OHM,Likely, the note would have been left in a safe in one of Washington Mutual's offices, before eventually being moved to Ohio. One thing I've pointed out before, and will mention again. Washington Mutual had a lot of loans being held under warehouse lines of credit from Investment Banks, Federal Home Loan Banks, Depositor Cash, and other resources.
They particularly thought Home Equity Loans & Short Term ARM's were solid, safe investments that could never end badly and held a lot of those loans on the banks books. This was contrary to a lot of lenders like Countrywide that had decided to quickly originate and sell the actual loans onto investors.
When they failed, and Chase was offered a fire sale package from the FDIC. And in doing so, Chase absorbed those assets, and liabilities from the portfolio that WaMu had held for investment. Chase also received certain credits, and guarantees, but at the end of the day, the loans WaMu held became Chase Assets, and so did the actual losses on those loans.
I don't know the full specifics about your loan. But I *feel* like I recall you saying, it was a Fannie Mae or Freddie Mac mortgage that was serviced by Washington Mutual. If that is the case, Chase would only be servicer, and not investor.
Thanks a lot for your detailed answer. In my case when the first foreclosed 8 years ago, while was having a good job and loan modification process was going parallelly and yet the FCed, so I went to Senator and he intervened and then Fanniemae investigated and informed that the service did not follow the procedures. So I have to look at the wordings again. So it is the servicer (Chase) who did that and so not the lender/investor. But after 4 years after that when they tried to FC again and on an affidavit of McCormick who's credibility is questionable when his deposition(in a different case) where he admitted that he has no knowledge of wamu loans bought by chase and that deposition chase tried to seal but another good federal judge did not allow it to be sealed.
So Chase has no authority on these loans?
And I just read that letter from Fannie mae and it states FAnnie mae is NOT the investor of the loan and also clearly says (indicating that Chase is the Servicer of the loan). So effectively this puts chase has no authority to when it has no ownership of the loan/s?