Question Details

Right Brain,  in New York, NY

Avoid WaMU?

Asked by Right Brain, New York, NY Wed Feb 4, 2009

I know of two "short sales" where WaMu is the note holder. On both instances WaMu has agreed to a price and then later rejected the printed contract demanding more on (3) occasions each. Three times the contract and settlement sheet had to be redone. They play a game where THEY are agreeing to it but some OTHER DEPARTMENT isn't. Pass the word around: short sales where WaMu is involved just aren't going to happen. Your client will spend thousands on mortgage app.and legal fees and have nothing for it but bad faith negotiating from WaMu. No commission, no sale, waste of time.

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1 vote Thank Flag Link Wed Feb 4, 2009
Right Brain,
I concur on the BAD FAITH NEGOTIATING from WaMu.

We're at Day 311. (see link below)

I think WaMu's intransigence has something to do with JP Morgan Chase not wanting to accept any writedowns until management gets their bonuses.

We all know the WaMu loan portfolio is hollow. But until WaMu sells the properties, JP Morgan Chase apparently doesn't actually book the loss. No sale, no lose = profits = management bonuses!

Sign me up.

I say, AVOID WAMU Loans.
0 votes Thank Flag Link Sat Jul 18, 2009
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