WaMu/Chase Mod Moving Forward

[snapple candy]

I am trying to take emotion out of mine and it is hard. I have become apathetic after one year of dealing with WAMU and getting broken promises. I never wanted to lose my home and have fought hard to keep it. I am so tired that I almost dont care anymore either way and I dont trust them to do anything they say they will. After I received Notice of Sale, I suppose I am preparing myself emotionally in the event I do lose it. I make my first trial payment next week and I have very mixed feelings as to what the final outcome of this will be. Prepare for the worse, hope for the best.

[pbharris4]

I told my kids (13 and 6) that we might move, but still in the same area. I just wanted to tell them MIGHT because I wanted them to get used to the idea in case it happened. AT first they were a little upset, but then they were ok with it. Of course now they are telling their friends (forgot about that) and so now people are asking us about it.

I would stay in this house another 20 years as that was our intent from the beginning. But I think the only way we would stay is if WAMU modifies or writes a new loan bringing the house down to its current value and basing the loan on that amount in a fixed rate.Otherwise we may never recoup that $100k that we are underwater on the house.

[Marie T]

Cliffdweller - yes, it is unique in that it is a custom home and I picked out everything in the house. I think we paid a decent (at the time) price for it but I was making good money then and put the 20% down plus paid for all the really nice upgrades (another $70,000) as the house was being built so that money I spent was never in the cost of the mortgage. I was working 50 hours a week at my job and spent another 20 each week overseeing having the house built which took more than a year. No views to speak of like you have but huge emotional attachment.

Snapple - I can relate to the tiredness and I have only been at this since about February. I cannot sleep from the stress so get by on 3 or 4 hours a night and feel like a zombie most of the time and this is while I'm trying to get going in a new 100% commission sales career. After I realized the other day that my lack of sleep was causing me to do stupid things, like pulling out in front of a car, I went to my doctor Friday and got a prescription for sleeping pills.

PB - we haven't said anything to the kids yet and I'm praying we don't have to. The thing is that I think with a decent mod, I can dig out of this and be okay again. I am worried if they do not do an interior appraisal and see all the structural damage that they will want the house back because they'll figure it is worth so much more. We have beautiful landscaping that we (mostly me after I lost my job) put in - probably hundreds of hours of hard work and now I'm thinking if they do a drive-by and see how nice it looks form the exterior they will for sure want it back.

[snapple candy]

pb,
I understand, kids have big mouths. One of my teenagers was actually served the foreclosure notice....I wasnt too happy about that.

Marie, I do understand the lack of sleep issue,,,many sleepless nights tossing and turning about this all. I am wrung out to say the least. I doubt they will do inside appraisal. Usually BPO (Broker Price Opinions) are quick and dirty from the outside a few picks and then comps and short sales of neighborhood. I was lucky to catch broker doing mine and questioned him on the value. he was pretty close to short sales prices (within 20K). In general I think they give a dollar amount per square foot. When this guy here, I just mowed lawn and sprinklers on. You can see I am still caring for landscaping. Its not fancy but clean and well cared for. These guys are just contracted to do a quicky thing ($50) so they dont put alot of effort into them. Its more general to figure out NPV ratio and whether it is worth modifcation.
In the end, they dont care. It is strickly numbers game to them.

[Marie T]

Snapple -

Yes, I get that. I am just so worried that if they do not take into consideration what is wrong with the house and do a quickie BPO, the value will come in so high that they will want it back as an asset so they can sell it and will not work on a modification for me. They won't realize til they have it that it has huge problems and will have to firesale it for half of what we owe on it. Realistically, with all the repair issues, we should have walked away from it 5 years ago as could not sell it in this condition or refi it but did not want to take the credit hit or lose everything we had invested in the house, and...stupidly, I am really attached to the house.

I do still have the predatory lending issue and I have a meeting with a NACA counselor this week. I had thought I would be able to make a house payment today the 15th so as not to have another $200 late charge but I can't make it until Friday- just not enough money. If I pay before the end of the month I will not go 90 days late which WAMU has told me is when they will send a notice of default out. I am at a point of having no pride about it other than it would really hurt my ability to earn money moving forward if it becomes public. No wonder I can't sleep!

[cliffdweller]

Marie - I have similar concerns about them thinking it is worth more...thought I would send the disclosure we signed when we bought it to the Negotiator when it comes time for the final mod...plumbing, electrical, and foundational issues...still aren't fixed. If she truly is a "Negotiator" she is a neutral party...I am seeking to form a relationship with her. From my perspective, the bank should care that they have people in there that are fixing up the place...they are the landlords, so to speak. Plus it helps the neighborhood and all. I am trying to remain very pure and positive in my intent when I speak to them....You are going to give us a great modification because it is the best thing for everybody, and that's it!! Well, not quite that pushy... I think we can dig out of this too.

