SUCCESS with WAMU - Loan Modification Forum

jeff6898 · 02-26-2008, 10:06 AM

Does anyone know if you had a foreclosure pending and the lender did a loan modification before if it can be done again? I losy my job a year ago and the home went into foreclosure with Washington Mutual. They ended up doing a loan modification. A year later and due to the economy hours were cut. We are 2 months behind about to be 3 We can make 1 payment in a couple of weeks but it still leaves us 2 months behind. Is a loan workout a 1 time thing?

02-26-2008, 11:08 AM

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

Was this a WAMU loan or a Long Beach loan? If WAMU then the Jacksonville Florida office, if Long Beach then Florence, NC or SC (those states get muddy for me). Sorry, oh they are all under the WAMU umbrella as of today.

Yes they are very proactive, may not modify, but may do forbearance on the present situation. They have been very good about working with people and taking a very responsible stance in this situation that we are all facing. You can ask and you should for the assistance as long as it is documented hardship they are very accommodating.

jeff6898 · 02-29-2008, 01:12 PM

Does anyone know which address I would send a hardship letter to? I am going on 3 months behind and am trying to avoid a foreclosure. I have called customer service several times but they will not put me to Loss mitigation and they seem to be just reading from a script.

02-29-2008, 01:24 PM

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

I will call and get that for you, was the loan originated by Long Beach or by WAMU....there is a difference, I need to know that to get you the right address as one has a retention department in one area and the other in another area. They are now the same name, but different states and departments depending on the originating organization.

jeff6898 · 02-29-2008, 01:39 PM

I am thinking Wamu. I sign on the Wamu website to view my account. I am not positive though if they share the same site.

02-29-2008, 01:48 PM

I will get both addresses and hopefully some phone numbers for you, have to call if she is there, then OK she will give them to me, if not have to wait for return call....

They are now both under the same umbrella, but handle the loans differently in the Mod process and at different sites.

jeff6898 · 02-29-2008, 02:38 PM

Thanks I really appreciaite it. I have no idea why the collections department wont transfer me. I explained the situation and asked for a loss mitigation work out packet and all they do is ask when am I going to pay.

Moe Bedard · 02-29-2008, 03:55 PM

You need to fool them. Next time you call, say that you were speaking with Tony or Mike in loss mitigation and you had just got disconnected while your on hold. Be creative. Remember their job is to get that money from you and in fact, a lot of these guys make a commissions on the money they collect.

02-29-2008, 06:58 PM

I called my friend at the WAMU she is going to get the information for me by Monday. She did not have it available to her, she is not in that end of the world, for that matter I was not until now.....

They all give me grief for my new found passion....well someone has to save the loans that we made with so little regard for the borrower I tell them...

jeff6898 · 03-01-2008, 01:05 PM

Thank you very much I really appreciaite it

03-01-2008, 01:50 PM

Not to worry, she is a good person and will help even though they all claim I have gone to the "dark" side of the world....this is a joke with my colleagues in the business....

jeff6898 · 03-03-2008, 11:12 AM

I found the number and talked to someone today in Loss Mitigation. They are going to send a loam modification packet out today. THey also said if I make 1 payment by the end of the month they will not start foreclosure. I owe for January, February, and march. SHe said they don't start foreclosure until it hits 4 months. Don't know how true this is but this is what she said. SO I will see what happens.

03-03-2008, 03:01 PM

If a party at WAMU told you that then you can pretty much bank on that information...WAMU is extremely restrictive with information and adheres ot the concept of good data and relating of accurate data to the borrower/customer. Make sure that you fax a copy of that conversation to them to confirm what you were told....always fax information as you understand it that is that sensitive in it's nature.....cover your @ssets.....

Fax it 3 times with your information all over the fax....name, loan #, property address and last four of SS#. Make sure that you have fax confirmation at that end of the transmission as well for more back up.

