Maybe, Maybe Not

Phoned WaMu May 8, 2009 at 12:55 pm and spoke with Amber. Now that they have received the “missing” information, as of 4/15/09 they have 28 business days to assign to a negotiator as the package is now “complete”.  It will go to a different negotiator and within the 28 days I will be contacted.  

WaMu is Becoming Chase!

As it was the one-year anniversary of my salary reduction it seemed time to approach the owners and ask for a salary adjustment. Given that I was still doing 100% of the work at 50% of my salary, I was confident they would see how well the business was doing and make some positive salary adjustment in recognition. In acknowledgment that times were still tough, even though our sales were robust, I offered to take on additional work as part of a salary increase and posed several options. All ideas were rebuffed and no salary increase was granted.

Phoned WaMu/Chase on May 20, 2009 at 8:45 am and spoke with Julie. She indicated my loan was assigned to modification officer Brandon U. on 5/13/09 and it would take 77 days from then. Per Julie, no file was opened until 3/31/09 and anything related to my 2/24/09 submission and all prior communications were null and void. Stanley S-D. may have been an “opener”. I will receive a form letter telling me they are looking at the loan and considering my request for a modification.

May 20, 2009 at 3:35 pm I received a call on my landline, not the cell phone number I had provided to WaMu/Chase as my sole contact telephone number. It was Rich Naylor calling to tell me Brandon U. is a processor. Rich Naylor was in charge of doing the review and my loan was no longer in Loss Mitigation, it was now in the Imminent Default department. The package was considered incomplete as of 5/13/09 and would not be looked at until all updated and additional material was provided.

Rich directed me to the web site and told me to download the forms and submit all of the requested information. This site had no cheerful exclamation points – just a Borrower’s Assistance Form with a lengthy checklist.  Rich also requested:

– Updated/current utility bills showing proof of residency

– 2 pay stubs or 30 days worth of pay documents

– 2008 income tax returns

– Documentation of all assets

– Recent bank statements

– Profit & Loss Statement

– Monthly Budget

All were to be faxed to the Imminent Default department and should be mailed as well. Upon receipt of all documents, the loan would go to review and then be assigned to an underwriter, after which it would take 30-40 days.

Basically, after three months of paper shuffling WaMu, now Chase wanted a complete resubmission of my loan modification request.   

May 23, 2009 was spent assembling, copying and faxing the requested documents, now totaling 53 pages. With the exception of my 2008 tax returns (I’d already submitted 2006 & 2007), most of the documents were updates on the same documents I’d submitted 2/24/09 and 3/13/09.

May 26, 2009 I mailed the same documents to WaMu Imminent Default. No upbeat Home Ownership Preservation moniker at this address.

May 29, 2009 I confirmed the packet had been delivered at 8:51 am via Certified Mail.

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