The stress is unbelievable. I have been trying to develop my website, and I just can't think - zero creativity...Gotta do it for the money, and too stressed. I seem to have to keep it real simple and I walk a lot...3 more months....

This forum helps alot...thanks you guys. Snapple, I think they should pay you!

[snapple candy]

Yeah, I think they should pay me too. (hehe)
One of us may luck out and get a good negotiator but sorry to say, they are so overworked, they dont have time to care about any individual case. Dont expect them to take time to look at anything in any detail or to care about your neighborhood. It is simply business to them. It is emotion for us. I try hard to separate the two. I found that when I have nothing to lose and willing to walk, I get alot farther. If they know you are attached they will play on your emotions... I dont know if I would believe WAMU saying if you are 90 days late, they will send out an NOD. I think it is a scare tactic myself. My credit so shot, I can call their bluff on them. I gave up control over this along time ago. After months and months of stressing, I just gave it up and just waiting to see what comes my way. I try to remain upbeat but I think now I am just apathetic about the whole thing. Not such a great place to be. All the stress and lack of decent employment just left me in a blah place.

[cliffdweller]

Hear ya..just gotta do what I gotta do, otherwise i could kick myself later...3 months is a long time in a way...many people will be coming due for permanent mod...banks will have to determine a stance, and I'm banking on they don't want the houses back, so they will be forced to loosen up a bit....it is so crazy...there is no us and them, really...we are all in this together...in a way it is a brutal but cool wake-up call.

[Marie T]

Got a call from my counselor at CHASE because he said that my negotiator had a question which I answered quickly so it seems my mod is being worked on. I still do not know who that negotiator is and I do not have contact info for him (I know it's a male is all). I feel it is very hands off and I do not like that but at least it seems to be moving forward.

I found out yesterday when WAMU collections called that even if I could have made a payment by the 15th, it does not eliminate the $200 late fee since that payment goes to pay the first payment I missed which was April. I do think I will be able to make a payment before the 90 days as I want them to realize I am trying and I do not want to risk being on the notice of default list. Also, my understanding is that once it is over 90 you risk paying their attorney's fees and you also can't make a payment then. I hope if I do make a payment that they won't perceive that as me being able to make ongoing payments.

I called one of our credit card companies (the one with a huge minimum payment) to see if we could defer a payment. In a nutshell they said that since I was having a hardship they could not but if I did not need to do it they could!!??? I am at a point after talking to my husband that we are considering just not paying the CC's except for our bank line of credit and ultimately saving as much as we can from what we would be sending them and settling with them for 10% to 15%. I have paid all of them to keep my husband's credit good since he is not on the mortgage while I have missed 3 mortgage payments and that does not make sense when the CC's are unsecured debt. I feel scummy doing that but it would be much easier to clean up than a foreclosure or bankruptcy.

I know we will take a huge hit on our credit score but mine is pretty much ruined with two mortgage lates right now and I do know how to clean up credit after everything is settled which may take a couple years but can be done. I have never even considered doing anything like this but if anyone would have told me a couple years ago that I would be almost 90 days late on my mortgage I would not have believed it either!

[Bert C]

Marie, I have been attempting this modification with Chase since April. Everytime I call (weekly) I receive the same response, "it's in underwriting". I understand that. What I question is the following; I have during all this time NOT been assigned a counselor. I see everyone else mentioning they have a counselor from Chase working with them. At what point does the counselor come in? Having NOT been assigned a counselor as of today, does this mean my paperwork is sitting on someone's desk and not been reviewed yet? I'm really uneasy about that. I would appreciate everyone's input regarding this detail of the mod process. Thank you.

Bert

[cliffdweller]

Bert,
The Customer Service rep should be able to look into the notes on your file
to determine whether it has been assigned to a Counselor/and or Negotiator.
I would ask them that question specifically. Two months is sufficient time to
have been assigned provided all your paperwork is in place....Are you current
on your mortgage?

[Bert C]

I just missed my 3rd month and am wondering should I make a payment? I have asked them that question and they reply: It has not been assigned to someone but, it is in underwriting. I'm concerned. Thanks for the prompt reply.

[Bert C]

Cliff, my fear is they will assign someone the last minute who will say something like: "Oh, your paperwork is missing this or the other" when all along they have said everything is in place and I am in underwriting. I also received a letter the 11th of last month stating I would have a decision within 30 days. That time has elapsed also. Thanks.

[cliffdweller]

Hmm..they say all the paperwork is there? I also called the Chase Executive Resolution Dept. to get action...sorry don't have time to search for the number, but it is in this thread I believe. I do think the squeaky wheel gets the oil.

As far as making a payment, I think it is a very individual decision..there are pros and cons. If foreclosure is imminent (you just really question whether you are going to be able to afford even a modified mortgage), some people want to hold on to their money. On the other hand, if you think you will pull it off, and really want to stay in your home, making a payment shows the bank initiative and reduces the arrears, and keeps you out of the "foreclosure flag" zone.

