Finally!! We Got Through To WAMU: Loan Modified - Loan Modification Forum

Tears · 07-23-2009, 09:13 PM

Today we received a call from our WAMU negotiator. We qualified for the OBAMA Housing Plan and they are reducing our mortgage for 3 months. After that time they will reassess and work out a permanent plan. I was hoping that the reduction would be more--they only took off about $700. It would still be very hard for us to make the mortgage payment. We were hoping for more because our 2nd mortgage is with Chase and they modified our 2nd loan to 3 percent for 3 year--taking our payments down about 50%! Can we request a lower rate than the WAMU negotiator gave us??? If so, how? Can anyone explain this process to me?? HELP

Tears

snapple candy · 07-23-2009, 09:56 PM

My 2nd with Chase also, they cut payment in half and told me they will follow final terms of the 1st when complete. I am on MHA trial mod program. No one has got final terms and many are starting to wonder if any perm mods will be achieved. Congrats tears, you made it thru one hurdle. Keep a close eye on the threads about final outcomes of the trial mod programs. I suggest you mention that others at Chase are getting trial programs on their 2nds and that it is accepted protocol to match the 1st lien terms if and when achieved. If you dont ask and/or demand, you wont get it. Be agressive. Good luck.

07-23-2009, 09:13 PM	#1 (permalink)
Tears Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Finally!! We Got Through To WAMU: Loan Modified Today we received a call from our WAMU negotiator. We qualified for the OBAMA Housing Plan and they are reducing our mortgage for 3 months. After that time they will reassess and work out a permanent plan. I was hoping that the reduction would be more--they only took off about $700. It would still be very hard for us to make the mortgage payment. We were hoping for more because our 2nd mortgage is with Chase and they modified our 2nd loan to 3 percent for 3 year--taking our payments down about 50%! Can we request a lower rate than the WAMU negotiator gave us??? If so, how? Can anyone explain this process to me?? HELP Tears

07-23-2009, 09:56 PM	#2 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,313 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Finally!! We Got Through To WAMU: Loan Modified My 2nd with Chase also, they cut payment in half and told me they will follow final terms of the 1st when complete. I am on MHA trial mod program. No one has got final terms and many are starting to wonder if any perm mods will be achieved. Congrats tears, you made it thru one hurdle. Keep a close eye on the threads about final outcomes of the trial mod programs. I suggest you mention that others at Chase are getting trial programs on their 2nds and that it is accepted protocol to match the 1st lien terms if and when achieved. If you dont ask and/or demand, you wont get it. Be agressive. Good luck.

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