My friend is still getting back to me and I will post that data as well.

jeff6898 · 03-03-2008, 03:43 PM

Thanks Poppy. See if she will give you the fax# as well.

03-03-2008, 06:17 PM

She has not called back yet and I will get that when she does, she is up to her neck in work, they are changing things where she works dramatically and I know that her days are hard.

jeff6898 · 07-18-2008, 11:18 AM

Have a mortgage through WAMU. To make a long sory short. My income is low compared to what it was when I bought the house. My wife was out of work for 3 months due to a high risk pregnancy. Living paycheck to pay check before that got way behind on mortgage. We will be 4 months behind on August 1st. Problem is we are in a deficit at the current payment. With escrow and all it is $1,487 regulay payment is 1,052. We are negative $250 every month. Current rate is 8%. We have about $20,000 added to the loan previously when A foreclosure was filed before. Really want to save the home. A loss mitigation person has our file and said they are seeing what they could do if anything. Should I reallly hold out hope or just move out and find a place to live? We owe $156,000 it is now worth onlt around $140,000 or so.

Moe Bedard · 07-18-2008, 11:48 AM

Hi Jeff,

Welcome to the forum and thank you for joining.............
Just wait and see what they come back with first.........although having a deficit might not work for a modification..........most lenders require a surplus...........but it won't hurt to see before making any decisions on the moving.............

Please keep us updated on your progress..............

jeff6898 · 07-18-2008, 12:30 PM

Thats what I was afraid of, but I will hang in there and see what happens.

jeff6898 · 07-26-2008, 10:03 AM

Got the shock of my life this morning. I am 4 months behind with wamu. Did a loan modification package about a month ago, I was about 250 deficit on the budget sheet.
Fed-ex knocks on the door and hands me a packet from Wamu. MY interest went down to 4.42% from 8% plus it loks like the amount owed was a little lower. Long story short payment went from $1,200 p&I to $703 MY home is now saved.

Moe Bedard · 07-26-2008, 10:13 AM

Jeff,

That is great news!!
Way to hang in there!!
Congratulations!!

RudyJay · 07-26-2008, 04:50 PM

GREAT JOB JEFF..YOU SAVED YOUR HOME.. enjoy your house rj

elpjohnson · 07-26-2008, 10:52 PM

Awesome news, Jeff!!! CONGRATULATIONS!!!!

jeff6898 · 07-27-2008, 09:05 AM

Thanks everyone I was about to just walk away and give up. Couldn't have did it with out this boards help. I thank you all for the advice

rmetzler · 10-23-2008, 08:43 AM

WAMU success. Got a Fedex packet today. Loan went from an option ARM at 7.783 with negative amm alklowed. Even with neg am payment was 4750 month. New mod is 1% for two years! interest only! 3% for next year, 5% for two more years all interest only. Balloon for balance in 5. So payment went down almost 4000 month and over 12 months behind was rolled into new balance (58,000). Only risk is clock ticking for balloon in 5 years. Work hard on credit, save bunch cash down and hope a refi is avaiable. New payment of 937 is pretty nice and doable whikle reorganizing.

strive2win · 10-23-2008, 09:23 AM

I am so happy to hear of your WAMU success! It also gives me hope that they can do something for me too...

02-26-2008, 10:06 AM	#1 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	SUCCESS with WAMU Does anyone know if you had a foreclosure pending and the lender did a loan modification before if it can be done again? I losy my job a year ago and the home went into foreclosure with Washington Mutual. They ended up doing a loan modification. A year later and due to the economy hours were cut. We are 2 months behind about to be 3 We can make 1 payment in a couple of weeks but it still leaves us 2 months behind. Is a loan workout a 1 time thing?

