Can I request a WaMu loan modification if my payments are current?

[Kiddi]

Hi! Here is my situation. I have a WaMu ARM, interest-only at 6.35% which will adjust in April 2011. Principal balance is $591,000. I have never been late with a single payment. The problem is that I work in the Real Estate industry and like everyone else, my monthly income has been hit hard.

The monthly interest payment on the loan is $3,127, and with taxes the payment is almost $4,200. I cannot afford to make this payment much longer. But as of now I am still making payments on time.

The property is over-leveraged now that prices have fallen. If I could find a buyer, I could sell with a short sale. That's a big "If". But I could stay in my home if the payment were more manageable.

I have contacted WaMu, and have submitted paperwork to request a loan modification, but I'm getting conflicting information from them as to whether a loan modification would even be considered if I haven't missed a payment yet. Anyone know about this??? Any advice?

Thanks, this is a great forum.

Kiddi

[Moe Bedard]

Hi kiddi,


Welcome to the forum and thank you for joining...................

You can receive a modification even if you are not late..........but the servicers do treat it like an emergency room where the most critical......like the ones in foreclosure will get the attention first.......so it may seem like it will take a bit longer.

try contacting the executive team instead and see if you have better luck..........
1-800-225-5497

[LHarveyMadman]

Kiddi, as *** noted in her apt analogy, you would be low priority if you were to call a general number. I was current with B of A, and when I cold-called their homeownership retention team I was repeatedly turned away because I was not delinquent. It wasn't until I contacted certain high level executives did my modification process get underway.

Your mileage may vary, depending on what WaMu is doing these days. Good luck.

[newjersey24]

LHarveyMAdman,

I have WAMU also and am in beginning process of it loan modification with Griswold.

When did you start your process and how long did it take for you to get a loan mod while being current?

Also, should I still call WAMU myself even though I am using an attorney or could that be detrimental to my schances?

Thanks
newjersey24

Originally Posted by LHarveyMadman

Kiddi, as *** noted in her apt analogy, you would be low priority if you were to call a general number. I was current with B of A, and when I cold-called their homeownership retention team I was repeatedly turned away because I was not delinquent. It wasn't until I contacted certain high level executives did my modification process get underway.

Your mileage may vary, depending on what WaMu is doing these days. Good luck.

[LHarveyMadman]

I can't answer your question about the attorney issue. I didn't need an attorney in my process, though I considered having one review the loan modification documents just to be safe (I didn't in the end).

I sent my email to the execs in mid-October. One week later, I received a call from an analyst indicating that my letter had been received, and that my loan would be modified. However, because of a handful of snafus and other delays, I did not have the agreement signed and notarized until yesterday.

[newjersey24]

Oh ok, I understand. I will ask my loan modification specialist if its okay. You know two heads attacking from different angles stratgey or just leave it up to them. I'll ask them.

But good to hear you got it approved. May I ask what kind of interest rate or loan type you had and what u have now?

savings?

Thanks,
newjersey24

Originally Posted by LHarveyMadman

I can't answer your question about the attorney issue. I didn't need an attorney in my process, though I considered having one review the loan modification documents just to be safe (I didn't in the end).

I sent my email to the execs in mid-October. One week later, I received a call from an analyst indicating that my letter had been received, and that my loan would be modified. However, because of a handful of snafus and other delays, I did not have the agreement signed and notarized until yesterday.