Personal Loan modifcation story from today..wamu/chase

[xiamiam]

In October I was told that I was eligible for the obama program..that I should begin making the new payment in December..that it would be a three month trial...

Dec 1 came and went and I didnt get the money until now..I called today.. I said..I know its late but I want to make my first payment on the loan modification program for December and I can make January's as well..

I was told not to make the payment since it is still in review and would not be applied and would end up being held somewhere ..

I said, well I dont want to end up in foreclosure..which carries a ton of fees and which I already reinstated from foreclosure last July...saved by just a few days..

she said you have to receive the contract from us...I told her I have not received anything..zip..nada.. since i faxed them 100 pages of documents in october

ok, when shall I call back?..in two weeks was her reply, the loan modification department is backed up

I want to make my payments ...but its not a good idea according to their rep?

which by the way, is different information from the last rep I spoke with who told me to send my money in no matter what. even if i had not received a contract from them...different day, different story

this is just today's story..but its so ridiculous I thought I would post it..I wont tell you all of the stories and I've got quite a few..in speaking with several dozens of their reps over the past year or so, I've only talked with one person who had an inkling of comprehension and initiative

there are millions of people like me going thru this nonsense..I think they are keeping us on their books thru the end of the year and then all hell is going to break loose

[AllentownJake]

1. God only knows what shenanigans the fuckers are planning for 2010

Tax breaks and free TARP money to pump and play the market isn't going to be their ability to drive profits.

[flvegan]

4. 2010 is going to be worse for foreclosures.

For both parties (lender and borrower) on the issue.

[AllentownJake]

5. The deflation in housing prices will start again

There has been a lot of preventing the unavoidable going on this year and the fuck nuts were given bonuses off of it.

[xiamiam]

7. one of the reasons they've much of their inventory on their books this last quarter

or at least i think that is the case..lots of homes in limbo..no foreclosure..no loan modification..no real help from anywhere..and nothing effective..also lots of inventory waiting to hit the market...we are a community of dominoes...

[flvegan]

8. What's sad is that those same fucknuts could have made serious money

both for them AND their lender/employers. The day will one day come that these economic morons realize that defaulting a 9% loan to take a $50-500k bath on a foreclosure is a poor choice compared to lowering a rate to 6% and keeping a loan performing. It's still a profit, you idiot.

There are always going to be foreclosures, but it doesn't have to be like this.

[xiamiam]

10. more middle and upper middle class as well who just never thought this could happen..nt

first they blamed it on the immigrants in the central valley who got subprime loans...people still say that to me and i know tthe bankster/fraudsters spent a fortune on that pr..because it stuck and some still believe it...even though the truth is readily available..it wasn't so much the subprimes as it was the same group of lenders who had another department that was making billions betting against those same shitty loans they were making...duh!

someday there is going to be a real investigation and then prosecution...spitzer and cuomo most probably will lead the pack..nobody else has shown any willingness and ethical outrage to even question, much less prosecute these crimes...

dont even begin to tell me that congress is going to investigate..spare me the political celebrity of it all...im sick to death of hearings which accomplish absolutely nothing..

[sandnsea]

2. loansafe.org

Lots of stories like yours. Hard to say what you should do. Part of that decision should probably be based on whether you are dealing with wamu directly, or some random scam artist servicer.

http://www.loansafe.org/forum/#foreclosure-forum

[xiamiam]

3. wamu directly..although i think they fit the bill of scam artist as well..nt

[benld74]

6. WAMU is NOW CHASE, NO payments should be going to WAMU

I know since our mortgage is with CHASE now. We have been paying the last 2 months to Chase, not WAMU.

[frazzled]

9. Interesting, because we just got a refi from Chase for our old WaMu loan today

We haven't been in danger of foreclosure at all. But for some reason, Chase (who had taken over our loan from WaMu last year) called us this fall and asked if we would be interested in refinancing. We had to fax the 10,000 papers as you did, and were getting a little pissed off ... and worried that they were going to just walk off with our application fee and then turn us down. But finally the notification came last week, and we signed the papers today. It will save us a few hundred dollars each month. Which will all go to pay my dentist (the thief) and for the new pair of digital hearing aids my daughter needs because she left them on the desk and her dog chewed them up.

So let me say this: Perhaps what they meant is that because the loan modification has not yet been finalized, you can't really send in a payment, because the loan does not yet exist? (I don't know that that doesn't mean you shouldn't pay on your old loan though). I say this because they told us not to pay our January payment ... it would just go to a defunct loan and have to be sent back.

We had good and clear service from Chase, so I really can't complain. But I understand your frustration and especially your fear of going into foreclosure. Why don't you ask to speak to another person there ... a manager, perhaps. It couldn't hurt.

