Home Loans and Support

I don't want to lose my house!

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by Paula, Nov 20, 2008.

  1. Paula

    Paula LoanSafe Member

    To Whom It May Concern:
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    Please help me! I don’t want to lose my house! I went to Washington Mutual in June, to ask if we could do a loan modification. I told them I wanted to do preventative maintenance, because I lost my job and my savings account can only go so far. I can not pay my mortgage this month. My husband faxed over the information that they requested, in June 2008, again in July 2008 and then again in August 2008. We have been strung along for 6 months now, and now in November 2008, they came back with a response “deniedâ€Â. I am so heart broken that someone would play with my life, and not care if I lose my house or not. The stress of this whole process is taking its toll on my health. Please help me, find a way to keep my home!
    <o:p> </o:p>
    Sincerely,
    <o:p> </o:p>
    Paula
  2. jjet7

    jjet7 LoanSafe Member

    hi paula,
    sorry to hear that. did they tell you why it was denied?
  3. Paula

    Paula LoanSafe Member

    Yes, they said debt income to ratio.
  4. mreedlaw

    mreedlaw LoanSafe Member

    Sorry to hear about the denial. Are they able to provide you info. in writing for the reasons?
  5. Paula

    Paula LoanSafe Member

    To Whom It May Concern:
    <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:eek:ffice:eek:ffice" /><o:p> </o:p>
    Please help me! I don’t want to lose my house! I called GMAC in November, to ask them for help. I am not going to be able to make my payments much longer, but if they could lower it some how that would help. I told them I lost my job and my savings account can only go so far. I scraped up the money for the November payment, but I can not pay my second mortgage in December. What can you do for me? They said that they do not do payment extensions, nor do they add it to the back end of the loan. They told me if I did not make my November payment, to call them at the end of the month. They would expect one payment for November than they would put me on some payment plan for the month of December. Then we are right back where we started again. I told them that won’t do me any good I need the payments to be lowered. I am looking for work, everyday. I am signed up with 3 agencies for temp/perm work as well as direct to hire. I am logged into 5 different job sites; also I check the local papers. I even apply for jobs 20 miles away, there is absolutely nothing available yet! I am not trying to get out of my second mortgage; I truly want to honor it. I am just asking GMAC to help me out by modifying the loan. It seems they don’t care if I lose my house or not. The stress of this whole process is taking its toll on my health. Please help me, find a way to keep my home!
    <o:p> </o:p>
    Sincerely,
    <o:p> </o:p>
    Paula
  6. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hi Paula,

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

    Do you have income coming in at this time?
    What is your interest rate at?
    Is it fixed or adjustable?
    If adjustable when is it adjusting?
    Are you paying interest only?
    Do you have one loan or two?
    Did you receive a letter that Chase is servicing your loan?
  7. Paula

    Paula LoanSafe Member

    Hello Cat,
    Yes, we have income. My husband makes $3707.42 a month.
    We have 2 loans:
    1st Mortgage - Adjustable Neg. Am w/Washington Mutual - now Chase.
    Yes we received the letter from Chase.

    2nd Mortgage - Fixed w/GMAC
  8. Paula

    Paula LoanSafe Member

    Hello Cat continued....
    Our 1st Mortgage w/Wamu was adjusted as of 9/1/08 at 7.375%, and the next schedule payment review date is 7/18/09. We pay interest only. Thank you.
    Paula
  9. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    The modifications given are up to the investors on your loan.........what was the reason that you were denied from WaMu?
  10. Paula

    Paula LoanSafe Member

    Hello Cat,
    We were denied because of debt income to ratio.
    Paula
  11. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Have you tried to contact HOPE to go over your financials with a counselor and resubmit...........they might be able to help you get the financials in order for a modification.

    Homeownership Preservation Foundation
  12. Paula

    Paula LoanSafe Member

    Cat,
    Who is HOPE? No matter how they look at it, my debt is greater than my income right now. I lost my job earlier this year, and I haven't been able to get another one. Also with the way the market is, the value of our property has gone down considerably. I was mislead in believing that a neg am loan was in our best interest. Please excuse my ignorance, I'm just very upset with this whole process. What can a couselor do for me??
    Paula
  13. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    There isn't any household income at all?
  14. Paula

    Paula LoanSafe Member

    Cat,
    Yes, just not enough. My husband makes $3707.42/monthly. Our first mortgage is $1775.35, and our second mortgage is $561.38. Which leaves approximately $1370.69, but our monthly bills come to $4645.78. Not including a differed payment of approx. $540.00, starting next year in April. 2009 for home improvements.
    Paula
  15. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Chase is working with the option arms from WaMu.......they just made the announcement last Friday..........they are going to fix the rates, take out the negative amortization, and make the payments more affordable......
    here is the number.........this might be able to help you.

    For help with your Chase,
    Wamu or EMC loan,
    call 866-550-5705

    Click on the link to read the press release regarding this............

    JPMorgan Chase: Chase further strengthens robust programs to keep families in homes, including systematic review of entire mortgage portfolio;
  16. Paula

    Paula LoanSafe Member

    Cat,
    Thank you! I will call them and see if they can help us. I will keep you posted. Thanks again!
    Paula
  17. Lisa in MN

    Lisa in MN LoanSafe Member

    Forgive my slepticism, but I will believe that load of bs when I actually see something happen for myself. How does one know if they should be contacting WAMU or Chase regarding this? I got "the letter" but WAMU are still the incompetents I have to deal with.
    Lisa
  18. Paula

    Paula LoanSafe Member

    Re: Our WAMU story

    Hello Cat,
    One more question: what should I do about my second mortgage with GMAC? Do you think they will be able to help me to, while I'm still looking for work?
    Paula
  19. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    You might have to wait and see what happens with the option arm first because if you submit financials on the second the income won't be enough to cover the debt.
  20. Paula

    Paula LoanSafe Member

    Re: Our WAMU story

    Hi Cat,
    Thank you for the phone number to Chase. I was a little discouraged when I heard a WaMu recording, and my heart sank. But low and behold a person from Chase answered, and he was very kind. He asked me a few questions, and stated that I need to talk to the care team. Before he transferred me, he gave me their 800 number...and he explained to the other person on the other line my situation. So when I spoke to the care team, they were already informed. Unfortunately they cannot help me at this time due to the fact they are trying to help those that are already in default. I asked her about last friday's decision to take away neg am loans, and make them fixed rates with lower montly payments. She said they are working on that, but are not ready yet. She told me that it would be approx. 90 days before they could do anything. She also said for me to try to make my payments, but if I can't to call back. Which you can bet I will call, because I still haven't found a job yet. So thank you, and I will keep you posted.
    Sincerely,
    Paula

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