Home Loans and Support

Fannie Mae and WAMU giving my house back...

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by jewlsbox, Sep 29, 2008.

  1. jewlsbox

    jewlsbox LoanSafe Member

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    Hi....Im new here(Julie) and I desperatly need advice. Im not sure where or who to ask. It is about a foreclosure sale in California ,(house was sold at court house ,but no buyer, so it went to Fannie Mae) . I fought back(very hard) against Washington Mutual for the past few months After hours and hours of research , letters ,e-mails ,phone calls, and writing down everything and everyone I talked to , saving every piece of paper that i might need for proof of my case and lots of tears ....Fannie Mae is now rescinding the home back to us and Washington Mutual is reinstating our loan. Thats a quick summary of where I'm at right now.I got this far by myself (no attorney) but now I think I need help ,to make sure that all the legal paperwork and deeds or titles and anything else that i need gets done the right wayI have to pay them 11,800 tomorrow and i need something in writing from them saying we are being put back in our loan .I can't find a lawyer or financial person to help me they say this is very rare..Everyone I have asked for help says besides Congresswomen Richardson in Sacramento they have never heard of a home being returned after the foreclosure sale .I'm trying to make this request short ....so I'm leaving out all the juicy details...lol...Please Help...I am hoping , that what I have gone through in the last few months will put me in a position to help thousands of others stay "HOME".I got alot of the information for my "battle" from your forums and I am very very grateful that I found your website and all the good advice I got here. Thank You for any advice you can give me. Julie

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  2. ProfessorShays

    ProfessorShays LoanSafe Member

    To make a long story short, due to a mistake of a lender providing me with the wrong note and deed of trust with instructions to foreclose, I actually completed a foreclosure (as the title company trustee), later discovering we foreclosed on the wrong home. This was back in the '70s (yes I have that much experience in the transactional side of the foreclosure business). Through the process of preparing, getting signed, and recording a series of deeds and new deeds of trust, we were able to put things back like they were.

    Your situation can certainly be done, but it takes cooperation from all concerned, with the best place to start probably being a skilled escrow officer at one of your local title companies. Because you don't give a lot of facts, it is hard to tell how difficult it will be to structure the paperwork. Issues like unpaid taxes, junior loans or liens, etc., can make the situation even more complicated.

    Given the downturn in the Sacramento, the real question becomes by delivering over $11,800, is that really a wise decision. The fact that the lender was the successful bidder at the foreclosure sale suggests that there wasn't a lot of equity in the property. This should not be a "I love our home" decision but a true business decision. When viewed in that manner, given the market downturn, particularly in Sacramento areas like Natomas, Elk Grove, and Lincoln, I think you might change your mind about going through with this effort.

    Take care,

  3. jewlsbox

    jewlsbox LoanSafe Member

    *****Below are 2 letters I wrote pleading and explaining our situation ,this gives a little more details of why we wont walk away,$3000 is fees and $8000 will come off loan($11,000 payment they want) We never got the loan modification or any explaination of what happened,they just are letting us get our home back and continue with our original loan,and that's why I'm not sure what kind of paperwork i should ask for or make sure is given to us ,so we dont fall through another ***** in their system!***** <META content="MSHTML 6.00.5730.13" name=GENERATOR>(letter) Mr xxxxxx (CEO)...I am looking for help resolving this issue. We thought we were in the process of modifying our loan and during this time our home was sold. How do we get this fixed? We are getting a lot of calls about this same thing happening to a lot of WAMU customers ,including Congresswomen Richardson(who had her foreclosure reversed) from the media but as of right now we would rather put our energy into getting our home back than getting caught up in a media circus.I think, somehow someone did not let someone else at your bank know we were modifying our loan, and we slipped through a *****.We would like to have the chance to finish whatever the process needed to modify our loan, and pay every dime we owe to your bank so we can keep our family home.OR sell our IRAS and pay off our loan .On Friday August 28th, 14 days after our house was sold at the foreclosure , we received a letter from your DEFAULT CASH OPERATIONS DEPT. with our August 2008 certified funds , house payment ,saying we needed to send another check for certified funds for the past due amount plus fees to "REINSTATE " our loan,and, to make sure we wrote the loan number on the certified funds.But how can this be? We were told by the real estate agent that the house was sold back to you at foreclosure?? Could this be just another OVERSIGHT or MISTAKE ????I *****

