMu/Chase have told me to go into default so I can get help. This seems so very bizarre.
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Today I was called by “Ali” at the imminent default team and told that they had denied my mod. I asked why. He said he didn’t know. I said I need specifics. He again said he was just told to call me and tell me it was denied. I pressed (of course). Then he said that my “ratio” was 21 percent. I said I have two loans and pay approximately 2300 a month on less than 50,000 per year gross. That’s 55 percent. What was he talking about? I had to press and press for him finally to get me to a supervisor. “Frank” came on the line to talk with me. I told him about my dilemma and he said “you have a second with us??” !!!!!!! Breathing slowly, I said I did. I told him I had told several people that my son was not able to pay on the loan anymore (after they forced me to put him on it in 2008), and that I was going to have to go into default if I didn’t get the mod. He said that if I did go into default, that would make the loss mitigation team step up to the plate, but this ‘new” information (that I had a second with WaMu/Chase and that my son wasn’t paying) put a new light on things. He would have someone call me in 48 hours.

This is excruciating. I feel like I'm a hamster running a treadmill. I wish I could send the above overview to SOMEONE at Chase who could cut through the red tape. I can't hold on much longer.