Posted on: 14th Jul, 2010 11:15 am
Anybody out there that had a mortgage originated with Wamu (in 06) that is now being serviced by Chase?
I am going through 2nd mod in over a year (not likely to modify) and have forensic lawyers interested in predatory lending lawsuit vs. Chase @ cost of over 10k with 6-9 months to settlement. Is this a good direction to go in and is Chase likely to settle out of court in order to save this loan?
Condo owner needing some love and direction.
I am going through 2nd mod in over a year (not likely to modify) and have forensic lawyers interested in predatory lending lawsuit vs. Chase @ cost of over 10k with 6-9 months to settlement. Is this a good direction to go in and is Chase likely to settle out of court in order to save this loan?
Condo owner needing some love and direction.
You should google "Washington Mutual Predatory Lending Law Suits"
There are a lot of references to this including at least one class action that I saw.
It looks like you've already consulted with an attorney. What are you looking for? Enough people to start another class action?
There are a lot of references to this including at least one class action that I saw.
It looks like you've already consulted with an attorney. What are you looking for? Enough people to start another class action?
i too am a victim of predatory lending! back in 1999 i refinanced my home through a company here in town and they had an appraisal done for the amount they needed to get this through. well at the time the bank that took on the loan was bank one which changed to chase in the first 2 years of the loan. first of all, the bank should have seen that i didn't make enough money to pay the payment of $702.45 a month, then if that wasn't bad enough, they are charging me a 9.13% interest rate, oh wait there's more, i also have a balloon payment of $69,455 due in jan. 2015.
well i am also in a bad situation at the present. i quit paying my house payment a few months ago, my husband (which we just married in 2000) bought a different house just recently and we are living in the house now. a lawyer had told me that he would not be held responsible for my house, so we took the opportunity to get the h___ out of where we were, (my house). now i am getting calls and i am just waiting on the time they do the sheriffs sale and just take the house back.
does anyone know what the income guidelines are for a chapter 7 bankruptcy? i wished there was another way to get out of the mess that i got into back in 1999. my house will not appraise and sell for what is owed on it. i did owe 77.000 but now with the monies they tack on, it is more.
thanks for any and all advice.
well i am also in a bad situation at the present. i quit paying my house payment a few months ago, my husband (which we just married in 2000) bought a different house just recently and we are living in the house now. a lawyer had told me that he would not be held responsible for my house, so we took the opportunity to get the h___ out of where we were, (my house). now i am getting calls and i am just waiting on the time they do the sheriffs sale and just take the house back.
does anyone know what the income guidelines are for a chapter 7 bankruptcy? i wished there was another way to get out of the mess that i got into back in 1999. my house will not appraise and sell for what is owed on it. i did owe 77.000 but now with the monies they tack on, it is more.
thanks for any and all advice.
Crnwx I already responded to another of your posts in a similar fashion. Does $10000 out of pocket make sense to you? Go for it. It doesn't make sense to me, though. There are no guarantees when you enter a court of law, and as far as I know, there are no refunds for legal fees.
Now, Drifter, not only should the bank have known you couldn't afford that loan...how about yourself? Couldn't you figure it out?
I don't deny that you may have been victimized. Loans granted over the years haven't always been as favorable as they might have first seemed to borrowers.
What are you contemplating a bankruptcy for? Is there other debt you need to have discharged? The mortgage appears to be a dead issue here, inasmuch as you've vacated the home and you have a new home bought and financed by your husband.
Seems to me that you'd be wise to just sit quietly as they take possession of your old house and hope they don't come looking for any money they've lost.
But for bankruptcy information, your best bet is to contact an attorney for those queries.
Now, Drifter, not only should the bank have known you couldn't afford that loan...how about yourself? Couldn't you figure it out?
I don't deny that you may have been victimized. Loans granted over the years haven't always been as favorable as they might have first seemed to borrowers.
What are you contemplating a bankruptcy for? Is there other debt you need to have discharged? The mortgage appears to be a dead issue here, inasmuch as you've vacated the home and you have a new home bought and financed by your husband.
Seems to me that you'd be wise to just sit quietly as they take possession of your old house and hope they don't come looking for any money they've lost.
But for bankruptcy information, your best bet is to contact an attorney for those queries.
thank you
I must have missed your response gmakerley from before.
Yes you are right, I should have known that I couldn't afford that. At the time I did that, I was going through a divorce from my husband of 11 years. I didn't know what to do about a lot of things at that time. I could go into all of my wows from that time, but will spare you all! All I knew at the time is that I wanted to get his name off of the mortgage. I didn't want him to come back at a later date and take the house from me or even try to take it.
So yes, I wished I would have been smarter and could have seen into the future and not did what I did. I surely wouldn't be in the mess I am in now.
I have never been in any kind of financial situation like now. So I am just kind of freaking out a little. I have always paid my bills on time, never late on any of them.
I have been to see an attorney, and she also said to let them take it. I am praying that they don't try to get the deficiency in the end!
Yes you are right, I should have known that I couldn't afford that. At the time I did that, I was going through a divorce from my husband of 11 years. I didn't know what to do about a lot of things at that time. I could go into all of my wows from that time, but will spare you all! All I knew at the time is that I wanted to get his name off of the mortgage. I didn't want him to come back at a later date and take the house from me or even try to take it.
So yes, I wished I would have been smarter and could have seen into the future and not did what I did. I surely wouldn't be in the mess I am in now.
I have never been in any kind of financial situation like now. So I am just kind of freaking out a little. I have always paid my bills on time, never late on any of them.
I have been to see an attorney, and she also said to let them take it. I am praying that they don't try to get the deficiency in the end!
Drifter I agree that we can't see the future, and I didn't mean to imply that you should have been able to, if that's how it appears. I recognize that when in situations we often do things we'd otherwise not do. Other than that, as I noted, I don't think bankruptcy is a worthy solution.
I am just going to sit back and let it happen! hopefully they won't come after me for the balance. That is what I am praying for!
Thank you George!
Thank you George!
I got a call yesterday again from the Mortgage Company, they are now wanting me to do a short sale. That would be good, but, don't you have a lot of paperwork to send in before they will approve a short sale? I was thinking you had to be approved for it, like you would a loan mod.!
Indeed, your lender must approve the short sale. But they ought to tell you what they need to do that. You should also consider contacting a real estate agent (one who specializes in short sales, if you can find one) and see what information you can squeeze out there.
Well the first time a short sale was mentioned, they told me I would have to pay something each month, then someone else a few months later said that I didn't have to. Who knows! Thanks
Hi drifter,
After a short sale, you're responsible for paying the deficient amount back to the lender. The deficient balance, in case of a short sale, is not forgiven. Thus, as your lender has said, you should keep on paying the monthly payments until your deficient balance is paid off in full.
Take care.
After a short sale, you're responsible for paying the deficient amount back to the lender. The deficient balance, in case of a short sale, is not forgiven. Thus, as your lender has said, you should keep on paying the monthly payments until your deficient balance is paid off in full.
Take care.