Hi everyone,
What an adventure. I'll try to keep as short as I can. WAMU loan 520k, interest only, 5.5%. 80/10/10. Wilshire owns second, 60k. 7%.
Called a year before loan set to expire, told to call back when close, no time to mess with someone proactive. Called, told to basically miss 2 payments and fill out paperwork. (meanwhile, credit card payments skyrocket, I took 20% paycut, wife 10%)
We do so. Round and round it goes. Was told the forebearance payment of $1200 would be our new mortgage after the trial period. Lies.
FINALLY get mod:
Old payment: $3300 (including taxes)
New? $3600 (including taxes.) 5.75 fixed, with baloon payment after 25 years.
So, it went up. Told that this was it. It was 31% of our GROSS pay. (but with rising debt, and paycuts, and childcare, let's just say we're in trouble)
We received letter saying to sign, dated Dec. 4th, 2009. We sign it, that's that. First payment due 2/1, all late fees waived.
Never get statement. I call, get multiple addresses from these nimrods, and we send payment for Feb. Do the same for March. Checks are cashed.
We have filed Ch 7 BK. Want to stay in our home. I need to get mortgage statement. (never received) Call Chase, and spend two hours being cut off, transferred around, the usual Chase garbage. I basically want to strangle anybody at this point. I emailed Angie, one of the contacts from this site, and she does call me right back, I was shocked. Says her resolution dept will take care of it, to give it 5 days.
Some of the things I was told:
Once mod done, taking 60 days and longer to get info loaded.
Some of the practices going on at the time, things we were told no longer hold true, things were changing on a day to day basis.
I really think we could have just paid as usual, and enjoyed a lower rate interest only payment. I'm not sure we're staying here forever. We do love our home, but man, enough is enough. Our credit is trashed, and we're starting over, but want the home.
We owe 585k total. Bought at 650k.
Went to an open house on the next block, same floorplan as ours, not quite as nice, realtor says he thinks 550k fair, probably sell in the $530 range. Live in a nice area, we weren't hit as hard as others. Hoping it recovers some day, which is why we wanna stay put.
Also, we did not contact Wilshire regarding our second. Not sure if anything can be done now, think we missed the boat, but am going to call to see if they can help at all. I didn't think it would be in their interest to do so? Still, Angie at CHase told me I should call, let them know we have a mod on the first and have filed BK, and they may help because they don't want the debt to go bad, and they can't lien on a home that's underwater. I just think that because we're not so far upside down, we wouldn't get as much help?
Anyway, that's my rant. Chase's customer service is no better than a bunch of gradeschoolers answering the phone. Actually, that's an insult to elementary kids. Angie was nice and very helpful, as much as she could be, but other than that, UGH. HORRIBLE.
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