Fooled again

[Pete1001]

I have been trying to work with WaMu (Chase) for the past 8 months on a modification loan.
It started in Jan 08 with a 40% cut in pay and with that in mind I called WaMu in Oct 08 and advised them with my lower income I was using my savings to pay the mortgage. I will in the near future have trouble with my current mortgage payment. I was told I must be at least two months late for WaMu to speak with me. OK, Dec 08 I'm two months late and calling them for some type of Modification.
It took another four months just to get an answer that I would be considered for a modification. I sent in all the paperwork three times including tax returns and any other docs they requested. I call each week and have spoke with many at WaMu only to get a different answer on my status each time! It is now May and WaMu Chase has deceided that a three month trial period (June, July and August payments of 2,319.50) would be in order for me to qualify for a modification. I made all three payments (Fed Ex) on time and was told (by WaMu) after the third payment my modification payment would be the same as the Trial payment, and my new modified loan would start in Oct. 09. Well so much for that BS, I got a phone call two weeks later and was told "I never should have been told about that payment" and it was no longer in effect. WaMu said we are sending out an appraiser to the house to take pictures inside and outside of the property and then a new modification will be submitted for approval by the invester.
Well the new modification loan is $3,474 @6.817%, the old loan was $3,656 @7.75% for a whopping savings of $140.00 a month and the loan is INTEREST ONLY FOR 10 YEARS
When I asked how was this loan was configured I was told if you cannot afford the payment short sell your house. Now that is a bank that wants to work with you!!!
I now have NACA involved but fear it is to late. My wife and two kids have gone on a emotional roller coaster for almost a year. It has been a total wast of time and effort for eight months and I have the same payment with late fees on top of my principle. However,
I am not going without a fight, a fight to the end!!

[Believe]

Oh, Pete, I'm so sorry you and your family are going through this with Chase. There are many members here who have shared similar stories. The modification they offered you is NOT a workable permanent solution. Read as much here as you can and continue to ask for help. Someone with experience with Chase will stop by to tell you what works and doesn't. Have you talked to the executive team at Chase?

[snapple candy]

Pete,
I have been going for 18 mths with WAMU. They first gave me a forbearance in fall 08 and offered me terms to be given at the end of that. They then reniged on those terms (interest only) stating they could not give me interest only loan and never agreed to that (this was a lie). I have fannie loan so the guidelines state they can modify to another interest only loan. SO they offer me another in-house mod that really wasnt much lower than the original payment...I told them to bite me (filed complaints)....around that time, the HAMP program launched so I applied for that. They said I couldnt get that even though I read all the guidelines and knew I qualified.The proceeded to serve me notice of sale. I filed more complaints. I was then offered HAMP trial and waiting perm mod. Well see...I dont know if I even want it any more to be honest since I am so upside down. Ill wait and see final terms if offered. It is a mixed bag.It is an emotional roller coaster and I almost dont care anymore. This comes with the territory.

You didnt say if you are underwater and how much if you are. If it is fannie or freddie?

The mod they are offering you now doesnt appear to be HAMP at those interest rates or for it to be interest only. ALL I can suggest is to get a real estate attorney write a demand letter to Chase and hold their feet to the fire to continue you with trial payment amount according to HAMP trial modification agreement. Ask in writing for why the sudden increase in payment and what appears to be now an in-house mod.and not HAMP. There is alot of questions that need to be answered before you can proceed. CC a copy of demand letter to OCC and TARP, as well as congressional reps. Its not too late. Tell them this loan mod is not a long-term sustainable solution.

[snapple candy]

Sorry for the misprint. You cannot get interest only loan modification with FANNIE or FREDDIE backed loans. Im not so sure any HAMP perm mods allow for it? They have to be converted to P & I loans.

[Pete1001]

I heard NACA is a good organization and can help!! I have contacted them and sent them my info. At this point I have nothing to lose.

[AZOwner]

Originally Posted by Pete1001

I have been trying to work with WaMu (Chase) for the past 8 months on a modification loan.
It started in Jan 08 with a 40% cut in pay and with that in mind I called WaMu in Oct 08 and advised them with my lower income I was using my savings to pay the mortgage. I will in the near future have trouble with my current mortgage payment. I was told I must be at least two months late for WaMu to speak with me. OK, Dec 08 I'm two months late and calling them for some type of Modification.
It took another four months just to get an answer that I would be considered for a modification. I sent in all the paperwork three times including tax returns and any other docs they requested. I call each week and have spoke with many at WaMu only to get a different answer on my status each time! It is now May and WaMu Chase has deceided that a three month trial period (June, July and August payments of 2,319.50) would be in order for me to qualify for a modification. I made all three payments (Fed Ex) on time and was told (by WaMu) after the third payment my modification payment would be the same as the Trial payment, and my new modified loan would start in Oct. 09. Well so much for that BS, I got a phone call two weeks later and was told "I never should have been told about that payment" and it was no longer in effect. WaMu said we are sending out an appraiser to the house to take pictures inside and outside of the property and then a new modification will be submitted for approval by the invester.
Well the new modification loan is $3,474 @6.817%, the old loan was $3,656 @7.75% for a whopping savings of $140.00 a month and the loan is INTEREST ONLY FOR 10 YEARS
When I asked how was this loan was configured I was told if you cannot afford the payment short sell your house. Now that is a bank that wants to work with you!!!
I now have NACA involved but fear it is to late. My wife and two kids have gone on a emotional roller coaster for almost a year. It has been a total wast of time and effort for eight months and I have the same payment with late fees on top of my principle. However,
I am not going without a fight, a fight to the end!!

Pete: Please go to the Huffington Post article in the link below, and post a remark, including the information above (take out the BS and emotion, just the facts man). . . .

Get your story told, and be a voice for all of us in this situation!