WAMU loan mod on hold?

[andigirl]

I am totally confused. I have WAMU for my 1st and 2nd and it adjusted this month which will reflect on my Feb. 1 2009 payment. I was granted a loan mod they called my phone like 4 times left no messages, I called them back and they had modified my 1st and 2nd which I didn't even ask for the 2nd. I was so stoked. I didn't get any paperwork and after a week went by I was concerned because I know they usually UPS it to you. When I called they said oh yeah sorry after further review you don't fit into your investor guidelines- your loan is current....sorry. What so because I pay my bill I can't get help? I told them this was to modify a loan that was due to adjust all they can say was sorry.
When I search online I see forums that say WAMU can put an ARM into a fixed rate...when? My investor is Deutsche does anyone have any loop holes or anything to help me. My payment is going up almost $300.00 a month and I am a Realtor and my husband is a contractor in California...need I say more I need help!!!

[Moe Bedard]

Hi andigirl,

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


You may want to try calling the executive team instead and see if they can see what options the investor has on your type of loan.
WaMu Executive Team
1-800-225-5497



Please keep us posted...........

[andigirl]

Thank you so much! Every other number they give me is either not working or sends me right back to where I started.....so frustrating. I will call first thing Tuesday as tomorrow is a holiday. I will keep you posted.

[andigirl]

Thank you ***!
I called the executive team who assigned me a worker who called within the 48hr. time frame they told me about. She told me I could appeal the denial of my note mod and since at this point it was beyond the 15th of the month I was considered "delinquent" which means that now I do fit within my investors(Duetsche) guidelines she said if I sent her my whole loan mod package again she could work it up and assign it to the same negotiator and try to get me a mod before I went 30 days late which would be today. Well I spoke to my worker on Monday who told me we would talk on Friday (today) I called her multiple times and got no answer so come 3:00 I figured I better call and make a payment. Now please tell me if this is correct because I don't want to get excited unless this is legit. I called and spoke to a customer care rep. who said she can't accept payment from me because I have been approved for a modification and it would mess up the numbers, I said I have been approved? She said yes told me what the terms were and said it has been forwarded on to a "closer" I said I am sorry to be a spectic but this happened to me last time. She said no last time you were approved but in "quality assurance" they caught that you didn't fit into the investor guidelines this time you got the mod it has passed quality assurance and has now been forwarded onto a closer who will draw up the paperwork. She said it would be fed-exd and I would have to come up with a contribution amt. in certified funds and send it back.
I was a little bit concerned so I called back and another lady said the same exact thing they wouldn't accept my payment!
Can anyone tell me if this is all sounding like I may have myself a note mod? I will have a 30 day late but it would all be worth it if I get my note mod.
This forum is great. I will keep you posted as to if I actually get the paperwork.
Thanks,
Andigirl

[Moe Bedard]

andigirl,


If a payment were accepted during the processing of the modification docs, it would go to a suspense account and be applied after the documents were returned. When they do the figures for the modification, it will normally include the payment that was missed during this time. It sounds as though you should be receiving mod docs soon...........but call Wed. or Thurs. to check again and make sure.

Keep us posted

[strive2win]

Yes, this is exactly what happened when my wamu loan was in workout status. Their system wouldn't let me make a payment in the branch or over the phone...looks like you're on your way! I hope you get great terms!

[andigirl]

That is great news guys, Thanks! I will keep you posted as to if it goes through or not.
Thanks again!

[andigirl]

Hi Guys,
I need some help with my note mod with WAMU. I had signed docs on my first and they say I am good on that and I can start making my new payment however on my second they didn't send out the docs in time and now with this bailout thing everything is on "hold" what does that mean? If I don't pay this month it will be 3 months no payments and I originally stopped making the payments because I didn't qualify if I was current. What does this mean for me they told me previously that if I made a payment while in a workout it would throw it all off. Any advise? *** can you help have you heard of this?
Thanks,
Andigirl

[Moe Bedard]

I am not sure why they would do that..............have you asked the executive team?

This is what is says regarding seconds...........from the new program.......

What if the borrower has a second mortgage and would like to apply for a Home Affordable Modification?

Under the Home Affordable Modification program, junior lien holders will be required to subordinate to the modified loan. However, through the Home Affordable Modification an incentive payment of up to $1,000 is available to pay off junior lien holders. Servicers are eligible to receive an additional $500 incentive payment for efforts made to extinguish second liens on loans modified under this program.

[andigirl]

Hi
Thanks for the quick response ***. I want to make sure I am reading and understanding correctly before I get too excited. Does this mean that for possibly $1500 I can pay off my second completley? It sounds to goo to be true so I want to clarify. Thank you for this forum and thank you ***!

[Moe Bedard]

It means you should definately look into it...............and give it a try.

but, unfortunately, the whole program is voluntary.......

[andigirl]

Thanks *** I will give it a try. And I will call the executive team now. I will update as I make progress.
Thanks!