HELP!!! Too Many Steps With No Results... WAMU Loan Mod Attempt

[SingleMomNCA]

I hope someone can help me understand this process.... I posted previously and got some REALLY great advice, but it appears that I have hit a brick wall again.....

Not to bore you with all the details - I'll start at the point where I thought things were going smoothly.....

After many calls, and many more follow up calls, my application for my loan mod finally reached a department that I thought could actually help me! It was the Imminent Default department at WAMU.

I was contacted around 6/25/09 by a Loan Specialist who explained to me that they are working on my application and that there were some additional documents that they were going to need. He emailed me the list (yes, I actaully have a real contact person and valid email address) of the items that I needed to resubmit which turned out to be EVERYTHING that I had submitted 3 times prior... but I wasn't going to complain..! I sent everything in the next day by fax and also by email (I wasn't taking any chances)

So things are good... on 6/29/09, I contacted my Loan Specialist again to just confirm that things were moving forward.... and they were! I received an email from a Steve Dillon who emailed me the following on 6/30/09:

Your file has been completed properly since you sent the last round of documents. At this time, Underwriting is attempting to confirm/assess an approximate value of your home. They may have a Broker do an inspection (referred to as a BPO) or they may use another system for estimating the value of your home. This process may take as many as 14 days and upon receipt of that information, Underwriting can make a recommendation on the file.

If you like, you can check back with us on 7/15 as I have your file set to follow up for a status with Underwriting on 7/14. You may email me directly.


Thanks for you continued patience

Steve Dillon

So, of course that is what I did! I contacted Steve on 7/15/09 just to recieved the following response back:

This Inbox is NOT ACTIVE - Please resend your response/request to LEE.Escalations@wamu.net

Well, no fret... I still had my Loan Specialist contact information! I called my LS the same day to find out that Steve was no longer in the department. I asked him if he could provided me with a status on my application which he was able to do but to my disappoiment no less.... I was told that my application was in the 2nd review status and that the BPO was ordered on 6/16/09 and that it was going to take 7-10 days to complete. Once it was received by underwriting that a reccomendation would be made. OMG!!! I have to wait another 2 weeks. I thought that was why I was waiting until the 15th to follow up! ... but once again, I thought to myslef...at least something is happening.

I called again on 7/27/09 (10 days after the BPO was ordered) to see if once again anything had changed. My LS was able to review my file but couldn't give me any information. What he was able to tell me that there seemed to be some "comflicting" information and that he needed to check with underwriting to clarify..... BUMMER!!!!!

I just called again to find out if the "conflicting informaiton" had been resolved...... After once again, speaking with my LS, he told me that my file has now been sent to the investors for final review.... ARE YOU SERIOUS!!!!!!! How many times does a file really need to be reviewed? I asked my CS if my loan was bank backed or investor back...... He said that it was backed my Fannie Mae (which I had no clue... is that good?) and that because of this, they have to have final say. He said that it sould take 48 hours for the final (final) decision to me made... but no later than Monday. ARGH!!!!

Can anyone tell me if this is going in the direction? Is the investor approval really the final step? I have been current all this time but I won't be able to make my 8/09 payment and from the looks of it, may never be able to catch up! I'm worried, stressed, irritated, and disgusted. I'm trying to be proactive but I feel as though I'm falling between the cracks.

I would love to her your takes on my situation!

[SingleMomNCA]

Do you think that the Loan Specialist could be in the "closing dept"?? I was reading some blogs on the site and it seems like the step before the investor approval was the cloasing department (maybe they just have a new name)... Hopefully the investor will give the approval so that my docs can be drawn and sent SOON!!!!!

Anyone know how long this process will take. I was told 48 hours? Is this realistic?

[SillyWorld]

.Is the investor approval really the final step?

YES, this is an unfortunate thing we all are waiting on, so the Banks and GOV tell us all that the end is there when the investor makes the decesion, and like I have been told by my bank my investor is not participating in any MOD offers,,,Hahaha Yea right excuses excuses.... They can and have done if they with to do so...

[SingleMomNCA]

Thanks SillyWorld!

Whew! I'm glad that I can see a dim light at the end of the tunnel. Have you completed your loan mod?

I'm just wondering how long it will take from this point to get the investor approval. I really hate to default on my loan but it looks like it's going to be inevitable :-(