Chase/Wamu and Deutsche Bank

[caldwellb02]

Hi. I was told by Chase yesterday that there are new programs starting 1/1/09 that may be helpful with my situation. I'll tell my story briefly, then wonder if anyone has news on what these new programs might be.

I have a WaMu first and second. Last year, after 4 grueling months, I got a modification on my first for one year. The mod actually didn't start till May, though it was originally set to adjust in March. Now I'm looking at another March 1 (2009) adjustment. I called WaMu, and they said they wouldn't talk with me till I made 12 payments after the mod. This will, of course, put me three months into the adjustment. I called Chase, who said there was nothing they can do on a WaMu loan, and that they had "no idea" when they would actually own the loan - which was weird, since I have a letter from them saying they own the loan..... Then I called Chase's loan dept, and asked about a refi. Told em my story, and they said there will be options for those like me who have negative equity - but not till after January. Anyone know about this? I'm wondering if I should keep pressing, or wait till 1/1. Really appreciate any comments

[Moe Bedard]

Hi caldwellb02,

Welcome to the forum and thank you for joining....................

The number to call to find out info on the Chase programs for WaMu loans is.............

1-866-550-5705.

click on the link to read the press release regarding the announcement....

JPMorgan Chase: Chase further strengthens robust programs to keep families in homes, including systematic review of entire mortgage portfolio;

[caldwellb02]

Thanks ***. That was the number at Chase I called, and a primary reason I called was that press release you so kindly shared. Their story was that they couldn't override what the WaMu folks said.

[Moe Bedard]

They are systematically going through their portfolios over the next 90 days and with WaMu they are specifically targeting the Option Arm Loans...........which you have............they have said that they will be sending notices to the homeowners with these types of loans so you should be hearing something once they begin going through this process.
The modifications given are up to the investors on the loans...........Chase became the servicer on your loan, but they are not necessarily the investor on the loan.

[caldwellb02]

Thanks. I do have 90 days. (my loan doesn't adjust till 3/1). Maybe I'm in luck. Thank you for the quick reply.

One more question - do you think working with Chase is the best first bet, or should I be trying to get an FHA secure loan from someone else?

[Moe Bedard]

Do you have equity in the property? Most don't which is why they are not able to do an FHA Secure refinance................and unless the second lien on the property were going to release and extinguish the lien..........the FHA H4H (Hope for Homeowners) program would not be an option as you can only have one lien on the property.

So you should wait and see what options Chase has for you.........

[caldwellb02]

No we don't have equity. Right now it's negative equity. Sheez. When we bought, prices were going up so fast we figured we would have equity in two-three years just with the way the market was going. Then it tanked. Can't even sell cuz we'd still owe. Thank you for the advice. This is not at all what Hope Now told me. They told me to go to a large lender and get an FHA secure, and they knew our negative equity position. This is a really good site. Thank you.

[Moe Bedard]

For FHA Secure without equity similar guidelines would apply like with the FHA H4H program....................the current investor would need to accept a short payoff...........and this is what they are not doing.........so they are making it difficult for anyone to refi into these new programs from FHA.

With the announcement from Chase and you having a WaMu option arm it sounds like this will be a good option for you..... they are going to be removing the negative equity, lowering and fixing the rates, and getting customers out of those toxic loans...........

[caldwellb02]

How do you find out who owns the loan? Here's my summary: I have a WaMu first and second, and am in a negative position on my loans, but I have never been late. My first will reset 3/1. I sent in my paperwork 1/3/09, and they just assigned it to a negotiator. I've been told that they will, at the most, give me a 3-year mod. I'm not late, and am wondering if I should just go into default and see if they push me to the front of the line.

[vinnyrf]

I have WAMU as my first and after digging for answers, a WAMU Loss Mitigation supervisor told me Fannie Mae is my investor. It's a good chance your investor is Fannie Mae as well.

Here's a little tidbit on finding out who your investor is.

I pulled a credit report on myself through Trans Union. WAMU naturally was listed as a creditor but to my surprise the investor Fannie Mae as well as Fannie Mae's file number or loan number was showing as well. Try it.

