Unfortunately, I am not one of the "losers" that can walk away from the shenanigan Washington Mutual pulled with respect to home loans because I invested my entire life savings into the house as the down payment. My credit was destroyed, my calls ignored and nearly 18 months later, I continue the fight to keep my home by renting it, moving from friend to friend and hoping the market will change so I can recover the invested $300,000.
With 6 months left on the rental agreement, the owner and his Washington Mutual Broker talked me into buying the house. I knew it was not the time to buy nor did I think I could afford this particular house. The dynamic duel assured me that this was the last time the owner would consider selling and most likely the last time I would get a broker to ensure I qualify for a 1.4 million.
Before I signed the loan docs, I made it clear that the payment was over what we had agreed and I would not be able to afford it once the interest rate went up. The broker promised that I would never see that day.By the first anniversary year, the first interest rate hike, he would combine the first and second to guarantee my requested range of payment,
One year later, a couple hundred thousand to the escrow company, a hundred thousand cash to the owner... instructed by the broker to do so in order to keep taxes down, a rental agreement in place to keep my home due to losing my job after 21 years, the broker refused my calls, the loans increased approximately from 5 to 7.5% on the first and from 7.75 to 9.75% on the second. I began to fall behind in payments due to the increase. Washington Mutual refused and retuned payments back stating full payment was required or the house would go into foreclosure.
Although I had begun working part-time with a number of jobs to bring in a full-time wage, I was forced to file bankruptcy which was later dismissed, in order to stop foreclosure action. It stopped the sell the first attempt but other attempts continue.
To add fuel to the fire, Washington Mutual sent foreclosure information to the house, which was received by the tenant. Without notice, the tenant refused to pay rent, and had an attorney. The fact that the tenant opened my mail is one of those battles deemed worthless in comparison.instead of using an attorney to fight the broker and Washington Mutual, I had to pay an attorney to get the rent paid.
There are more WAMU errors that created hell for me however, the trigger leading me seek the help of the media is the recent refinance paperwork I received. I received a 30-year loan option to be locked in at 5%. Sounds great does not it. Too bad Washington Mutual compounded the base by double the original first and ignored the second. They refuse to give me the detail of the compounded base and will not even consider giving me the new appraisal on the house. The second (Home Equity Line) is now threatening foreclosure.
I have submitted numerous packages to the loss mitigation department and have talked until I am blue in the face. Even after renting out the house, moving out of my home and living off friends, I may lose everything.
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