Mike, Home Owner in Dahlonega, GA


Asked by Mike, Dahlonega, GA Wed Jul 4, 2012

I took out a mortgage from "washington mutual bank FA" and they sold the note last year to a private investor, when I looked closely into the assignment documents between (wamu)/Chase and the Investment company I realized that the assignment is from "washington mutual bank" and not from "washington mutual bank FA" where i actually took the mortgage from, (and its also recorded this way) So my question is if this is 2 individual companies or it's the same?. so maybe i have a good reason to dismiss the case. or at least buy a lot of time till it will be corrected? Please advise me. Thanks

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Rene' De Bla…, , San Diego, CA
Tue Jul 10, 2012
Washington Mutual FA is/was a division of WaMu that served as the mortgagee on the bank's mortgage loans. This is the name that they would list on title, etc., as the lienholder on a property, or the beneficiary on the homeowner's insurance.
0 votes
Cory La Scala, Agent, San Diego, CA
Wed Jul 4, 2012

They're the same lender. And, if you do decide to do a short sale, just know your credit will be affected a lot, and maybe just as much as a foreclosure, especially is you miss mortgage payments. Please look into this before taking someone's word that it won't affect your credit as much.

Fair Isaac doesn't care whether you short sell or foreclose, they're looking at how many payments were late, and how much you owe.

They're looking at 'payment history,' for which you can get docked a max 175 points, and another 150 points for 'amounts owed.' If you stop paying your mortgage, you'll have several late payments in your history. There's no easy solution.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
0 votes
You are correct Rene Wamu FA is listed as a subsidiary of Wamu Bank Inc in 2005 and 2006 but not in 2007. This is a common misconception that they are the same.
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Hector Gaste…, Agent, Coronado, CA
Wed Jul 4, 2012

I advise you to pay your mortgage. When you signed a promissory note it did not have a clause that you would play games with banks if the value of the home went down.

If you can afford the payment, make it, if not do a short sale. If you need a REALTOR, I can help you list and sell the property and try to get you some cash for your keys (if you qualify).

Hector R. Gastelum
Realty Executives Dillon
REALTOR #01382940
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91913
efax 619-270-2516
0 votes
Jerry Heard, Agent, San Diego, CA
Wed Jul 4, 2012
In 2005 Washington Mutual Bank FA legally changed its name to Washington Mutual Bank.
If you are facing foreclosure, it may be possible to delay the foreclosure process through a short sale. There are no guarantees on this, it depends on the current investor. However it may be worthwhile having your Realtor explore this option. A short sale affects your credit less than a foreclosure.

I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes
Trudi Geniale, Agent, San Diego, CA
Wed Jul 4, 2012
I would suggest contacting an attorney asap as there may be a difference. I cannot offer legal advice so that is your best way to go.
0 votes
Chris Gorno, Agent, Carlsbad, CA
Wed Jul 4, 2012
Hello Mike~

They are more than likely the same. Is your house in Pre-foreclosure? If the sale date is approaching and you want help postponing it, you will need to call me, or a real estate agent who is experienced, or preferrably certified in distressed properties "right away". You will have a challenge on your hands trying to handle this one on your own, and there is no cost to you whatsoever. I would like to get a little more information from you, which will help determine your best options, so that you can make an informed decision. There are much better options than Foreclosure. Foreclosure does not have to be an option. Reach out...

Chris Gorno
DRE# 01499885
Windermere Real Estate SoCAL
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