[caldwellb02]

Hi. Just an FYI - I'm working with WaMu/ Chase myself. Since 1/5/09. Two weeks ago they told me I had to have an escrow acct. I faxed them my homeowners insurance info (which I have been paying myself), and a cc of my payment of half the property taxes and the form for the next half, due April 10. I asked them to assure me they would pay the taxes on time. Didn't hear back. Called 4/9. Was told there was nothing in the notes about the taxes. I asked for a call asap. didn't hear back. Went to the tax office on the afternoon of 4/10. Was told the tax hadn't been paid. I paid it. Then I called Chase/Wamu whatever it is to tell them I paid it. At that time I get the call back - they sent the check on 4/9. Without going into the crazy details, I called the tax assessor and they hadn't received any payment from wamu/chase. They said that if they got the payment, they would reimburse Wamu/Chase and they should send me a reimbursement back. YOU JUST HAVE TO STAY ON THESE GUYS. I still don't know anything at all about my mod - other than they have set up an escrow - supposedly. I will be calling the tax office, my insurance agent, and Wamu/chase early this week, and believe me I'm not gonna let three days go by without calling into the bank. I know these guys are busy, but this is my life. I've never been late on my mortgage, and never late on my taxes!

[caldwellb02]

Been working on a modification since 1/5/09. I was just told today that I do not qualify under the Obama plan because the bank that holds my loan, Deutsche Bank, requires that I be in foreclosure for 60 days before I can qualify. Has anyone out there had this experience? How can the Deutsche Bank hold me hostage like this? I'm so fed up I'm about to just stop payments - I've never been late to this point. Need some help.

[Moe Bedard]

You can try contacting the executive team and see if they can help..........unfortunately participation in the MHA program and the guidelines is voluntary for the investor.......

1-800-242-7399

If your servicer or investor is not participating in the program, you should ask your servicer about other workout options that may be available.

[caldwellb02]

Hi ***. I have just talked with the law office. I may go with them. I'm so frustrated.

[Believe]

Hi Caldwell, I can sympathize with you. I don't have Chase/Wamu/Deutsche, but my lender (HSBC) won't agree to a modification, either. We are out of money, out of patience, and underwater. Still have jobs, though. When is it time to say, "enough is enough"? Did you contact the law firm recommended by this site, or another attorney?

[caldwellb02]

Me again. I called the executive team at Chase. Nice lady. We'll see.

[caldwellb02]

Hi Believe - I called the number at the top of this site. They take your info and discuss it and then call and let you know if it seems workable. They do charge a fee, and ask for a retainer. My retainer will be $1,600. I have not made the decision to go this way, but may. If they could save me $700 a month (which is their estimate) on the loan payments, I'd make the full cost of their work $2,600 or so, back in a few months. It's really an option I'm considering because this is taking so much out of me.

[Believe]

Thank you, Caldwell, for the information. I may call them as well. I feel like I've run out of options, and my nerves are shot. I'd be willing to risk the last few dollars I have if the law firm can give me at least a 50% chance of a permanent rate reduction. Hang in there, Caldwell. Your story has helped me to be strong.

[ravengotu]

Hi there just a side note. I hired a company to do the work for me, and was informed by them that my note holder is Deuseche bank. I was informed they are the worst to do a mod with.
But dont despair and keep bugging them.

Also I have not made my payments in 5 months now....

Screw em all

[caldwellb02]

Terrible news about Deutsche. I actually called them yesterday but got the runaround.I've also started working with NACA.

The biggest scare tactic about not making your payments is the credit rating ding. How are you going to handle that, ravengotu?

[ravengotu]

Well unfortunately I cant change my circumstances that caused me to get behind. So the credit reports will be what they are. What I dont understand is how any of these instuitions ever make it. I mean you would think they would put a move on to get the money coming back in...Dumb me.....
Oh I forgot they get our tax dollars for being screw ups.....

[caldwellb02]

New info from Chase this week. Three weeks ago I contacted the Exec team again, and the person I talked with - Penny Davis - basically said my negotiator had sent my case out to be worked by someone else and that she shouldn't have and that they could work it themselves. I called her for the next couple of weeks - no answer. Then I get a call yesterday from the "Imminent Default program." they said they JUST GOT MY FILE (i started this 1/5/09) and will be calling me next week with updates re: whether they needed other info from me. After some prodding, was told this is a new group that was just started on May 1st. I still am current on my loans (although was told, like many others on other threads to default). *** - have you heard of the "Imminent default" program? I looked online and Chase is definitely advertising for supervisors and managers for this program. Wonder if I can be a little hopeful here?

[Moe Bedard]

The iminent default team would be the answer to the broken calculator that was talked about on the other threads..............someone that is in iminent default is current but just barely............making the payments after the due date each month but before going 30 days late.

[caldwellb02]

*** - I also have a case going with NACA, whom I contacted when I was getting nowhere with Chase. They sent a proposal to Chase 3 weeks ago. I'm just wondering if I get a proposal from Chase (I don't expect one soon) should I wait to see what NACA can do?

[Moe Bedard]

If you get a proposal from Chase................NACA will normally have you send it to them first so that they can look it over and let you know if their proposal is better or if Chase's proposal is the best.