02-26-2008, 11:08 AM	#2 (permalink)
Mary Salzer Guest Posts: n/a	Re: loan modification twice Welcome to the forum and thank you for joining.... Was this a WAMU loan or a Long Beach loan? If WAMU then the Jacksonville Florida office, if Long Beach then Florence, NC or SC (those states get muddy for me). Sorry, oh they are all under the WAMU umbrella as of today. Yes they are very proactive, may not modify, but may do forbearance on the present situation. They have been very good about working with people and taking a very responsible stance in this situation that we are all facing. You can ask and you should for the assistance as long as it is documented hardship they are very accommodating.

02-29-2008, 01:12 PM	#3 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	success with WAMU Does anyone know which address I would send a hardship letter to? I am going on 3 months behind and am trying to avoid a foreclosure. I have called customer service several times but they will not put me to Loss mitigation and they seem to be just reading from a script.

02-29-2008, 01:24 PM	#4 (permalink)
Mary Salzer Guest Posts: n/a	Re: washington mutual loss mitigation Welcome and thank you for joining the forum.... I will call and get that for you, was the loan originated by Long Beach or by WAMU....there is a difference, I need to know that to get you the right address as one has a retention department in one area and the other in another area. They are now the same name, but different states and departments depending on the originating organization.

02-29-2008, 01:39 PM	#5 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: washington mutual loss mitigation I am thinking Wamu. I sign on the Wamu website to view my account. I am not positive though if they share the same site.

02-29-2008, 01:48 PM	#6 (permalink)
Mary Salzer Guest Posts: n/a	Re: washington mutual loss mitigation I will get both addresses and hopefully some phone numbers for you, have to call if she is there, then OK she will give them to me, if not have to wait for return call.... They are now both under the same umbrella, but handle the loans differently in the Mod process and at different sites.

02-29-2008, 02:38 PM	#7 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: washington mutual loss mitigation Thanks I really appreciaite it. I have no idea why the collections department wont transfer me. I explained the situation and asked for a loss mitigation work out packet and all they do is ask when am I going to pay.

02-29-2008, 03:55 PM	#8 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: washington mutual loss mitigation You need to fool them. Next time you call, say that you were speaking with Tony or Mike in loss mitigation and you had just got disconnected while your on hold. Be creative. Remember their job is to get that money from you and in fact, a lot of these guys make a commissions on the money they collect. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

02-29-2008, 06:58 PM	#9 (permalink)
Mary Salzer Guest Posts: n/a	Re: washington mutual loss mitigation I called my friend at the WAMU she is going to get the information for me by Monday. She did not have it available to her, she is not in that end of the world, for that matter I was not until now..... They all give me grief for my new found passion....well someone has to save the loans that we made with so little regard for the borrower I tell them...

03-01-2008, 01:05 PM	#10 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: washington mutual loss mitigation Thank you very much I really appreciaite it

03-01-2008, 01:50 PM	#11 (permalink)
Mary Salzer Guest Posts: n/a	Re: washington mutual loss mitigation Not to worry, she is a good person and will help even though they all claim I have gone to the "dark" side of the world....this is a joke with my colleagues in the business....

03-03-2008, 11:12 AM	#12 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: washington mutual loss mitigation I found the number and talked to someone today in Loss Mitigation. They are going to send a loam modification packet out today. THey also said if I make 1 payment by the end of the month they will not start foreclosure. I owe for January, February, and march. SHe said they don't start foreclosure until it hits 4 months. Don't know how true this is but this is what she said. SO I will see what happens.

03-03-2008, 03:01 PM	#13 (permalink)
Mary Salzer Guest Posts: n/a	Re: washington mutual loss mitigation If a party at WAMU told you that then you can pretty much bank on that information...WAMU is extremely restrictive with information and adheres ot the concept of good data and relating of accurate data to the borrower/customer. Make sure that you fax a copy of that conversation to them to confirm what you were told....always fax information as you understand it that is that sensitive in it's nature.....cover your @ssets..... Fax it 3 times with your information all over the fax....name, loan #, property address and last four of SS#. Make sure that you have fax confirmation at that end of the transmission as well for more back up. My friend is still getting back to me and I will post that data as well.

