WASHINGTON -- My wife and I have had literally stellar credit our entire lives. We have a long and reliable credit history. We purchased a home and got a 15 year FIXED mortgage. We have religiously paid our mortgage on-time since. Since the initial loan, our mortgage was purchased by Washington Mutual (WAMU). We received a telephone call from WAMU's collection department stating our mortgage was not paid for May 07... what… yes it was???
Through some investigation we have learned that they determined our escrow was short and they raised our mortgage… get this… TWO YEARS AGO. We were never informed! We were told that every month our payment was short by this small amount that the mortgage was increased. All this time, as far as we knew we paid in full and on-time every month.
Evidently, they have been mailing notices to an incorrect address. NOT the “current” address for us listed on our loan application, NOT the property address where the loan was taken on (application flagged the property will be “PRIMARY RESIDENCE”). Evidently, they have been mailing notices to some other (incorrect) address they found on a credit report! They have kept adding the late fees until they decided it was time to use our funds paid for May mortgage to late fees, leaving no money to pay the May mortgage, triggering a call to us.
We figured we could simply clear it up… right? NOPE! Their “dispute department” declined all claims by us. They insist that we owe thousands in late fees, and the negative reports to the credit bureau will remain unchanged!!! What to do? They are to the point where they don't return our calls anymore!
The originally agreed mortgage has been paid on-time every month for the past 4 years without exception. How were we supposed to know they raised the mortgage?? They admittedly didn't send any information to either address listed on our loan application. They admittedly never called us prior to this. Now, we are looking at expensive legal fees to clear this up!
I have my mortgage at Washington Mortgage. I have the payment automatically deducted every month from my checking account. I changed banks last month and tried several times to get on the website to change the information, but the website was always down. I finally called and explained the situation.
After being on the line for over an hour they said I would be charged $14.95 for a payment over the phone and an additional $39.00 for a NSF because they could not stop the request on the account I had closed - even though I was paying the payment 4 days before the payment is usually deducted from my account.
BUTTE, MONTANTA -- We have had a mortgage with WAMU since 1998 and never had a problem until we retired. The first shock came just before we retired when our payment was returned by the post office marked undeliverable. Again, I sent out another payment and again the same thing happened. Instead of a courtesy letter or phone call to see if there was a problem, we got a foreclosure notice. When we finally got in touch with one of their reps, (which took several days) he stated that this cost us with a five figure penalty; which was added to our loan.
We made up the missed payments and everything went along smoothly until a year ago when again another payment was returned unopened by the post office and again with penalties. We never receive any statements or payment coupons - we are like a mushroom - always in the dark and never know what is going on with our loan. They tell us they don't have to provide us with statement or payment coupons.
When I finally retired, we had to change our payment schedule around due to different paydays. Everyone cooperated with us except WAMU making it very hard to get our payment to them on time. Several months ago they got my payment back to the bank before my S.S. check arrived and so the bank returned my payment - again another immediate foreclosure notice. I have wiped out our savings trying to keep up with these people. Now they tell me within the next two months our payment will triple.
It is impossible for a retired person to keep up with this type of business. I believe WAMU is prejudice against retired people and very money hungry. They prey on the elderly and don't deserve to be allowed to deal with anyone who may retire or become incapacitated in any way. They are calloused and inhumane. I recommend that anyone who has a choice in Mortgage institutions to choose any other company and stay away from Washington Mutual.
CALIFORNIA -- A short time ago, I refinanced my home. The loan was then transferred to Washington Mutual who became the new "servicer." I was sent the notice of transfer which included the address for correspondence regarding the loan and one for payment. After finding out that they charge $12.00 per transaction on the internet, I opted to mail them their payment. (They don't need another $144.00 of my money per year.)
I received a call from their branch in Arizona informing me that they had not received my monthly payment. I informed them that I had mailed it to their address on the transfer letter (Kentucky) since they had never sent a coupon book nor an update letter specifying a different address. I also, at that time, asked them if they really charge 12.00 per internet transaction and $12.00 per phone transaction.
I was really surprised to find out that they did indeed charge that amount. All in all, I concluded that this company is not consumer friendly, nor do they handle loan transfers in an expeditious and timely manner. I'm really turned off! They ought to be paying ME to deal with THEM!