Eleven months ago I started my application with WAMU to seek some relief as the market tanked, and my company, that I own, had to make cuts in pay for me and other key executives. I kept moving ahead, submitted 57 pages by fedex as requested. Found out 2 months later, Wamu "lost" the docs. Refreshed and resubmitted the paperwork. File was never opened and the "reviewer" quit the company. SO, then I started working through a Chase Home Loan Counselor, and completed another 84 pages (since I have my own business, have to provide all paperwork for personal and corporation). Was told to save up, make no payments, while entering foreclosure status. Called each week as promised. On the day before house was to be sold at Auction, received approval for the Making Home Affordable Trial Plan. Wamu/Chase sent me the official docs. Said that three months of Western Union payments - possibly four — and I would get my permanent loan docs. Company improved, things seemed to finally be heading in the right direction. I made each payment on time, called Chase with my "Control number" which they document. The fourth payment was the same process. When on the phone, I asked the gal on the line if she could determine when my loan papers would be done, since it had now been four months. I would keep paying each month like this, but hoped to make it permanent. She looked, and sounded excited when you said, Oh, you were approved for a permanent loan - escrow opened on October 31st! I asked when the docs may show up, she said within about two weeks. Today, Friday, 11/13, I called in to Chase to see if they have a Fedex tracking number for me. At 10:15 AM was told that no, actually, my loan was denied. I was in shock. Tried to get an explanation, was told that A) My home was not valuable enough (loan with Wamu/Chase was for $720K, and it appraises for higher than that). I asked if they had appraised the home - was told they did a "drive by in the general neighborhood at some point to get an idea what homes are worth." I explained that that was not accurate. Then I was told that 2) my arrears from early in 2009 now added up to exceed the amount that the Mod program allowed. I explained that those were interest only increments that were part of the problem that was to be addressed in the modification. Then she said 3) Well, the advances made on my behalf under the modification to pay in for homeowner's insurance and property taxes were $19,000 and that then disqualified me from qualifying. Bear in mind that when Chase made those payments - I had already paid up my insurance and was not due for property tax payment. SO, I received a refund of my payment on the insurance. But, now Chase counts their payment as part of the total that disqualifies me!
There is worse: When I called Chase this morning, found that I have been denied the modification I was also told that my house could sell this month. I asked for a phone number of the organization that would be selling my home. With that, I left a message at the Cal Reconveyance company, to find out what is happening - I had NO NOTICE OF ANY SALE TO COME. No call back yet. So distressed, confused. Then later called back to Chase to try and figure out what was happening. At 2:05 PM, Heather told me my house was up for sale on Tuesday (yes, this Tuesday - today is Friday).
I can't believe my house sells on Tuesday morning, and it is Friday at 2:05 PM that I am told this! This can't be right, in any way. Surely some organization is protecting consumers who qualify for loan modifcations, who follow all of the procedures, who pay promptly under their trial plan!? Shouldn't I have received some sort of notice?
I then called the Attorney General office in CA, left a message. Next, called my representative, Ken Calvert, for our District, filled in a form and faxed to Riverside per a gals instructions. Then, went to their recommended Cal attorney bar site, and called the referral service for an attorney to call me back. Await that call.in the meantime, some paralegals I know told me that I have to get paperwork in first thing Monday at the courthouse, yet I have no attorney as yet calling me back (left messages with four that were recommended. How can this be happening? I was told I had my permanent docs coming, and instead, my house is quietly, secretly sold? The very week I was to receive my final paperwork?!?!
I will try the legal aid society on Monday morning, and hope they can squeeze me in and can do something to allow me to think this through. Isn't there anybody working on this terrible, secret, ugly stealing of our homes? I can pay for my home, have every month since August, I just can't pay the lump sum arrears from the shortfall in my business revenues early this year. I am surviving. I will survive. I will fight — if not for me, then for others who played by the rules, and were suckered by Chase! This can not be right!!!
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