Wamu

[jamin415]

I applied for a loan mod in October with WAMU. Its been in "review" ever since. I can not get anyone in C/service to give me any info. I have an option arm that I thought would be a sure thing for a mod but now I have a sale date of January 8th. I called WAMU today and they told me the person in charge of modifications would have to talk to the investors and postpone the date IF they decided to do that. Any advice?

[Moe Bedard]

Hi jamin415,

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

I am not sure that they are working today........but you may want to give the executive team a try and see if they are able to help get you some answers on what is going on and also to postpone the sale as well.

WaMu executive team
1-800-225-5497



Please keep us posted on your progress.........

[Lisa in MN]

HI jamin,
We recently got a successful WAMU loan mod and the phone number I have from the Exective offices is : 1-818-775-8503- thats the number our negotiator calls from.

Hope that helps

Lisa

[Lisa in MN]

Oh, I forgot to add, this is not for the faint of heart.....you need to make phone calls and faxes your new part time job. Just keep at it. My story is located under the Stop Foreclosure thread...... titled "Finally WAMU offered us a loan mod or something like that. We have been trying in earnest since October as well.
Ultimately I faxed a letter to the executives at Chase because WAMU was so frustrating to deal with. This got me a phone call from WAMU QUality Assurance, and ultimately to a supervisor in the load mod dept.

Best of luck to you
Lisa

[Moe Bedard]

Lisa the number that I posted is directly to the executive office toll free.........the number you have here goes to the voice messaging system, which would be good if you had a contact to ask for or an extension to look up.

[Lisa in MN]

thanks ***, I was not aware of this. I only know there are ton of different numbers!

Lisa

[jamin415]

Thanks to you both, Lisa did you ever have a sale date scheduled? They have scheduled mine for the 8th of Jan. I probably should have followed up better.
I found a Rosie Alavarez name and phone number on the forum and left her a message on Sat. I think she is on the executive team.

Also, I could never get a phone number from WAMU customer service for my negotiator and finally the 2nd mortgage called (WAMU as well) and she gave me his number so I have left a message for him as well.

What are my chances of getting the sale delayed?

[jamin415]

Update:
I just spoke to WAMU and customer service informed me they approved my work out this morning (maybe the messages helped) and that they could not provide me anything in writing that the sale is postponed but stated that the workout approval itself postponed the sale. Does this sound right?

The little info she could provide stated I would get a 3% rate the first yr, 3.5% the second and 5% thereafter. Thats really all the info she said she could provide and that I would be getting the workout paperwork in the mail. I was hoping for a balance reduction, as I have deferred interest and value declines all totaled it looks like my home is worth $100,000 - $150,000 less than my balance. Is the balance reduction even a possibility to get approved?
Should I just take what I get and run?

[Lisa in MN]

Hi jamin,
Our home too is underwater- not by as much as yours- more like 50-60,000. We decided to take WAMU's offer as it make the next few years easy, even with the fixed 5% we can well afford the payments. I guess it boils down to if you plan to stay where you are. Can you affored the monthly payments? Personally, I want to stay where I am- even though I had resigned myself to foreclosure- we had an original sale date of Dec 4 which was postponed due to the mod process. Never was rescheduled.
I for one am thankful for this mod offer- I feel it is generous and despite what we believe was an inflated appraisal in 2006 that got us this bad mortgage- it was not all house related that we rolled in, so we do owe this. We never should have gotten this loan in the first place but the fact is we did and we will gratefully accept this offer from WAMU.
Hope that helps a little.
There have been no principle reductions that I have seen in this forum.Principle reduction is an immediate loss, whereas these types of mods are gradual and investors still see a return on thier original investment. MadmanHarvey ( a member here) told me that WAMU must have seen something in our personal situation that made them agree to a generous mod--- that we can ultimately afford the payments--- which is true.

Good luck!
Lisa

[jamin415]

So it seems that you got the same offer as I did. How did you confirm the sale date was postponed. That is my worry, my sale date is 1/8. I sent an email to the atty in hopes to verify.

Kat have you heard any principle reductions?

[Lisa in MN]

jamin,
Call customer service and ask for the date of the sale. Regular collections calls have continued for me and I asked one of the nice ones that called. But from what i understand when in loan mod- sale is postponed-- but call to be sure.

[Moe Bedard]

sorry............I have not.

[jamin415]

What experience does anyone have with resubmitting another offer? WAMU told me that if I did not like the offer once I received the package I could resubmit but that if that one got turned down then I had no mod at all. Is this correct?

It seems they wait till you get a sale date, basically forcing you to take what they give you. If I am understanding Lisa in Min correctly they offered her mod after a sale date as well.

Can I submit a new offer and what are the potential outcomes? WAMU customer service says the sale is only postponed for 30 days?