From: BORROWERS BEWARE.....!!!
Category: Other Complaint
Remote Name: 4.78.53.214
Date: 02/17/2006
Time: 01:48 PM
Washington Mutual's Loan Processing Policies/Procedures--A Never Ending Nightmare I too have had problems with WAMU however my nightmare began with Homeside Lending and has continued with WAMU. While under Homeside Lending I had similar problems, payments not being applied, I could never get any information from them about the status of my loan or my escrow account. Ultimately, after 3 years after my request, I received a payoff statement, which was originally requested from HSL but sent 3 years later. Ultimately, and painfully, I was forced to file Chapter l3 for bankruptcy protection when the conflicts or payment agreement could not be resolved while under Homeside Lending. HUD?s attempts to intervene were ignored by Homeside loan officers. At this time, it was clear that RESPRA, the Fair Debt Credit Law, and other regulations were being violated yet I could not find the help I needed short of bankruptcy. However, after Washington Mutual? (WAMU) took over Homeside Lending's loan processing activities my nightmare truly began and up until now it has become one frustration after another trying to get WAMU to maintain accuracy in processing my loan payments and properly analyze my escrow account. At the on-set, let me explain that I only own $l9, 000 in principal and interest on my mortgage; however WAMU maintains that the payoff is 25,000. I have disputed the discrepancy in writing and I have ask WAMU to produce evidence of all charges assessed and disbursed against my escrow account. WAMU insists that they have only paid the taxes and insurance premium however, there is approximately $6,000 difference in the figures that do not appear to add up. I have been advised of several new programs which I would like to participate to pay this loan off. Yet WAMU will not provide a detailed explanation of the changes that account for the approximate $6000 difference Under WAMU I have had to appear before the bankruptcy court to produce payment documents in excess of 6 payments because WAMU failed to properly process the payment in a timely manner. In spite of their errors, I am being assessed attorney fees. I have filed several complaints with HUD, including a RESPRA complaint (Feb. 2005) a Fair Debt Credit and RICO Complaint with the Federal Trade Commission because WAMU refuses to reply to my request for a written accounting of the charges to my escrow, ignored my challenges regarding the accuracy of payments applied, and taxes paid as required under RESPRA and/or the Fair Debt Credit Act. I have requested (February, 2005) a detailed payoff statement showing how the escrow was calculated including all fees assessed and other charges included. It is now June and I have not received a response form WAMU. Subsequently, I filed a RESPRA with HUD, Washington DC alleging the same charges and to date I have not received even an acknowledge letter. I filed a complaint with HUD loss mitigation processing office and it took a Congressional Inquiry to get HUD?s Loan Processing Office in Colorado to begin an investigation into my allegations. Recently, I have learned from reliable sources that the number of complaints against WAMU is so great that the HUD's Loss Mitigation Office has established a separate unit to address WAMU complaints only. In most instances, the complaints and allegations are the same. Flagrant assessment of excessive fees, late payment of insurance premium, questionable accounting practices and failure to properly and timely conduct an analysis of my escrow account, arbitrarily and selectively holding of mortgage payments, then arbitrarily assessing late fees, that appear to be in conflict with my loan agreement,. In addition, in my case, payments sent by quick collect or bank draft were routinely held, resulting in WAMU filing for a relief of the stay. As previously indicated, I have had to appear in court 4 or more times since 2002 with receipts, bank statements, and postal receipts showing that the payments were made and received by WAMU. When it became apparent that I was maintaining copious documentation of all payments received by WAMU, they refused to allow me to send payments by Quick Collect and Bank Draft. Now, I must send payments all payments by personal check which has created an even worse nightmare because now WAMU will either hold the checks until the late pay date which gives them the excuse to charge a late fee, and then they place the funds into a suspense account, pending receipt of another payment of $599.00. Yes, in one year, they increased my payment from $599.00 to $l, l98 without a credible explanation. Efforts to challenge the new payment under the Fair Dept Credit Act have been fruitless, because as most of WAMU?s customers know, this Law is routinely ignored by WAMU. Furthermore, when WAMU discovered that I was filing complaints with other agencies, they would forward my checks to their Attorney, who would hold them for WAMU without notifying me or my attorney until after they had filed a Relief of the Sta
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