The Non-Assets Department over at Washington Mutual seems to be playing by its own rules but it seems that they are striking pay dirt in one more area. This time they are operating in an area that many others don’t and that is on modifications being completed to non-delinquent homeowners. Even with the HAMP programs many times the homeowner must be behind but finally they are stepping up to the plate. It really comes down to the fact that many homeowners take it upon themselves before something becomes a problem but usually find no one willing to help.
In this case the homeowners may find a little hope. No loan modification is guaranteed unless it is completed. WaMu is finding that at this time they are allowing for homeowners who have not fallen behind to apply for a loan modifications. We saw for one of our clients that it was an acceptable term to also apply for the length of the loan to be extended and a recast to be completed which allowed the homeowner to begin their loan all over again. With more time to pay the loan back the monthly payments have a chance at shooting back down and allowing for some breathing room for the homeowners.
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