Home Preservation Plans with WAMU

by admin ~ October 28th, 2008.

WAMU is promoting a home preservation plan in an effort to help their customers avoid foreclosures.  Borrowers can choose fro repayment plan, loan modifications or forbearance.  It is important for homeowners to realize that they do have options.

Loan Repayment Plan 

If you have missed one or more mortgage loan payments, WAMU may be able to create a repayment plan that spreads out the past due amount over several months. With this plan, the borrower would pay their regular monthly payment amount plus part of the amount you are behind, until you catch up. Please contact WAMU to see if this repayment option is available for your mortgage.

With a repayment plan you may be able to:

o    Repay the past due amount over time.

o    Postpone foreclosure proceedings.


Loan Modification

If your loan is past due, we may be able to work together to get your loan back on track. The quicker you discuss a loan modification, the more choices you will be offered. Please contact us to see if this option is available to you. 

If your home loan is past due, we may be able to:

o    Reduce your mortgage rate, so your monthly payments and mortgage rates are reduced.

o    Extend your loan term so that your monthly payments are smaller, but spread out over a longer period of time.

o    Add your past due amount to your outstanding loan balance, so you can get back on track with your regular payments.

o    All of the above.



Forbearance is when we agree to postpone a pending foreclosure sale to give you an opportunity to temporarily make reduced monthly payments while we develop a long term solution for you. We may be able to offer you a forbearance plan if you are experiencing a temporary hardship, trying to sell your home, or attempting to change the terms of your loan. Contact WAMU or a loan modification company to see if a forbearance is available for your mortgage loan.
With a forbearance agreement you may be able to receive:

o    A short-term break from payments or reduced monthly payments.

o    A short-term postponement of a foreclosure sale to work toward a long term solution.

o    To find out if a forbearance plan is an option for you, complete our Borrower Assistance Form.*

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One Response to “Home Preservation Plans with WAMU”

  1. PaulMolinaroEsq Says:

    Words from a Very Outspoken and Opinionated California Litigation Attorney

    Here in California, our Department of Real Estate website (dub dub dub dot dre dot gov) lists the companies that have DRE “permission” to modify loans… add to this list any licensed California attorney, and that is where you should begin your due diligence search when you seek help in California. Other states probably have similar laws, so check with your own state DRE and state bar.

    My law firm has been getting more and more calls recently from homeowners that were victims of predatory lenders who put them into an unaffordable loan and now fell into the hands of those same people who sold the toxic loans but profess to be saviors… DON’T BE A VICTIM TWICE! What’s that they say, “Fool me once, shame on you, but fool me twice, and I’ll sue your butt!”

    Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home.” Scammers are popping up like dandelions on a freshly mowed lawn in April. They advertise on the Internet, freeway billboards, radio, television, and print media everywhere, not to mention spamming your email box with those third-world widows needing someone to receive three million dollars for them. Make no mistake, in many cases, these “loan modification experts” are the exact same loan officers and mortgage brokers who fleeced homeowners the first time around. After losing their jobs with the crash of the mortgage industry, they have found a new way to make ill-gotten profits from hard-working homeowners through loan modifications.

    In California, with very few exceptions (and attorneys are one exception… no coincidence there… attorneys make the laws), it is against the law for anyone to take money up front for helping a homeowner who is in default. Don’t trust a company that begins its relationship with you by breaking the law.


    Hire an attorney – and not just any attorney either – one with experience in mortgage law, not just one with real estate law experience but one with experience in both FEDERAL and STATE litigation against mortgage companies, one who doesn’t also do family law, criminal law, admiralty law, and immigration law as well, one who limits the practice to mortgage law (or at least a great majority of it), one who has the experienced staff, training, and know how to take on the big lenders and their top notch lawyers (lenders have attorneys – and darn good ones – check out their counsel on the web – big names top schools, shouldn’t you have a lawyer too?).

    We are not talking about a refund on your broken television here, we are talking about hundreds of thousands of dollars and your HOME – if you don’t think this is the time to hire a highly educated and experienced professional instead of a weekend schooled, almost out of work, broker slash loan officer slash “expensive water in a wine bottle with alleged magical curative powers” salesperson, I don’t know what would make you take things seriously.

    Of course, this is one obnoxious lawyer’s totally biased opinion, but one based on many many distressing calls to my office every day. And, yes, my firm loves taking cases against loan modification companies who have violated laws. This field is quickly becoming one of the fastest growing sections for our mortgage law firm.

    - Paul J. Molinaro, Esq.