03-03-2008, 03:43 PM	#14 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: washington mutual loss mitigation Thanks Poppy. See if she will give you the fax# as well.

03-03-2008, 06:17 PM	#15 (permalink)
Mary Salzer Guest Posts: n/a	Re: washington mutual loss mitigation She has not called back yet and I will get that when she does, she is up to her neck in work, they are changing things where she works dramatically and I know that her days are hard.

07-18-2008, 11:18 AM	#16 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	success with WAMU Have a mortgage through WAMU. To make a long sory short. My income is low compared to what it was when I bought the house. My wife was out of work for 3 months due to a high risk pregnancy. Living paycheck to pay check before that got way behind on mortgage. We will be 4 months behind on August 1st. Problem is we are in a deficit at the current payment. With escrow and all it is $1,487 regulay payment is 1,052. We are negative $250 every month. Current rate is 8%. We have about $20,000 added to the loan previously when A foreclosure was filed before. Really want to save the home. A loss mitigation person has our file and said they are seeing what they could do if anything. Should I reallly hold out hope or just move out and find a place to live? We owe $156,000 it is now worth onlt around $140,000 or so.

07-18-2008, 11:48 AM	#17 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wamu modification anychance? Hi Jeff, Welcome to the forum and thank you for joining............. Just wait and see what they come back with first.........although having a deficit might not work for a modification..........most lenders require a surplus...........but it won't hurt to see before making any decisions on the moving............. Please keep us updated on your progress.............. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-18-2008, 12:30 PM	#18 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wamu modification anychance? Thats what I was afraid of, but I will hang in there and see what happens.

07-26-2008, 10:03 AM	#19 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	success with WAMU Got the shock of my life this morning. I am 4 months behind with wamu. Did a loan modification package about a month ago, I was about 250 deficit on the budget sheet. Fed-ex knocks on the door and hands me a packet from Wamu. MY interest went down to 4.42% from 8% plus it loks like the amount owed was a little lower. Long story short payment went from $1,200 p&I to $703 MY home is now saved.

07-26-2008, 10:13 AM	#20 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with WAMU Jeff, That is great news!! Way to hang in there!! Congratulations!! __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-26-2008, 04:50 PM	#21 (permalink)
RudyJay Senior Member Join Date: Apr 2008 Posts: 652 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with WAMU GREAT JOB JEFF..YOU SAVED YOUR HOME.. enjoy your house rj

07-26-2008, 10:52 PM	#22 (permalink)
elpjohnson Successful Homeowner / Loan Safe Guide Join Date: Dec 2007 Location: Gold Country, Northern California Posts: 1,025 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: success with WAMU Awesome news, Jeff!!! CONGRATULATIONS!!!! __________________ Erika 10 Month Success Story With Option One.

07-27-2008, 09:05 AM	#23 (permalink)
jeff6898 Member Join Date: Jan 2008 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: SUCCESS with WAMU Thanks everyone I was about to just walk away and give up. Couldn't have did it with out this boards help. I thank you all for the advice

10-23-2008, 08:43 AM	#24 (permalink)
rmetzler Junior Member Join Date: Apr 2008 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: SUCCESS with WAMU WAMU success. Got a Fedex packet today. Loan went from an option ARM at 7.783 with negative amm alklowed. Even with neg am payment was 4750 month. New mod is 1% for two years! interest only! 3% for next year, 5% for two more years all interest only. Balloon for balance in 5. So payment went down almost 4000 month and over 12 months behind was rolled into new balance (58,000). Only risk is clock ticking for balloon in 5 years. Work hard on credit, save bunch cash down and hope a refi is avaiable. New payment of 937 is pretty nice and doable whikle reorganizing.

10-23-2008, 09:23 AM	#25 (permalink)
strive2win Senior Member Join Date: Oct 2008 Posts: 41 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: SUCCESS with WAMU I am so happy to hear of your WAMU success! It also gives me hope that they can do something for me too...

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