I have read some of the posts...
It is hard for me to have much sympathy for the banks...
Since my divorce 4 years ago when I had to start all over after losing everything, including: losing a property line dispute in court ($10k), bankruptcy, a week in the hospital and a job loss. I have tried my hardest to keep my 10 acre cherry farm which is my dream.
Here in WA State we had legislation go through 5 yrs ago that changed the way car tab prices were calculated (in 96 when I bought my new F-250 for the farm, my tabs were almost $400 a year) every state, county and city government in the state panicked over the loss of income and laid off hundreds of workers including my Ex-wife who was in public transit. It was at this time that I saw the ax coming and warned WAMU that things might be getting tough in my household and was there anything they could suggest to help my family through this time, their answer was NO... When and IF trouble comes for you call us then...
After losing a property line dispute in court (13500 sq. Ft of land, 1/4 acre) that cost me $10,000, my illness, causing the loss of my PUD job, my Ex-wife getting layed-off after 8 yrs, we were forced into bankruptcy. Again I kept WAMU informed of this all before, during and after, seeking help to keep the farm with still, no assistance and this is after owning my previous home 10 yrs and never late on a house payment plus I had bought two rentals (sold to buy farm).
I was NEVER able to get WAMU to help me with a loan modification or anything. So bankruptcy started and I am still trying to work with WAMU, did you know in WA State the mortgage company and your other creditors cannot talk to you about conditions of your debts/credit until the bankruptcy is discharged?
Loans can only be reaffirmed through the court system. So WAMU used this law (?) to now and for the next YEAR to refuse to talk to me about loan payment help, yes, it took approx. 6 MOs for the bankruptcy to get discharged but almost a year for all the paper work to get to WAMU (even though as I had informed WAMU the discharge info was available online!). SO now we are late, and behind in our $1200 a month house payments. I am sick, wife has had it and splits (she got rehired after 6-8 months), leaving me with the farm and what bills were reaffirmed from the bankruptcy. AGAIN, I contact WAMU to ask for help during this time... NONE.
So I pull my boots straps tight and dive into starting my life over. I pay WAMU what I can ($12,900 in interest the first year after my separation over $13,000 the second), I try and get a loan modification to get caught up because no matter how much I paid, the payments were always late and they took a third of my payments in penalties/late fees. WAMU agreed to roll over all fees and lates into the loan and adjust the loan... They then RAISED my payments to $1450 a month!!! If I was having trouble paying the $1200 a month how was raising the payments going to help me??? Their answer? This was the ONLY thing they could offer to bring the loan current!!! Take it or leave it... PERIOD! So I did what I had to... I agreed. Yes... I ended up missing payments... Lates... Etc.
They start foreclosure... After HUNDREDS of calls during all this time, I ask WAMU are you sure with the other property line disputes and no clear title to the land, is it in WAMU's best interest to foreclose? I wanted to keep the farm...
STUPID ME!!! I beg, borrow any and all I can, to save farm from foreclosure, use profits from cherry harvest, sell what little I have left from divorce to get the foreclosure stopped. This is in August, property set for sale Dec. 13th. I finally am able to get WAMU to enter into a "special forbearance" program to stop the sale of the farm. They wait until Dec. 12th to halt the sale... Why? More fees for them and their foreclosure company i.E. MORE MONEY/PROFITS.
Flash forward... I now have paid WAMU over $30,000 in fees and interest in three years and my payments are at a fairly affordable $1000 a month in the "special forbearance" program. Allow me to explain this program... All money goes into a noninterest (for me, not them) account, all lates and missed regular payments are still pilling up against the principle and the foreclosure in postponed, not stopped. This made it impossible for me to seek re-financeing with another bank to take advantage of the lower interest rates to get the payments lower (the loan is at 7.625%).
WAMU still refuses to re-fi me! During this time I have started up a const.co.in Seattle (3.5 hours away) that proves to be very successful. I am now able to put some money aside while still paying to my "special foreberance". WAMU has stated that IF, at the end of the 6 month "special foreberance" I can prove I can afford to keep the farm, they will consider a re-fi. I had a great first half of earning almost $60,000. I submit a profit and loss statement to seek a possible re-fi and WAMU responds with an offer to jack the principle from $190,000 to $220,000, set payments to $1880 a month, there by taking the loan out of foreclosure. Now wait a minute... I am self employed in the const. Business, I cannot be sure in a year or 5 years, I am going to be this successful again, how can they expect me to agree to this, there by setting me up to fail again? AGAIN, take it or leave it. So what do I do? I agree but I express my concerns and disappointment in WAMU for their handling of this entire 3 yrs nightmare.
WAMU sez... Sorry... We'll expect your first payment Sept. 1st. OK, I say. Please send pper work and let's get this started. I have decided to get the place fixed up to sell... It's killing me... I am coming to grips that I am going to lose my dream... August 15, no paper work, no contact, no returned calls.
WAMU has closed their California branch of collection and moved it east to Florida (I hope these storms wipe them out!!!) sorry... I get a cashiers check for the new payment of $1880 but am unsure where to send it... STILL no response from WAMU... No paper work, no account info, no NOTHING!!!
I have sent letters... Called... Left messages... Nothing!!! Sept. 15 I call again. The following Friday I get a return call, I miss the call and pick up just as the person is leaving a QUICK message and say hello, they hang-up!!! So today, I am sitting on this check waiting for a call back... I have painted the house, layed in new floors, new toilets etc. To get it ready to sell... Meanwhile the fruit industry here in WA has gone south. To CHINA! And my realtor friend tells me the chances of selling the place for what I owe to WAMU and the EX-wife is almost impossible and that I will probably get nothing out of the sale...
This is my story... Banks are losing money? SO WHAT!!!
I would appreciate any suggestions or comments on my situation anyone may have and welcome help... Please
0 comments