March 3, 2010, 8:45 pm: Keisha Hackney phoned looking for payment. She told me I was denied because I had “the equity” and that I should list my home for sale; a modification was not available for me. I should liquidate my assets and pay up; consider a short sale. I will receive a denial letter and a letter with intent to foreclose. I was denied because I have “the equity” and I “should have refinanced or pulled all the equity out.”
Ms. Hackney had the unique ability to make having equity sound like I had the clap.
I asked if Chase merely serviced the loan and she said no, “this is an asset loan in the portfolio” (interesting, because I strongly suspected this particularly predatory Washington Mutual loan had been sliced, diced, repackaged as a mortgage-backed security and sold down the river.) I said I was going to make a payment March 5 but had been told it would not be applied if it was a partial payment; she confirmed this. I said I could commit to a full payment with late fees by April 5, 2010. She told me she would note in the file I “was not able to make a commitment at this time”. I said I was making a commitment but she would not hear of it. I ended the call.
Filed under: Chase, Home Loan Modification, JP Morgan Chase, Washington Mutual | Tagged: foreclose, foreclosures, home equity, jp morgan chase loan modifications, loan modification, Loan modification denial, mortgage-backed security, predatory lending, WaMu, Washington Mutual |