There are senior members far more knowledgeable than I...hope you have started your own thread, so you won't get lost in here.

Best of luck...I'll help however I can!

[Bert C]

Thanks Cliff. I just made a call to the Chase Executive Offices and spoke to someone there (very cordial BTW) and he said to allow 10 days for someone to get back to me. I guess I'll wait and see what happens? Thanks.

Bert

[pbharris4]

Originally Posted by Bert C

Cliff, my fear is they will assign someone the last minute who will say something like: "Oh, your paperwork is missing this or the other" when all along they have said everything is in place and I am in underwriting. I also received a letter the 11th of last month stating I would have a decision within 30 days. That time has elapsed also. Thanks.

Bert, we got that same letter. We also got a call to make sure we got the letter along with they needed updated paystubs and a 2008 Tax Return. These were sent, BUT we called a week later to say the 30 days was up and we sent in the extra info., but we forgot to sign the Tax Returns. SO we had to send those in to "MIssing Doc. Dept) the man said it would be a few more week but it was ready to go to underwriting. We are 1 month behind. Might not make the July payment. Will make August payment (if we don't hear anything by then) to stay out of the 90 day zone. Keep in mind that not everyone's situation is the same.

[cliffdweller]

Hang in there. The waiting game is the worst...play tricks with your head trying to second guess everything. I'll hold good thought for us all!!

[Marie T]

Hi Bert,

A "Help for Homeowners" office opened at the CHASE bank in my area recently. I was referred to them by one of the non-profit agencies. It was a drive to get there but good to meet someone in person to discuss everything. I met with my counselor at the CHASE office who took all of my paperwork and scanned it into the CHASE/Wamu computer system which makes me feel good that at least they cannot say they "lost the paperwork".

I hope that they will give me a good mod but I am also going to work with NACA. I went to a NACA workshop last week and they are into determining if you have a predatory loan and using that to push for modification/restructuring of your mortgage. I know I have RESPA violations that are substancial and my counselor at CHASE said he would not even look at those so I am also going to work with NACA to help insure a better modification. My loan is with WAMU and no other investor so I think that will help as well as WAMU will not have to have a separate investor approve the mod.

As well as PBHarris, I am trying to keep out of the 90 day zone when you are at risk of getting a "notice of default" and it then becomes public record although not sure I will be able to make a payment next month. I also heard at the NACA workshop that they are not doing the NOD's until the 4th or 5th month but not sure I trust that.

[Bert C]

Thanks for the replies. I am going to hang in there a bit. The gentleman from the Executive Resolution Team for Chase I spoke with yesterday asked me to give them 10 days to respond to me. He gave me his direct number and name. I'm hoping he follows up as said. I'm a bit concerned about the so called 90 day "redzone" everyone writes about. Is there such a thing? And if so, can it prevent you from getting your loan modified?

Bert

[Jillian118]

[quote=Marie T;96373]

I hope that they will give me a good mod but I am also going to work with NACA. I went to a NACA workshop last week and they are into determining if you have a predatory loan and using that to push for modification/restructuring of your mortgage.

[quote]

Hi Marie,

I was wondering if naca asked you for your loan docs in regards to the predatory lending? I was curious about that question as well, as I originally didn't qualify for my current loan on my own...and then magically...i did.

[pbharris4]

Well...when I got home today there was a FedEx letter there. Opened it and it's a offer from Chase for the HELOC. Our interest rate is 3.25% and we can pay it, but our lawyer told us not to as we may strip it and also they won't foreclose on it because the HELOC and First are both WAMU owned. The house is underwater $100k. It said they would lower our interest rate to 2% for a year so "we can catch up." And they wanted us to reaffirm. NO THANKS!! We're not stupid. I feel like we are trying to be tricked. Like..lets' see if they'll sign this first. Grrrr....bring on the first mortgage modification.

[Marie T]

Jillian -

No NACA did not ask to see my loan docs yet - after the workshop you go online to their website and fill out a questionaire and you are asked if you have a predatory loan and if you have proof. I do and I have proof of RESPA violations and TILA violations and this is just from my own research although I did go to an attorney and he wanted to go to court just for the "bait and switch" and he really did not look at my papers beyond that and I do not want to use an attorney.

[cliffdweller]

Hi PB,
On the Trial Mod Letter, it states that "this agreement can be made null and void if you declare bankruptcy." or something like that... I am not so good at playing hardball, and maybe that really is what is needed here...hate to see them delay your 1st Mod further......put you on the back burner, so to speak, because you did not respond to the HELOC offer. I'm sure you've looked at all the angles...

[cliffdweller]

Hi Bert,
I don't think anyone can say for sure what signals a notice of default at this point, but if you can realistically afford a modified loan, and are "in the hopper" for modification, I think that you are ok.

[cliffdweller]

PB,
What if you send it back with a big note that says, "Reaffirmation is pending offer of mod on 1st Loan?????"