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Report: #502091

Complaint Review: Washington Mutual - WaMu - Chase - Melbourne Florida

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  • Reported By: Teddi — Everett Washington USA
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  • Washington Mutual - WaMu - Chase 3990 S. Babcock St. Melbourne, Florida United States of America

Washington Mutual - WaMu - Chase Washington Mutual, Washington Mutual Bank WaMu/Chase's Loan Modification Program is forcing us (and how many others?) into foreclosure! Melbourne, Florida

*Consumer Comment: I dont get it

*Consumer Comment: Solution to Foreclosure

*Consumer Suggestion: wamu rollercoaster makes ya sick!

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We first applied for assistance with our WaMu home loan in January 2009.  While my husband has been at the same full-time job for the past 10 years, I have my own business and in 2008, I suffered a loss ($6,000 loss) for the first time in 7 years.  While business was steady, sales were way down.  We also accrued unexpected medical bills thanks to our health insurance company, who decided they would no longer cover the claims for our 5-year-old son's physical therapy (but that's a whole other story).  Needless to say, we needed help with our $2300/month mortgage payment (on our little 1300 sf house in the suburbs, by the way).  

So we sent in our application and entire financial package at the beginning of January to the "WaMu Cares" loan modification program.  We had hoped to lower our monthly mortgage payment, or to get a forebearance until we could catch up, if nothing else. We received a letter dated January 28th (nearly four weeks later) that our application had been received and would be reviewed. The letter even contained the name of the loan officer who would be reviewing our case.  It also said that we should have an answer within 3-4 weeks.  

The weeks passed, and we called in about once a week to check on the status of our application.  Sometimes we were told that our application was still being processed and that we should have an answer at the end of March.  Other times, the person on the other end of the phone couldn't even find our file in their computer system.  We never knew which department we were talking to, and began to suspect that no one knew anything.  

By the end of March, we still had not received a response to our request for assistance, but I was able to get an answer as to why our request had gone unanswered for so long.  A supervisor in the loan modification office admitted that our application (along with hundreds of others) had been outsourced to a company called Fiserv, because WaMu's loan modification program had been so inundated with applications.  Fiserv had "lost" our application.  It had never been uploaded into their computer system.  (I feel so secure knowing that our financial information is out there, somewhere, by the way.)  It was suggested that I fax the entire packet of information and our application, letter of hardship, etc. to WaMu and to Fiserv right away, and they would place a note on our application requesting that a decision be expedited.  

In April, we called at least once a week to check on our application's status, only to be told it was being processed.  We spoke with numerous individuals at both WaMu and Fiserv, and each time, they once again seemed to have different information about our file.  Once on a Friday in April, I was told that a modification package was on its way to us; that WaMu was sending it by FedEx Overnight, and that we should have our package on Saturday or Monday.  By Wednesday of the following week, we still had not received the modification package, nor any other correspondence from WaMu.  When I called to check in on its delivery status, I was told that there was no modification package being sent to us, and that the person who said that spoke too soon, and had no right telling us that.  

Finally in a letter dated May 22, 2009, we received a letter from WaMu that we had been approved for a Special Forebearance Agreement, which would provide us temporary relief from our loan payments.  (At that point, we were three months' payments behind).  The letter stated that we were three months' behind, but also stated that we "must send $0.00 to reduce (our) total delinquency".  The period of forebearance was from 06/09 to 08/09.   

In August, we received a FedEx package from Chase (who bought WaMu) and it was the same application for assistance and request for financial information that we had already submitted twice.  This time the paperwork bore the Chase logo - other than that, it was pretty much the same.  I spent an entire weekend finding, copying and creating new financial reports to satisfy their request.  The packet had contained a return FedEx envelope, so we sent the new packet off to Chase in it.  (This was the third application packet we had submitted to WaMu, asking for assistance.)  

We received absolutely no correspondence from WaMu or Chase during the summer, other than that request.  No statements, bills - nothing.  As our forebearance period ended, we waited for a response to our application or for our September statement to arrive.  Nothing.  Just yesterday, September 29, we received a letter from WaMu's Loss Mitigation Department (though it was not signed by anyone), stating that they had received our request for a loan workout and our supporting financial documentation.  After completing their review and analysis, our loan workout is being denied for the following reason:  Non Compliance/Unable to reach borrower for updated information.

What?!!  My husband and I both called the phone number provided on the letter within a couple of hours of each other.  My husband was told that the reason it was denied was because they had tried calling us on Sept. 14th to request more recent pay stubs from my husband (they were current when we sent them in), but they had not heard back from us.  Both of us asked what phone numbers they had called, and we both heard them recite phone numbers that were 7-8 years old for us!  We have no idea where they got those phone numbers, or why (all of a sudden) they were using those numbers instead of our current ones (as they had always done before).  

