Wamu/FreddieMac

[snapple candy]

Hi guys,
I started working with WAMU home preservation dept last June/July when I was only 1 payment late and they have now pulled what I call a "Bait & Switch" on me. I hounded them for months by phone and fax and told numerous times, that soon a negotiator would be assigned.They have a reputation for being slow, slow, slow. Finally in October, they offered me a forbearance (I think for them to buy time till Obama came into office) and told me the terms I could have but I needed to go out and make $500 more a month to qualify. I did what they asked and the forbearance was up Feb 1. I started faxing them Jan 2 to work out details and after several phone calls, voicemails, faxes, I finally got email from negotiator in early feb they were reviewing it. They approved me but offered me different terms and not the lower payment they had agreed to. I am on an interest only loan and they were going to lower the interest rate so I could have an affordable payment, now they claim they only convert to fixed rate loans which raise the payment higher and you pay on principal that no longer exists. Then charge me the higher interest on the back payments, late fees, and tack on foreclosure fees for attorneys when it wasnt even in foreclosure. When I confronted them (in writing) the negotiator states she never said that! They sent me the loan modification agreement (their new terms) which I did not sign. I emailed back outlining my concerns and that I thought some may view WAMU's actions as preditory and deceptive and cc'd the FTC, Comptroller, and my legislative reps.(BTW: WAMU has never responded to me since)
I have filed a formal complaint with FTC and Comptroller (also sent to legislative reps) which includes significant documentation.The Comptroller of the National Banks offices has already reviewed my file and sent a letter to WAMU all in 2 weeks time. I told them (Comptroller) they should show the lenders how effective they are in turning things around and give them some lessons.I have used the Hope Alliance and they werent really useful at all and attorneys I have consulted arent much help either unless you want to pay them 1K to do what you can do. Not sure how much more anyone can help. WAMU did tell me they are the servicer and Freddie Mac is the investor. It appears to me that WAMU is taking advantage of those desperate to keep their homes. I see no compromise on their part and only deceptive actions and greed to profit off those in trouble. When it comes to discussing terms, they only do it verbally on the phone so you have no proof. I suggest you call the Attorney General's office in your state if the foreclosure is defective and illegal, as well as file a complaint with Comptrollers office. My state allows for a low-cost attorney consult for $35 thru the state bar.

[snapple candy]

Here is Chase/WAMU update,
I have been very proactive and aggressive in trying to address my mortgage and the process has been long and arduous (9mths) and have not achieved a whole lot in that time except a bogus mod.offer. I have not really found that by calling by phone has been effective in achieving much of anything other than frustration and to document it weekly, you have done it. In general, when dealing with a complaint or concern, faxing or sending certified letter may get more of a response since these people can delete your voicemails and there is no proof you call. Faxing a letter everyday, might get some attention.Maybe we all should do mass faxes to our lenders and clog up there machines for a day? What movie was it that said "I am sick and tired, I am not going to take it anymore!"
I have talked with Chase Executive offices three time now this past week and been referred to two different people at WAMU executive offices and then this am to head of default dept. They are not calling me back and this is taking up far too much of my time and stress. The guy at Chase Exec seemed overwhelmed as I suspect most of them are. They are so inundated they can hardly respond and my mortgage broker this am told me they are getting cases mixed up, lost, you have heard it all. As for these new guidelines, it remains to be seen how and when these companies will adapt them and it will be on a case by case basis.His only suggestion was to send them a letter stating I really want to work this out and will send you whatever documents are necessary and ask that they work with you on finding an affordable payment. If not, tell me where to send the keys. If they dont start foreclosure, just wait it out untill they get around to dealing with you.
Maybe some attorneys filing a class action suit on behalf of consumers would get their attention? I tend to think, a letter from an attorney might get a higher ranking than us people on the bottom of the totum pole.
I dont think their responsiveness is going to change anytime soon and should be expected and planned for. Maybe we will all be less frustrated by this process if we accept this. I gave up on my credit score along time ago. This stuff is out of our control. Dont give up the fight but be realistic. Handing this over to an attorney (if U can afford) or NACA is looking pretty good bout now. I think we all are tired of banging our heads against the wall. Ive got a migraine!

[suprmedic]

another option for you is to call freddie mac directly. 1800 freddie and let them know the steps you have made and that you want to talk to their loan mod specialist. Thats what I did and had some success.

[snapple candy]

Thanks for the heads up suprmedic,
Havent tried that one yet. Although I did find out it is a fannie mae loan this am, and not freddie mac. No reason I cant attempt that with Fannie although I tried calling Fannie, was on perpetual hold for 15 minutes each time, and then they came on saying (recording) sorry due to high call volume we cannot answer your call, please call back another time. Ill let you know if I make any headway. I did talk to WAMU default people today and requested new loan negotiator and had to push them to re-evaluate my loan mod based on new guidelines. Clearly they did not want to re-evaluate it and I had to push.