Status of Chase acquisition of WAMU loans

Hiya, I have posted most of my information on the Wheel, but this is Chase specific. Today, a CSR told us that the Chase acquisition of WAMU mortgages was fully closed and FDIC approved. Only the bank account business is still pending, anyone know if that is accurate?

Our original first was WAMU, still the only recorded deed and shows WAMU as beneficiary. We are just trying to find leverage to challenge Chase when they foreclose. We have a HAMP app on and now they are asking us to submit it all over again. Fine, hopefully puts off NOD a bit longer.

Thanks, now back to the Wheel game.

Annie Mac reply
These are really muddy waters….and it would have been, still would be helpful to get a clearer picture of the framework. My first and second were Wamu, and the second was signed off before Chase came on the scene. I never had a Wamu bank account. According to the county records, Wamu holds the papers. When Chase took over, it seemed to create a six month delay and everything being redone. But, papers have been lost on both sides of the aisle. Wamu was so disorganized, while Chase is disorganized in more of a pattern. Some days I wonder if a reason my file is in year three is because so many errors and illegalities were made by Wamu that it is just not clear and never will be on that end. However, it is pretty clear to me.

norcalstuck reply
Yes it is very muddy. We had WAMU on first, then WAMU offered to extend our IO5 year loan for Another 5 years, but the rate increased thus adding $1000 more per month. But that was in 2008, Sept, literally days before the FDIC losed them. Chase cannot produce a copy of that 2008 extension/modification. Yet they have no problem being able to push us through foreclosure, even though WAMU is still beneficiary, with calif reconveyance company, owned by WAMU, as trustee. I am sure we will never know how illegal and fraudulent that business is. Still would like to know if FDIC approved Chase purchase of all WAMU assets. Be well

Annie Mac reply
I have been doing some digging, and the details are pushing the learning curve up a steep hill. Evidently, when my new, revised, even better than before ARM was offered by Wamu,in 2007, Washington Mutual Bank,FA no longer existed (as of April 2005) My contract lists Washington Mutual Bank as the lender. My second was also with Wamu, and was charged off in 2008. In 2010, Chase filed a substitution on the second, as the new lender over WamuFA and WamuBank. None of these seem to be on record with MERS at this point, but the loan number of the first has changed three times now in all the switches of lender. Do you know anything about these fine details of name with Wamu?

freedomwon reply
Annie Mac – If you haven’t done so already, take a little trip to the county recorders office & get yourself copies of all documents that have been filed on your property since loan origination. It helps to see the chronological order in which things were filed, who the signers are on the documents, who the notary is etc etc. It’s just good info to have!

Norcalstuck – Here’s a statement put out directly by the FDIC concerning WAMU

http://www.fdic.gov/bank/individual/failed/wamu.html

At a quick glance go down to section VI Loan Customers. You may also want to take a look at the purchase & assumption agreement VIII. Looks like you can download a copy to your desktop.
http://www.fdic.gov/about/freedom/Wa…al_P_and_A.pdf

norcalstuck reply
Freedom won, thanks for the links, will read today. And I have been to my county recorders office, and our original 2003 mortgage through WAMU is the only document, other than the Chase HELOC which they gave us within weeks of buying the house. In sept 2008, as our 5 year IO ARM was about to roll, WAMU offered us an extension, another 5 year IO, but for higher interest. We took it for fear we could get a refi, oh, and they offered it to us with no requalifocation, no new appraisal. Nothing has been recorded from that ” modification” of our original loan. Our beneficiary is still WAMU f.a. With trustee as Calif Reconveyance, which was owned by WAMU I think

Hence, my interest about the purchase and assumption agreement, and finalization of the Chase deal. We are not interested in pursuing anything legally, but we are intrigued by how Chase will foreclose with nothing recorded in their name other than the HELOC. Interesting times we are in. Thanks again

freedomwon reply
norcalstuck – What I anticipate will happen is when they are about ready to foreclose, you will see an assignment deed of trust & a substitution of trustee recorded. If Chase is doing things in the proper order, this should occur BEFORE a NOD is filed.

Some banks (such as BofA) have done this half backwards. They filed my NOD before filing the assignment deed of trust & substitution of trustee. In essence that makes the NOD invalid.

SONORACADREAM reply
I to had a WAMU HELOC and they recently (Chase) are calling themselves WAMU? From the Grave it has risen like a zombie. WAMU was the bank that ripped me off and sent me for a Loan Modification in Costa Rica? I was given paperwork and it was more than I was presently paying. No I am sorry. What happens to the Titles on properties that Chase wants to forclose on but the Title Company no longer exists? Fisrt American Title?. Show me the note Chase? do they have one. I saw this WAMU section and it applies to our property. Same trustee also for sale? How can I postpone the sale further? It cant hurt to ask? I am in pain anyway.

freedomwon reply
SONORACADREAM – I’m going to venture off topic for a moment because this is important & relevant to your case. I’ve read most of your posts & am familiar with your story. I’m extremely concerned for:

1. Your personal recovery (you’re fighting for your life battling cancer, which I know takes lots of energy).
2. The health of your wife
3. The health of your 2 children

Does it make sense for your family to continue living in the home while being exposed to toxic chemicals?
Do you have any money so you could move & rent somewhere?
What ever you decide, I will respect your decision. I would certainly help you with ideas to get your sale date postponed if that’s what you truly want.