There was no written request or correspondence.  Only this "supposed" phone call on one day in September, and that was their reason for denying our request for assistance.  How is this even possible?!  How are banks getting away with this?  We have done everything that was required of us, and repeated it three times!  Our application has been lost by them in the past, and juggled around.  What company, let alone a giant like WaMu/Chase, succeeds doing business like this?!

This morning, for the fourth time, we faxed our application for assistance and our entire financial packet, as requested.  The woman I spoke to yesterday at WaMu's Loss Mitigation Dept. told me, "Maybe the 4th time's the charm?"  This is our home - our lives - that they are gambling with!  How is any of this acceptable, or even legal for that matter?  Who is going to hold them accountable?

According to WaMu/Chase (and despite our Special Forebearance Agreement and the letter that stated we should "send $0.00 in to reduce our total deliquency"), we are now seven months behind on our mortgage payments.  Our options are to take our chances on applying for help a 4th time, or try a "short sale" of our home.  I don't know which I have less confidence in.  

We are a hard-working family (both employed full-time) with two small children, and we are doing all of the things we are supposed to do to stay in our modest house. We are insured, too.  And yet, we are drowning in debt, facing foreclosure, and strapped with medical bills.  What has happened?  We no longer feel that "the dream" is a possibility for us.

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#3 Consumer Comment

I dont get it

AUTHOR: Susan - (USA)

POSTED: Tuesday, November 24, 2009

I dont get it. You haven't paid your $2300 a month mortgage for 7 months. $16,000 behind on mortgage payments?  To get a forbearance you had to be behind before that. 

Seven months behind on mortgage payments trashed your credit rating and FICO. Once that is done, it takes time to repair before any lender will look twice at you. 

You should NOT be complaining about any bank that is still willing to give you a chance. 

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#2 Consumer Comment

Solution to Foreclosure

AUTHOR: Alison Cbar - (United States of America)

POSTED: Tuesday, November 24, 2009

Unfortunately you are going through the same thing that the majority of borrowers face when attempting self modification. Chase, WAMU, and affiliated lenders have a horrible reputation for lack of contact- I've only met one person who was actually denied, the rest I know that tried to self modify just never heard anything back. Oh, and did I mention that my friend that was denied had to wait over a year to hear that? It's horrific that these lenders are doing this to people but it's a fact.

I work for a Real Estate Law firm in North Palm Beach, so if you want advise or help getting out of foreclosure then please give me a call 561-840-0950 ext 225. I'm a parallegal here and will answer whatever questions need be. One thing I can tell you right now for sure is that 31% of your income has to be at or below your PITI (principal, interest, tax, insurance) and 55% of your monthly expenses has to be below your income. All income is based BEFORE taxes. To get out of foreclosure contact your lenders loss mitigation department and try and work out a forebearance agreement, make sure that everything is documented in writing. If the employee you are speakingwith will not release his/ her last name ask for an employee ID number, and if they won't provide that to you then let them know you will report them. Also, please avoid filling out information online regarding loan modification as 99% of those websites are lead sources for these modification companies that are just as much scum as the lenders are themselves, and if you do you'll have thousands of phone calls a day non stop! Best of luck to you!

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#1 Consumer Suggestion

wamu rollercoaster makes ya sick!

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

POSTED: Tuesday, October 06, 2009

I have been on this roller coaster with wamu, let me tell you how to get off the ride.  On the internet, look up executive phone numbers for wamu.  One of the numbers is the executive complaint phone number.  I applied for a forbearance in april 08 due to childbirth and losing my job at the same time.  I was given a 6 month forbearance.  I knew in October I should either have a modification or something of the sort.  I started calling in september, was told to fax my financial information.  I did, then waited.  and waited.  and waited.  I called every week, only to be told they would contact me.  October went by, November I started calling every other day.  I was told that my financial information was never received, to fax it again.  Mind you I was doing the faxing from my bank, and got a confirmation letter every time.  All in all, between september and december, I faxed my information 17 times to 4 different people.  In december, I received a letter that my house was going into foreclosure and it was due to non-compliance/failure to provide financial information!!  Needless to say, I was panicked.  I looked up the number on the internet that I told you about, and called.  The lady on the other end heard the whole story, gave me her name and extension, and said she would investigate and get back to me.  She did!!  Turns out my "contact" at wamu who was supposed to be modifying my mortgage changed 3 times due to "restructuring" departments.  A week later, my load was modified.  I had to pay 2000, with the remaining 3500 turned into a load for 15 years at 29 a month.  I was not happy, since the only reason for the 3500 was attorney fees for their slow response!  If they had modified the load in october like they were supposed to, I wouldn't have owed attorney fees due to another department failing to do their job.  The 29 dollar payments were due to start this month, but I have decided I'm not going to pay them and see what they do.  I really don't feel I owe this money since I did what I was supposed to do in a timely manner, they didn't do their job on their end and now I owe 3500 for them not doing their job? 

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