[xiamiam]

12. frazzled, you are definitely not your screen name..what a nice peaceful

supportive and hopeful post...i do approach with that attitude initially at least..i'm not a crazy person ...however, the one and only time i really was assisted..truly assisted by someone..i started off with a bad attitude...the woman on the other side basically told me to shut up, that she was taking over the conversation and if i would just answer she would help me...3 hours later, after she did about 8 hours of unbelievable work, i sat stunned that i had actually come across someone who could operate on that level at chase/wamu...i got her extention number but it never directs me to her since then..i know that wherever she is, she is assisting people...other than that, truthfully, its a very discombobulated experience finding ones way thru their maze .. .. especially if your money is funny...

or your job is precarious and those commissions are not rolling in to support your life...or you got sick..things happen..or the economy took a nosedive after the first two happened to you...

the way you think about your dentist, as a thief...well, thats the way i think about the banksters and their pr program of fico scores, insurance, security, and all the rest of it..because ultimately, they own everything..you and me included, here in the land of the free and the brave

i have a feeling you are not going to believe me..that's ok..i wish you are right and that they really are good guys..

i dont think so..but i think you are a nice person

[frazzled]

13. Heh, I'm not so nice

I'm just too fatigued with life to get too worked up about these idiots at banks and stuff these days. But if I were in your position, worried about losing my home, I'd probably be getting close to hysterical.

Whenever I get that way, I let Mr. Frazzled take over. He has about the lowest blood pressure on the planet, even in the most stressful situations. His view has always been that you don't get anywhere with people by being confrontational. He has the patient of a saint and stays calmly with the idiots on the other end of the line until he sweet talks them into getting what he wants. (On the other hand, being Mr. Nice Guy doesn't always work in other situations, like work ... where people expect you to act like a shit, and end up walking all over you if you don't).

I truly do wish you luck in this. I don't know what else to suggest other than trying to get another individual who can explain each step and each option to you. I don't think they're the good guys, but there's always some good guy around somewhere in the system who will want to help if they can. I hope 2010 leads you to this person, and that your situation will turn around for the better.

[AllentownJake]

19. You aren't in the administrations program

You just have a credit rating that allows you to refinance at a lower rate. My mother is doing this now with another bank dropping her interest rate 3%.

They do this because they can report the fee portion as income in the quarter you re-finance.

[frazzled]

20. Yes, I know

And it was a good trade off. I don't care if they get to report my fee portion, as long as they didn't just take the fee and run (something I'd feared they'd do, just to get our $495). Any number of things could have jettisoned this loan, not the least of which is that we have a condo we bought 4 1/2 years ago at the height of the bubble; fortunately, according to their appraiser at least, the value had not gone down and in fact had gone up a reasonable amount. This saves us some money, so I guess it's a win-win all around. We were very grateful.

My only point in making the response to the OP was to suggest that he shouldn't despair or take the attitude that everyone involved with Chase is out to get him. Even though he is in a rough financial situation with his house, it sounds like there is still hope if he gets the right person to lead him through the admittedly difficult quagmire. It doesn't help to give up and assume the worst.

[AllentownJake]

21. The people at Chase are out to make money

The problem with the administrations re-modification program is there is no incentive or teeth to make it beneficial to Chase.

The administration has taken back TARP money which was financed through re-writing rule interpretations for the banks in the tax code. The only leverage they had over these institutions was sacrificed, for really no good reason.

I expect the democrats to get lots of Wall Street money in 2010. I also expect the GOP to adopt a more hostile Wall Street attitude as their lover has found an attractive suitor.

[Greyhound]

11. The banks believe or know that if they don't move the current set of stooges controlling

the treasury will eventually pay them 100% + whatever they can make up.

Why take less from you, when they can get more from all of us?

[Better Today]

14. I have a handy little computer mic that I plug in and use the speaker phone

to record the conversations with the bank or anything seemingly important. That way I have a copy of what was said.

[Dan]

15. be legally careful

[Better Today]

16. Well if they've already warned me that my call may be recorded or

monitored, which most bank calls do, then everyone is aware of being recorded, right?

If one is particularly worried, one can simply announce at the beginning, I am recording this call.

I also make sure they give me their identifying name or number, and at some point I'll say something like, "and you agree that it's such-n-such time on such-n-such day?" Things that would make a phone records search quicker and easier should anything like that be required.

Right now I am way more worried about the conflicting and wishy washy information and recommendations, as the OP suggests he/she is going through. The only way to record what you're being told is to record it. Otherwise, it becomes a he said she said, and the consumer usually loses.

[Missy Vixen]

17. Are you in Washington State?

If you are, please call Senator Patty Murray's office tomorrow morning. She's currently on vacation, but her staff will call you back. They have someone who's specifically working with people in the Making Home Affordable program.

Believe me, they know how screwed up things are.

In the meantime, make your payment. Get the name of the person that takes it and their confirmation number. You will need the documentation later.

Good luck.

[corpseratemedia]

18. file a complaint with your AG's office

we will (we got a temp. loan modification through naca after a year of dealing with wells fargo "losing" our paperwork and "not faxing it to the right office" etc.)

they started pre-foreclosure AFTER the date a st law went into affect that said that if you apply for loan modification, pre-foreclosure should NOT be initiated

plus a lot of other stuff, some involving our mortgage payments to the co. that they bought out, all of which is widespread systemic abuse and law violation and I'm guessing the wolves guarding the henhouse aren't going to do much about it.

maybe you want to go through naca? but do document everything.

s/o is going to wait until s/o gets a permanent loan modification then hopefully we can be part of a class action suit...may not get anything but at some point will happen...