I sent a hardship letter to Wamu (sorry, don't remember the address I used - something I found on the internet). They sent us an application to see if we "fit into" any of their programs. This process took 6-8 weeks. Someone contacted me and we emailed back and forth through the process. At one point I said, "I doubt you can do anything for us that will be better than us just walking away. The only thing I believe we can accept is rewriting our loan to the current value." Finally, they made an offer: a loan modification dropping the interest rate 2 full points, down to 4.5% and extending our 30-year to a 40-year. This gives a $426 monthly savings. No mention of the missed payments and no payment until Oct.
Well, when we got the loan mod paperwork they added $6500 to the balance for the missed payments and late fees and it said our 1st payment was due in Sept. So this was a $7700 discrepancy from our phone agreement.
I emailed back and rejected their offer. Told them the only thing we would accept is rewriting the loan at the home's current value (which would be $54 K less than the loan is at now) 4.5% interest 30 years fixed. Period.
Haven't heard back from him yet. I don't expect them to do that and even if they do we'd still be better off walking away because of a $30K second. But for someone else, what they offered may be a decent deal.
For us, it's just not worth the hassle anymore. I can't wait to be free of this house.
Here's contact info:
Sal Prestia Loss Mitigation Loan Servicing Coaching Specialist Homeowners Assistance Department Home Loans and Servicing Washington Mutual Bank 7255 Baymeadows Way, JAXA2000 Jacksonville, FL 32256 ph#866-926-8937 ext 17551 fx#469-549-2940 email: salvatore.prestia@wamu.net 
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