Mortgage Forum

Joel Fraser

We have a mortgage with WaMu. We have a fixed rate but it is at 11.25%. We were able to Refi with them in 03 when we were on the brink of forclosure with another company. At the time we didn't feel like we had a choice. It was either accept their terms or loose our house. We then had layoffs and got behind again. Any little unexpected thing can put us behind with the interest rate we have. We stared our own business and are doing ok, but the economy in Michigan isnt helping. We did a "loan modification" last October which now I realize wasnt what we got.We had to pay a goodwill portion of what was owed and then the rest was added to the end of the loan, they didn't even add the late fees to the end, those are still listed in the amount "due". We also pleaded with them to lower our rate. If it was lowered we would have no problem making payments, they said no. Fast forward to last December and my husband falls on the ice and breaks his ankle in 3 places. We are self employed and own a plumbing contracting company in Michigan. He was out of work for 3 months. We got behind again. We have been paying a payment every month since he has been back to work but havent been able to "catch up". I called to tell them our circumstances and was told basically "sorry about your luck" but you already did a modification and only one is allowed during the life of the loan. We have recieved paperwork a few times to see if we qualify for a mod. I have called each timeto ask about it and am told we would only be able to apply for deed in lieu or short sale because we already did a mod. Fast forward to today. We are still behind, will be 3 months Oct.1st. We will make at least 1 payment, hopefully 2. I have been just wiring the money Western Union so they can't tell me they won't accept one payment, so far they have been taking them every month. My questions now are:1) Now that they have been bought out will they stop accepting less then the balance owed? 2) Will they be more likely or less likely to work with us now? 3)Will they now consider doing a "real" loan modification and lower our interest rate? Our mortgage loan would not be a bad debt for anyone if they would just lower the rate!! Any advice would be appreciated!