I can also recommend you speak to the liason at the hospital where you had your surgery & see what financial resources are available to help you with medical and or relocation/moving expenses.

SONORACADREAM reply
I have been out of work so long now I have enough money to feed my family and keep the lights on. Yes I understand what you mean with our health and everything, I am told that I would be fighting a uphill battle in the snow over prooving psyical problems connected with a meth lab, my wife is worried over the Trustee Sale that will come eventually and my oldest daughter with the eating disorder is off to colldege doing well, my youngest is getting better in the academic area with a Tudor I Barter construction tasks with. My Dr feels this conition as well its hard to proove . I have been here and owned this property since 2004, We all drink bottled now. I dont know if there is ways to push the banks sale off till later or not, I am thinking for my healing time, I have some work when I am able(contractor in CA work), my abdominal wall was cut 8″ and lifting is my problem. I just need time to heal and back to work to pay rent that is all. Thanks for your concerns and offer for advice. I emailed Jamie Chase again, who knows if it will help I have a long history of problems with thier bank and WAMU. I went from a 760 credit score to —- overnight I saw it coming. I allways payed my bills on time now hope seems so far away. One more postponed sale would be nice if you had Ideas that would help, when you have been in a place for so long it is hard to leave with no where to go. Thanks for your concern, I appreciate you.

freedomwon reply
SONORACADREAM – There’s some things you can do to challenge the trustee. What you’ll need to do is start getting your ducks lined up. First order of business is to get copies of all documents that have been filed at the county’s recorders office since the origination of your loan. You will be looking for documents such as:

Deed of Trust
Notice of Default
Assignment of Deed of trust
Substitution of Trustee

Once you have copies of all these, you will look at signatures, execution dates, notary dates etc. You also want to begin familiarizing yourself with what local publication in your county the trustee is using to advertise the upcoming trustee sales. Some of the trustees are not publishing the sale as they should be. This is one of the legal requirements the trustee must follow prior to conducting a Trustee Sale. Notice of Sale must be published 3 times in the paper prior to sale.

You brought up some very valid points in your earlier post. I’ve had success getting my trustee sale postponed since last June. You can read some of the letters here: My recent letter to BofA (Part 2)

Annie Mac reply
FreedomWon, are you saying the Notice of Default needs to be recorded at the county clerk’s office before they can proceed? In 2008, there was a Notice of Default recorded by Wamu, but it was rescinded when I paid the arrears. (no change then in the ARM terms after doing so) There is no new Notice of Default recorded. I have been in LimboLand ever since, with loan mods denied like clockwork. No modification offer but also no Notice of Default.

SONORACADREAM reply
Thank You, You are sharp. I am worried I dont have enough time? My sale is et for the 6th of Dec and It looks like you know some Law in you letters. I feel the fact the Title company is no longer Insuring the Property tha bank cant take it? First CA Bank is Dead.
Did you send the letters snail mail and signed for? I know we both have the same AG and maybe another address, I have a trustee that was used by WAMU before. I also printed off all my emails with WAMU before they went under, I also have saved all my emails to Chase Executive dept.
What this really comes down to is do they have Title and the Rights to Forclose on a Property they really may not have any documents to from the title company even WAMU documents ? I will study you posts and get as much info as I can before Court Day. Thank you so much. I believe in your Freedom wins attitude.

freedomwon reply
I know that is the case in the state of Ca. however; looking back at one of your previous posts, I discovered you are in Oregon. You will need to study the foreclosure laws in Oregon to see if that’s the case in your state.

In Ca., Once a notice of default is recorded it is valid for one year from filing date. If a trustee sale has not occurred during that time, a new notice of default must be filed & the process begins all over again.

freedomwon reply
SONORACADREAM – Unfortunately I think they will pull it off because of the details in that purchase & assumption agreement. (See post #5). I’m not saying I think it’s right or that I agree with it. If you have the energy, definitely fight. At the very least, you can keep a roof over your head.

If I was in your shoes, my thought is your best line of defense is to challenge the trustee by insisting it is “unsecured” debt. If they do not have the “wet signature” promissory note & the “wet signature” deed of trust, the trustee has no standing to foreclose. Problem is, here in Ca., since the courts are not involved in the process, the sale just gets railroaded through at the court house steps.

SONORACADREAM reply
I am really at the end of my rope, who needs the stress added to the psyical problems, I guess you must have thought there was somthing different a few posts back we live in the same state, with the same laws. I will start packing, my home will be vacant I guarantee for a while after disclosures are made to environmental health, History of this property is on my side it has it. I am done and I fought a long time. Fighting the trustee on the courthouse steps is not my idea of a good holiday. What do you think? 2 to three months then before I am told to walk? Toulumne County has one of the highest rate of vacanct homes .People walk because of this stuff, who wants a few bucks, make the banks work for the title.

SONORACADREAM reply
I am going to make another call to the executive branch and see if they will make a change.I seem to get results this way just by talking to a person with the ability to freeze a sale. One more time till I heal internally

freedomwon reply
SONORACADREAM – I’m going to think good thoughts for you! Let’s hope you get someone on the other end of the phone that will help. If not, call back again & talk to someone different. DON’T GIVE UP!

freedomwon reply
SONORACADREAM – One other idea that may help to get that sale date postponed………..See if you can find out what publication the trustee uses to publish the sales in your county. Call them or have a friend call & ask.

California Civil Code