Chase/wamu-owned loan - no investor?

[Marie T]

Talking to CHASE Homeownership this week I told them that because my loan was "owned by WAMU" and therefore no investors to deal with, it should be easier to get modification done, right?

He said "no, WAMU is the investor, they own it." I said I though when FDIC took over WAMU and CHASE bought it that WAMU is now owned by CHASE. He told me that everything is still separate...he said that they (CHASE) have to get approval for mod from WAMU.....this makes NO sense to me!!

does anyone have any insight or have you heard this?

[kgeriak]

I am pretty sure that now everything is Chase. Got a rejection letter on Friday because of an incomplete application (2nd time they told me that) so i will call the Executive office number on Monday and demand to speak with someone who knows what they hell they are talking about. My loan was with WAMU and now i have to deal with Chase. There you go - one more obstacle to no where!

[Marie T]

Kgeriak,

I thought that other than the collection calls (which come from WAMU and they will tell you they are collection/modification counselors then they tell you a bunch of erroneous info) it seems that CHASE has taken over WAMU. That is why I was astounded when this guy at the CHASE Home Ownership Center was telling me that my modification had to go through WAMU because they were the "investor". I could see it IF they had a separate investor but WAMU owns my loan and I'm not a financial guru or anything, but if CHASE bought WAMU, doessn't that mean CHASE owns my loan now?.....not Deutsch Bank or some investor entity.

It would really help if we could count on the info we receive from CHASE and/or WAMU to be accurate but about 50% of what they tell me has proven to be really wrong! If they would even just say, I do not know the answer to that but instead they present wrong info to us as truth and then we make decisions based on that info.

[Jillian118]

Hey Marie,

I thought the same thing since I my loan was also wamu servicer & investor...that was 8 months ago now!

I am really hoping that NACA can get somewhere through this mess. Because I oringally started this whole process through WAMU...got no where. Finally called the chase exec offices now the ball is rolling, but I just feel like its a total crapshoot at this point.

I am still working with chase on my own and have naca working for me too. Hopefully something will pan out as I am slowly losing ground.

[talk2c]

Have you been making payments during this time you've been waiting on an answer?

[Jillian118]

Yes, i am current on my loan...but probably not for long...

[Jillian118]

Hey Marie,

Are you making any progress w/ NACA or Chase at this point???