    [B](letter)[/B]Dear xxxxxx
    We are located in Modesto Calif. Due to ID theft , our house being robbed , $12,000 cash stloen, (we had saved this to get a new roof) , a car stolen.,Tims father diagnosed with cancer, a daughter on drugs, and some other issues we became behind our our loan with Washington Mutual Bank. I was wondering if I can get any advice from you. We only owed $112,000 (no seconds )on our home( before ID theft we never had a late payment, EVER , on our mortgage) . . In the middle of July 2008 , we were working on a loan modification with WAMU, We answered every question and gave all our financial info to them(WAMU),we told them exactly what had caused our payments to fall behind and assured them we wanted to do whatever it took to save our home and given the chance , we would not let them down.Tim has a very good job and received a $4.00 hour promotion.I was told to get a cashiers check for $2,300(good faith payment) and fax a copy to them ,which I did (I faxed it from a local WAMU branch) after I faxed it I I called back the loan modification center and he said he had received it. I thanked him for all his help and he said for me to go spend time with my family and try to relax)I had been very upset)... I faxed all the documents they requested (3 times) plus sent emails asking about the status. We bought another cashiers check for our regular monthly house payment for August,2008 and sent it certified so they would know we were serious about making our payments while waiting to hear from them about our loan modification. Well on August 18 th, you can't imagine the distress and devastation we felt , when a real estate agent came to the door to tell us our house was SOLD the week before at an auction ,no buyer...... but it now belonged to Fannie Mae. We want to buy it back from Fannie Mae , through selling our IRAS and help from family, Why did this happen? Was this a mistake? Like the one they made with the Congresswomen in California? Washington Mutual reversed her foreclosure sale after she said it was a mistake........I wonder would they do that for us? We are so lost....any advice? We have had a lot of people from the media contact us because of the similarities to the Congesswomens foreclosure in Sacramento Calif. We are in Modesto Calif. but have not spoken to any of the media as of yet, we just want to save our home and don't have money for a lawyer because we are scrapping together all the funds we can to try to rebuy our home .........I have contacted Fannie Mae and left messages ,letting them know we want to buy our home back,they tell us be patient and someone will call us back, they also told us to contact the eviction attorney and real estate agent and tell them of our intentions to buy back the home (which I have..a few times) The real estate agent said she talked to Fannie Mae and they told her we need to purchase it back through eviction attorney , plus pay any fees.....so I called eviction attorney back and they said they would contact Fannie Mae and let us know. what to do. Are we doing the right things to hopefully save our home? I really wish Washington Mutual would of given us a chance to modify our loan or at least told us no if it was declined and let us sell our IRAS or borrow money and pay the late amount due ..We really believed them when they said they were helping us..Three days after we talked to WAMU and thought they were modifying our loan , Tims parents gave us the money we needed to put a new roof on our house(it wouldn't make it through another winter) a week before our house was sold at forclosure we paid the roof contractor $10,000 and had a beautiful new roof over our heads . If we would of had any idea that somehow we were going to lose our home in a week (we still dont know why we never got any thing saying we could not get our loan modifyed from WAMU) we would not of accepted his parents gift of a new roof. Last Friday I received my cashiers check (for house payment for month of August 2008) back from WAMU Default Cash Operations with a letter saying I needed to send a certified check for sufficient funds to reinstate loan...but how can that be correct if it has been foreclosed on?????*****

  4. ProfessorShays

    ProfessorShays LoanSafe Member

    I am truly sorry for the troubles you have faced. The problem as it presents itself is that the foreclosure period here in California is of a reasonably generious length. The minimum time period, from a practical standpoint is four months on a residence. If this were Texas you would be looking at half that time (51 days). I guess my point in all of this is you need to recognize that, as difficult as it is to take, the responsibility for this situation rests primarily with you. Countrywide didn't want to foreclose on your home. They no doubt made calls and other attempts to contact you to see what could be done to get you to perform on your obligation.

    The fact that you spent $10K recently fixing the roof on the house tells me that your priorities were not as they should have been. The more effective manner would have been to utilize most of that $10K to solve the foreclosure through a structured loan modification and simply patch the roof to try to get through another winter.

    My guess given the decrease in home values in Modesto and the fact that there were no bidders at the foreclosure sale is the value of the home is likely either near or below the amount owed, which effectively means that when the foreclosure sale went through you had no equity in the home. I firmly believe that your best interests would be served by accepting what has transpired, and look to moving on relative to your life. This market downturn has taught many that home ownership is neither the key to success or the key to happiness.

    Take care,

  5. jewlsbox

    jewlsbox LoanSafe Member

    Fannie Mae and Washington Mutual have already agreed to reinstste our loan .The house was recently appraised for $197,000.The house has been in his family for 40 years ,His parents had the money for the roof set aside from years before for a new roof when needed (as part of the sale).I'm not understanding why you think we should walk away?WE are paying the $3000 in late fees and the rest of the $$ will come off our loan balance ($8000).I just wanted to know what paperwork i need to make sure the house gets put back in our name ,since it was sold to Fannie Mae at auction. Thanks Julie
  6. ProfessorShays

    ProfessorShays LoanSafe Member

    That valuation certainly changes the situation. Contact and escrow officer at one of the local title companies. I'd recommend a title company that has the word "Insurance" in its name. That way you have chosen a national company with offices pretty much anywhere and it will help expedite the process. The choices are fairly limited, with the two largest being First American Title Insurance Company (FATCO) and Fidelity National Title Insurance Company. Stay away from underwritten companies at this stage, simply because it will be easier for the paperwork to be handled if some of it has to be done out of town.

    Do this immediately.

  7. jewlsbox

    jewlsbox LoanSafe Member

    Thank You,I will. Yesterday I went to the court house in Stanislaus County where we live and they looked up our property and found out that Fannie Mae DID RESCIND THE HOME BACK TO US!!!!! on Sept,24th. There were notes on the file that verify what i metioned above.Today Washington Mutual called and said our loan was back in good standing,What a NIGHTMARE this has been.I wonder if we will ever find out why this happened and how many other people have lost their homes in simular situations.If I would of stopped fighting everytime someone told me "there is nothing you can do.", "the house is gone.","It was sold at the foreclosure sale just forget about it." ,then we would be homeless right now andwould of lost all our equity.I refused to give up.Just last week the real estate lady who was the REO agent told me I was lying to her when I told her what was going on.She said I was crazy and Fannie Mae would never rescind a home after foreclosure sale.She said we need to pack up and she was not listening to anything that I said because I was lying to her and that Fannie Mae would of told her first if they were giving us our house back.I told her to please call them.She said she was and I better start packing,I never heard from her again.It is very scary to think how lack of communication between departments in a financial institute can result in a family losing their home....I am so grateful for all the information I got from this website.What you people do here to help others is a wonderful thing.It gives us hope in some of the lowest ,darkest times.Thank You...Julie

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