Started a mortgage refinance with our current lender, WaMu/Chase, back late February/March-2009. We are on our 4th loan processor, every time the loan file is handed off the file is "incomplete" and I need to provide the documentation - even though this documentation has been repeatedly sent in the past to the last processor (and the processor before that, etc).
Rate lock has expired, and I have been unable to find a human at WaMu/Chase to talk to. Every contact number I have for them goes to a full voicemail box and disconnects me.
Our current mortgage rate is good - 5.875 and we are 6.5 years into our 30-year loan. Our credit scores are good - around 800 and our house was appraised at 405K and our loan is only 215K. I am trying to take advantage of historically low rates, save myself a few hundred a month to help make our daycare payments for 3 children, now I'm out 850! Plus ***MONTHS*** of frustration.
Out of pocket costs - 750 refinance application fee, 100 home equity subordination fee. Mortgage refinance was promised to close in early April, so have also "lost" about 225 worth of monthly mortgage savings (675 total).
Lori of anaheim, CA May 22, 2009
I started a refinance with WaMu in Feb 09, I was given 3 loan processors from Feb -May and still no completion. I wanted simply to get a lower rate on my home loan. I have been with this bank for over 20+ years. My credit is above 750 and loan to value was very good. I was unable to get a human on the phone, had to supply the same information numerous times and still no conclusion to this.
Every person I dealt with was simpathetic yet no one could expedite the loan nor give me a date as to when we would be finished. I was told I was approved and the loan was going to underwritting, then the next thing I know I have been sent again to a new processor and had to start over. They went beyond the commitment date and told me they would extend the agreement and yet tehy still could not give me a difinitive date of closing.
I lost the current lower rate, my blood pressure is through the roof and now I have to start over and will probably have to fight to be reimbursed my loan application money. Not to mention that the home values are still plummeting and I will probably appraise lower now on my home.
David of Dallas, TX May 18, 2009
In February, 2009, i started the application to refinance my home mortgage with my current mortgagee, Washington Mutual, now known as Washington Mutual/JP Morgan Chase.
This company has manipulated the process, used delay tactics and deceitful misleading information to me during the THREE MONTH process. There have been weeks, where I called daily for their responses, finally finding someone new to answer my questions who then told me that my file was handed off. I received an application approval letter, three days before its expiration, with no contact information, fax number or telephone number included for followup.
I was promised repeatedly by everyone i contacted that it would be completed in a few weeks.
Three months have gone by and today, WaMu informed me that the application has expired and they will not honor it, even though all the delays were clearly their fault, and they have no evidence at all that any delays were my responsibility (since they were not).
MaMu has used deceitful business practices. They have misrepresented the truth. They have intentionally lied to me. They have intentionally delayed the process to keep me in a high cost loan (6.5%).
Jennifer of Prineville, OR April 2, 2009
I also have been going through the loss mitigation department since November. The told me it was worked out in December and let me know that making a payment in January would mess up the process. Now it is April and I am 4 months behind. I have good news though. I just recieved my doc's and I am happy with my new payment. I have some questions about my escrow but I can not get ahold of anyone with information. They now want me to sign and send it away but I just wish I could get some answers. This has been a very scary process and I have some tips.
Every time I call, and I call at least once a week, I write down the name of the person who helped me. The questions they ask. The information they give, ect. Then the next time I call and joe tells me something new I let him know that last week sally told me this. It seems to make them nervous and anytime I did that I got a serious reply. Also, twice I went to my local bank and had them call and write me a letter stating what happened. Hopefully I am in the last step and all will be ok. I love my home and just called to see what they could do to help and suddenly my credit is destroyed (not if i sign) and I owe tons of money (not if I sign). I'm kind of backed up against a wall. By the way my controbution amount is only 600. I saw some guy that need 3000.
Four months behind. Bad credit and a high amount of stress
Sherry of Benton, AR March 19, 2009
My husband (At the Time) and I purchased a house for our Daughter and when we were divorced they contacted WAMU to refinance the house out of my name into theirs and to get lower interest rate. at the time they were advised NOT to make a payment, that was October 2008. they heard nothing till late November. then they had to call them and were told paper work in process NOT to make payment. it would mess things up again.
Hearing nothing from them till Janunary and not from them BUT an attorney saying the property was in foreclosure. Things have just gotten worse from there contacted WAMU and she said she would take care of thing AGAIN NOT to make a payment. Again in March from same Attorney FORECLOSURE again this time in July. MY Credit is ruined because of this I Don't KNOW What to Do! The house is vacant and has been since 1st notice of foreclosure. Now some realtor has sign up. Help
This has ruined my credit
Donna of Chula Vista, CA February 11, 2009
I applied for a streamline refinance. They approved it sent me a promisary print out. I have never been late on my mortgage and have owned my house for about 18 years. they told me it would not cost anything. i didnt want any money just a lower rate to help me make the payments (my husband was laid off) they said they had to appraise the house and they would pay for it. So they did that. 2 weeks later I got a turn down for not having any equity. I knew that, no body does! i just wanted help. I then told them did they just want the house then, they said well youve been turned down for a streamline good luck to you.
