WaMu loans

[luckielucca]

Hi,
I really need help. My lender is WAMU 1st & 2nd (in CA), my loan is about $600k and I have a new neighboor that just purchased (exact same house as mine - same s.f., # of bedrooms) he got it from the foreclosure auction for $299k. Do you think WaMu will still help me on loan modification or would they just let the house foreclose? Should I get a lawyer to stay in the house?

Thanks.

[Moe Bedard]

luckielucca

A little more information would be helpful.........


What is the interest rate?
Is it adjustable or fixed?
If adjustable when does it adjust?
What type of loan is it......interest only.......PITI.....Option Arm?
Were these the original loans used to purchase the house or have they been refinanced to pull cash out for other things?
How many months are you behind?
Have you received an NOD?
Is there a sale date?

[luckielucca]

What is the interest rate?
8.375% (January statement)
Is it adjustable or fixed?
Adjustable
If adjustable when does it adjust?
October 08
What type of loan is it......interest only.......PITI.....Option Arm?
Option Arm - tried to refi last year but was given 3 years prepay
Were these the original loans used to purchase the house or have they been refinanced to pull cash out for other things?
1x refi - I was advised that Option Arm "best" loan + cash out
How many months are you behind?
6 months (june)
Have you received an NOD? I don't think so
Is there a sale date? No

[Moe Bedard]

Sorry forgot to ask.........

When you put together you household income versus your household expenses do you have a surplus of $100-$250 left at the end of the month?

On the option arm are you making the interest only payment or the minimum payment?

thanks,

[luckielucca]

First of all, thank you for taking your time to help me out - I truly & greatly appreciate it - please do ask away!

From the budget sheet with 955-HOPE (it was e-mld to me & I had to fill it out myself - faxed back to them) - I have over $250+

Option Arm - I've been paying the minimum only.

WaMu send me a page of Financial Statement, I haven't fill it out yet because I don't know which way is the "right" way to keep our home. I think I am mostly afraid of being rejected. When we purchased our home, we had put down 20% - I'm just not ready to let it go.

[Moe Bedard]

If you are already working with HOPE and WaMu...........you might not need to take this step...........

Washington Mutual
Loss Mitigation
1-877-533-8960

[luckielucca]

Ahh.. the Hopeless HOPE - it's useless. Let me tell you my experience with this particular guy from HOPE name Brian (I will not include his company, A Solution).
When I did my budget, I did it with 955-HOPE; I've started with them March 13th. The guy name Brian that was suppose to be helping me had a major power trip & made me feel very little. Called back on the 21st same month try to get a hold of his supervisor, which didn't help at all because it was just voice mail after another (before I tried to get a hold of his sup, I left him couple of messages to call me back because I am following up).
I called WaMu automatically got the collection dept. - they didn't want to transfer me to HOPE dept. I told her that they should receive something from HOPE and she (WaMu rep) said that they do not deal with HOPE and they cannot speak on my behalf because they are not regulated, etc. Finally in April I got a hold of the HOPE guy (Brian) that suppose to "help" me (FYI: once a person from HOPE get a hold of your account, you cannot leave that guy no matter what - that's what I was told, 'cause other reps from another finance counseling services wanted to help me out). Brian claimed that he faxed it to WaMu -- but they never received his faxed. So I had to start all over again with WaMu.

My question is... my loan is $600k and my next door neighboor's new purcahsed is only $300k - (exact same house size, etc); would my lender give me hard time on loan modification because I am 50% upside down? Do you have any suggestions? What about you Moe, any feedback? Thanks.

[Moe Bedard]

That isn't the way a modification works.............they would be modifying your interest rate..........not your loan amount.........the only time that will get changed is if your are in default and they decide to capitalize the arrearage into the principle balance of the loan...........

[luckielucca]

I'm sorry *** but could you please elaborate on this more? "they decide to capitalize the arrearage into the principle balance of the loan........... "
Because I am already on default, I've been late for 6 months now (june).

[Moe Bedard]

For a modification rather than having you come up with the full amount of the past due payments............most lenders are taking some or all of the past due payments and placing that amount back into the principle balance of your loan.........

[luckielucca]

Oh I see. Thanks.