• Report: #461525

Complaint Review: Washington Mutual

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  • Submitted: Sat, June 13, 2009
  • Updated: Mon, August 03, 2009

  • Reported By:Clifton New Jersey
Washington Mutual
Address: 9333 Research Blvd B-200, Austin, Texas U.S.A.

Washington Mutual Screwing me out of short sale; would rather I foreclose Austin Texas

*Consumer Comment: Jersey, 'Google' this- WASHINGTON MUTUAL COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read it!

*Consumer Comment: Jersey, 'Google' this- WASHINGTON MUTUAL COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read it!

*Consumer Comment: Jersey, 'Google' this- WASHINGTON MUTUAL COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read it!

*Consumer Suggestion: Victor - can you provide a link or reference source?

*Consumer Comment: short sale vs forclosure

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I put my house up for short sale 9 months ago. We asked and were offered $325,000 of which we owed Washington Mutual $303,000. They would have received the majority of the money and anything left over would go to the junior lien holders of my house (GMAC). WaMu dragged their heels, lost paperwork, refused to return phonecalls and bungled the sale so much that in Dec. 2008, our buyers lost their mortgage commitment and the sale fell through.

We re-listed the house for short sale but since the housing market dropped we were forced to reduce and asked for $285,000. We were offered $275,000 by a new couple, and accepted. This was January of 2009. More paperwork to be filed. More unreturned phone calls and incompetence from WaMu. Finally my lawyer contacted the supervisor of the negotiator handling our file. We made headway and reached an agreement. The sale could go through. This was at the end of April. We needed GMAC to comply, which they did. Then suddenly and without warning the negotiator handling our file at WaMu was fired and a new person hired. We were told she needed to familarize herself with our case and re-opened the file which was originally closed and agreed upon by all parties. Again we were at a standstill.

GMAC asked for $8,000 out of pocket monies in order to release the lien and settle our account with them. We balked but accepted. Then this new negotiator upon hearing that we were giving GMAC money, demanded that we pay an additional $2,000 to WaMu. She called it "Good Faith" money. Yeah right!!!!! She told me on the phone that if we could pay GMAC money then we could pay WaMu money too. I DO NOT have this kind of money readily available. I still need money to move, pay 1st and last month's rent at a new place and still pay current bills, groceries, etc. Ms. Babette Favor, our negotiator at WaMu, could care less for our situation.

My husband and I are currently unemployed too, due to the economic crisis so money is extremely tight. If we do not pay the additional $2,000, the sale falls thru. Now, they could have gotten most if not all of their money back had they been professional last year. Now we are in danger of losing these buyer's because their mortgage commitment runs out June 19.

Oh, and in the meantime we keep getting letters from WaMu threatening foreclosure. It would seem that they are not at all interested in cooperating with us and getting their money, they would rather see us foreclose and everyone loses everything. We did all we could on our end to make this short sale a success but WaMu has consistently put up roadblocks.

They are the most reprehensible company I have ever had the misfortune to deal with.

Sign me a WaMu Hater

Jersey
Clifton, New Jersey
U.S.A.

This report was posted on Ripoff Report on 06/13/2009 10:31 PM and is a permanent record located here: http://www.ripoffreport.com/r/Washington-Mutual/Austin-Texas/Washington-Mutual-Screwing-me-out-of-short-sale-would-rather-I-foreclose-Austin-Texas-461525. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

Jersey, 'Google' this- WASHINGTON MUTUAL COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read it!

AUTHOR: Karl - (U.S.A.)

SPREAD IT ALL OVER THE WORLDWIDE WEB!

It appears that many of the Publicly Held banks that received TAXPAYER'S money were taking out 'SECRET LIFE INSURANCE POLICIES' on their current & former employees without their knowledge or consent, & collecting the benefits when they DIED!

WOW!

P.S. Make sure to 'Google' the following & watch them on the web-

THE OBAMA DECEPTION

INSIDE THE MELTDOWN

THE ASCENT OF MONEY PBS

AMERICA: FREEDOM TO FASCISM

9/11 PRESS FOR TRUTH

FRONTLINE THE MADOFF AFFAIR
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#2 Consumer Comment

Jersey, 'Google' this- WASHINGTON MUTUAL COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read it!

AUTHOR: Karl - (U.S.A.)

SPREAD IT ALL OVER THE WORLDWIDE WEB!

It appears that many of the Publicly Held banks that received TAXPAYER'S money were taking out 'SECRET LIFE INSURANCE POLICIES' on their current & former employees without their knowledge or consent, & collecting the benefits when they DIED!

WOW!

P.S. Make sure to 'Google' the following & watch them on the web-

THE OBAMA DECEPTION

INSIDE THE MELTDOWN

THE ASCENT OF MONEY PBS

AMERICA: FREEDOM TO FASCISM

9/11 PRESS FOR TRUTH

FRONTLINE THE MADOFF AFFAIR
Respond to this report!
What's this?

#3 Consumer Comment

Jersey, 'Google' this- WASHINGTON MUTUAL COMPLAINTS SECRET LIFE INSURANCE POLICIES, and read it!

AUTHOR: Karl - (U.S.A.)

SPREAD IT ALL OVER THE WORLDWIDE WEB!

It appears that many of the Publicly Held banks that received TAXPAYER'S money were taking out 'SECRET LIFE INSURANCE POLICIES' on their current & former employees without their knowledge or consent, & collecting the benefits when they DIED!

WOW!

P.S. Make sure to 'Google' the following & watch them on the web-

THE OBAMA DECEPTION

INSIDE THE MELTDOWN

THE ASCENT OF MONEY PBS

AMERICA: FREEDOM TO FASCISM

9/11 PRESS FOR TRUTH

FRONTLINE THE MADOFF AFFAIR
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#4 Consumer Suggestion

Victor - can you provide a link or reference source?

AUTHOR: The_capt_kirk - (U.S.A.)

Victor,

I knew there is a business reason WaMu is delaying, but until your post I haven't found any proof. Perhaps someone from the lending industry could clarify this assertion.

I'm a REALTOR representing Sellers who have encountered the same BS delay process as Jersey....now over 300 days...We're on our 7th negotiator, our 5th buyer, and each time we get close to a deal we've had
- Negotiator quits
- Negotiator is reassigned
- Buyer buys a different home (patience runs out after 120 days)
- WaMu appraiser overvalues property by 33%
- WaMu BPO drags on, and on and on until Buyer buys another home
- Negotiator asks for changes in commission agreement - again

In the last big real estate crash (1990-1992) known as the Savings & Loan (S&L) Crisis, once a borrower was $1 late in payments, the entire amount of the loan had to be placed in a RESERVE account to cover potential loss. S&Ls were motivated to foreclose so they could reclaim those reserve funds and put them back into lending pool. At that time loan reserves were about 3%, that is, For every $100 in loans, they needed $3 in reserve. So $100 in Reserves represented $3,300 in lending potential.

WaMu seems to be worse than Countrywide. Wachovia has best reputation.

My recommendation to Sellers, Buyers and Realtors is to boycott WaMu short sales. Maybe the hit to Jamie Dimon's compensation plan will persuade him to restructure their operations.
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#5 Consumer Comment

short sale vs forclosure

AUTHOR: Victor - (U.S.A.)

There have been many other cases reported and news clips about banks draggign their feet for short sales. The reason comes down to what they can write off as a loss. If they accept the short sale and lose 40-50K on the sale they cant write that off at the end of the year as a loss. The bank has to eat that. If the house goes into foreclosure the bank gets to write off the whole loss at the end of the year. They are only lookign out for how much money tey will make back with tital losses. They arent looking out for you, Only them and their greed
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