Well, here we are trying to get another job....i cant believe it. You would think after keeping your credit crystal clear they would consider helping since we have had no problems in the past. we just need to lower the payment. were not asking for anything else! Crazy!
Donna of Chula Vista, CA February 11, 2009
I applied for a streamline refinance. They approved it sent me a promisary print out. I have never been late on my mortgage and have owned my house for about 18 years. they told me it would not cost anything. i didnt want any money just a lower rate to help me make the payments (my husband was laid off) they said they had to appraise the house and they would pay for it. So they did that. 2 weeks later I got a turn down for not having any equity. I knew that, no body does! i just wanted help. I then told them did they just want the house then, they said well youve been turned down for a streamline good luck to you.
Well, here we are trying to get another job....i cant believe it. You would thing after keeping your credit crystal clear they would consider helping since we have had no problems in the past. we just need to lower the payment. were not asking for anything else! Crazy!
Patricia of Detroit, Michigan, MI January 28, 2009
In March of 2008, Ms. M contacted me by phone and asked if a loan modification would help. At the time, I had an adjustible rate mortgage with a payment of 1114.20 a month. It is important to note, the rate had not adjusted. She stated, while the loan is being modified, you do not have to worry about making payments, I accepted. A few weeks later, the Loan Modification papers arriced. I was instructed to sign and send a money order in the amount of 95.00.
When the paper were returned, they showed a payment of 707.09 as of May 1, 2008. Apparently, the time it took to modify the loan, WAMU took upon themselves to report my payments as being late. I have lived in my home for 23 years. I have mortgage it several times. I have never been late or missed a payment since I have owned a home. I am sick and tired of these agencies being allowed to take pen and ink to paper and ruin the lives of families. The incorrect information which appears on my credit report is preventing me from getting rid of this ill-fated loan. The agency that initially set this loan uup, the State of Michigan shut them down. I am now sueing and according to my attorney, whoever purchased the loan will be responsible for compensation. However, until then,WAMU should be taken to task for the families they have caused an hardship.
I applied for a VA Loan and I was ask to have Ms. M to write a statement concerning her comments about the mortgage not needing to be paid durnign the modification process. I contacted WAMU to address the issue, however, Ms. M is no longer employed there. I am a 65 year-old widow. I am not able to go through these stressful situations. I have documents to prove all allegations.
Pete of Lake Charles, LA September 5, 2008
In 05 I did a refi with WAMU. They cut and paste the legal description of my other property to my new loan. I've been trying to have it resolved since 6/17/08. Lots of on-hold, transfers, points of contact...Heather, Wes, Sherry, Noe, Loren, Anne.....
The other property is now in forclosure because the sale could not proceed with WAMU having this BOGUS lein.
Melinda of Newport News, VA August 22, 2008
I had re-fianced last year on my virginia property. Later that year we got a letter in the mail telling us WAMU is our new lender. Then the nightmare began. My husand military and we had orders to a new state. We tried to sale our home but the value was less than our loan amount. Thanks to the economy that allowed people home to appraise more that it should. We rented our home and our tented came on hard times so we contact WAMA.
No one was helpful at all. We had purchased another home in another state. They harrassed us daily with phone calls and even had a women to come to our home with papers that wasn't dress profession nor did she have any information like a business number, contact information on her letter. This was a red flag. We paid what we could but we had another mortgage and we didn't want our renters to be homeless.
To make a long story short they started Fore Closure on the Virginia property on the home July 8, 2008. We request a copy of our promissary note and it had the previous lender. We requested a agreement with WAMU and US. We sent certified mail and even the green card signture card. We even gotten a letter stating we were trying to commit fruad. We couldn't believe this. We sent the law firm that was handling our fore closure that letter we sent to WAMU.
To make a long story short our renter went to the outside court sale and our house wasn't auction when they said. Two weeks later our renters got a note on the door telling them they had to move. I told them don't since WAMU didn't give us proof they even owned the note. I found a article on them from BLOOMBURG that WAMU had gotten property from other banks and then once a customers gets two payments behind they go into foreclosure.
I have disputed the information on my credit report. Our renters are still in our house in Virginia since we haven't gotten anything from WAMU about or the Law Office telling us the home was sold and we sent the so called new owners a letter asking for proof they purchased the home and we gotten nothing. Please do research on WAMU and look into the Article written by BLOOMBERG. WAMU had foreclosed oun properties that they din't even have ownership off!!!
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