WAMU- Neg AM & HELOC Papers Served

[wamusing]

First time post. I have been visiting and finding site very informative for approx 3 months. I have not had anything informative to add till this point. Been through the collection phone calls, letters threats etc. Had perfect credit and never missed payment of any type since 1986. I am current on everything except my mortgage at this point so I am sure my credit has taken a few dings.

Details: 1st- WAMU held and serviced neg am adjustable rate $650K
HELOC WAMU held and serviced $72K
House built and appraised Dec 2006 $768K current value $375 Tampa mkt

Attempted mod while current (HAHA what a joke) in Feb 2009 as income was cut a year ago due to loss of wifes job and my bonus pay was frozen begining of 09. The adjustable loan payments were no longer afforadable my deferred interest and revolving debt were growing creating a futile situation. Spoke with my lawyer concerning mod while current, his advice since my house payments were no longer affordable was stop making them if I wanted to get attention for a mod, current customers go to bottom of pile in most cases. I stopped payments in March & re-applied for mod on both loans. Assigned negotiator in April who I spoke with for the first time last week, about the same time I was served foreclosure papers. With all that said I want a mod but am willing to walk and truly feel WAMU does not want my house. I agree with Hodgini as does my lawyer for my situation. I will not accept anything but an affordable documented modification based on my current value, no trial payments or forbadences. I do not expect a reduction in principle, WAMU can throw it on the back of a 40 year term as a balloon and hope like the rest of us value eventually comes back. I did not involve my lawyer till papers were served as he will file/pushback before the 20 day deadline. He has been doing many of these for the past year as Florida is a mess. He will have no problem keeping me in the house making no payments for 16 to 18 months saving my money in the event I can not come to terms/mod with WAMU. These large banks in FL are using high volume legal houses with low paid recent law grads, the firm does not get paid til deal is done. They are looking for the quick low hanging fruit. My attorney has already found issues in the first paragraph with the papers recently served that will stall any action for 3 months. Another interesting note is the Plaintiff is listed as Bank of America? Negotiator tells me both loans are owned and serviced by WAMU? Possible mistake by law firm hired by WAMU in Tampa. We are requiring the re-assignment paperwork if applicable, this will also buy a few months and may cause need for papers to be reserved. The banks are as confused as the rest of us. It is the collection departments we need to be aware of, they will say and promise anything to bilk money. My path of attack may not be for everyone, I have decided to draw a line in the sand. I would recomend for peace of mind, dealing with the fine print and buying time legally to get a local real estate attorney to handle legal paperwork. I will continue to work with WAMU on the mod myself saving fees. My attorney also informed me WAMU/Chase has been one of the better banks for actually doing mods in Florida. Good Luck to All!!!!!!