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Kim of Alexander, AR June 4, 2009
Several years ago we opened a Home Equity Line of Credit as a "back up" in case we needed it..rates were low so we took advantage. We have NEVER been late on a payment and always pay more to try to pay down as much as we can. Our credit is EXCELLENT 780 plus! Like so many I have read..they too asked for pay stubs or letter stating that we are business owners (which we are) and a signed IRS form to check up on our income. After provinding them with the requested documents they froze our credit line. no longer able to access it only to continue making payments until paid in full. This BETTER not hurt our credit! Theyre reasoning was that there was a change in our income! Absolutely not true! what do we do now. I do not feel they should be able to get away with this. if this was an isolated case. I wouldnt think too much of it but as I read on and on and on they are doing this to ALOT of us and we should be able to do something about it. Vicki of Weatherford, TX April 9, 2009
I had a home equity loan with Bank United, who was then purchased by WAMU. The loan was paid in full in September of 2001 and a release of lein has never been filed. Since then Chase has bought WAMU but since the deal is not final they will not help me either. I have requested that WAMU release the lein several times, and no reply or response.
I am trying to get a home equity loan, but with this still on the home as being unreleased, although it shows as paid on credit report it can not go through. This has been a nightmare.
Don of Port Townsend, WA April 8, 2009
I've been a Washington Mutual customer for over 30 years and have excellent credit. Early in 2006, I opened my third HELOC with WaMu, having paid off the previous two in full, and never missed a payment on any of them, ever. At the time I opened the latest HELOC, I opted for a no doc loan and pay a margin premium for the life of the loan for this feature. Recently, Chase, which acquired Wa Mu after it failed last year, demanded I supply pay stubs and fill out a release for the IRS to supply it with tax returns. I contacted the bank and pointed out the loan documents did not allow them to change the terms of the agreement except by mutual consent and that the only documentation they could require of me were those of the same type provided at the time the loan was made.
Chase refused to honor the terms of the agreement and told me the loan would be placed in default if I did not comply with their demands. It's fairly obvious what the agenda is behind these tactics. Chase expects to be unjustly enriched by being able to market pools of these types of loans under more favorable underwriting standards, and at a higher rate of interest than that charged to customers who opened full doc loans at the time.
Chase has since notified me they have placed the account in default and that I will no longer have access to the line of credit. This potentially hurts my credit score and access to credit from other sources, and I'm paying a premium interest rate for a feature of the loan I'm not receiving.
Maryann of Cave Creek, AZ February 21, 2009
I have a line of credit with WAMU. I have had it for three years. After the first year they sent me a letter stating I did not have adequate flood insurance. I increased it to their requirement. My line of credit is for 234,000. My insurance is for 112,000. After three years they now are saying I need to increase my policy 76,402.00 This would make my policy at 186,000. Now this coverage is for the dwelling not the interior. The home is 1400 sq. ft. Cost to replace the block which is the only thing covered under this policy is less that 186,000. My home owners covers the interior. I am told by my insurance agent cost to replace the Whole house would be 169,000. Replacing the block should not cost more than 100,000??? This would be double insurance for my home which is NOT NECESSARY. What can I do to stop this robbery being required by WAMU?
Flood insurance is very expensive for just covering the exterior. Resonable coverages for exterior replacement needs to be mandated to the mortgages. They are just going by what is owed and requiring that amount and not by what the actual cost would be to replace the exterior.
Paul of Miami, FL January 30, 2009
I aquired a HOME EQUITY LOAN with Washington Mutual about 5 years ago, the loan was At Prime Rate The problem is that when the Prime Rate went up, the Payment went up immediatley day by day, but when the Prime rate goes down, WAMU does not adjust it, sometimes it takes months and only adjust it when you complain. I am amazed that a sharp Lawyer does not look into this practice and form a class action lawsuit. this is a Multi Million dollar FRAUD!
I end up paying More! and theres no way to determine exactly how much more.
Blanca of Concord, CA January 23, 2009
WAMU took 21,000.00 from my Home Equity Loan. I filed an Affidavit within the bank in November 2008 and they said that my claim for reimbursement will not be honored because I reported the fraud more than 60 days of the statement date.
The bank has been charging interest since July 2007 to the current date. This issue is draining me physically and emotionally.
Robert of Berkeley, CA January 16, 2009
Borrowed nothing; cost 500. I applied for a no-cost home equity line of credit, and never used it. A year and one-half later, I wanted to cancel it so that I could refinance a different mortgage. The standard cancellation fee with WaMu was 500. A very polite and knowledgeable supervisor in a Texas office, C. Bartz (if I got the name correct) told me that nothing could be done about it because it was a clause in the loan agreement. (Yes, it is there)
They will collect 500 anytime within three years in order to recovered their alleged expenses in extending the line of credit. This might be fair, but it was certainly not pointed out to me when applied for the so-called no-cost line of credit. Truth in advertising? Probably not.
Unexpected 500 expense for no money borrowed.
John of Winter Springs, FL January 4, 2009
When I opened my HELOC with Washington Mutual for 100,000, their computer could not handle six digits so they input the line for 99,999.99 and told me not to worry about it. I had not used the line at all and began getting threatening letters saying I owed them 0.01, thats right a penny. I called them and they again told me not to worry about it and apologized. The problem is that they reported it to the credit bureau and it is still showing as a delinquent payment.
I would like to enter this in a stupid bank contest.
To add insult to injury they lowered my HELOC from 100,000 to 10,700 in violation of Reg Z, The Truth in Lending Act, Reg B, The Fair Housing Act, and yes they used unfair and deceptive practices. They used a bogus fly by appraisal, which was almost 100,000 less than recent comparable sales in my small neighborhood within the previous two months. There is a reason why they went belly up and the new owner is no better. Monica of Feremont, CA December 20, 2008
When I opened my statement to see how much I needed to pay on my equity line of credit.. I noticed that there were charges that I did not place on my account. I am 'mad,anger, disappointed' that someone did not pick up the fact that I rarely, if every use the credit card and now someone was charging gas to the card more 3 times a day for 20 days.
WHen I called to notify them, WaMu, that the card was stolen I was disconnected 3 times; so I went to the Bank. At the bank the rep was transfer 11 times with no sucess in trying to resolve or report the fraud that occured on my account. After an 1 1/2 hours at the bank I left to go pick up my daugther from school. I called Risk Management, who would not talk with me because I failed all of the security questions.. I guess I did not own houses in the correct location.
When I returned to the Bank, a Manager helped me and she was able to connect with someone after being transfer 2 times. She placed me on the phone with operator LLM and she said my case was noted then transferred me to a recording that disconnected me without telling me what to expect. The Manager of the Branch called back to clarify what was going to happened. My concerns is that my equity line is maxed out and they expect me to pay the overage charges,interest and my payment, within 5 days of my due date; otherwise it will get report on my credit report at being late..
Debra of Ellisville, MO October 15, 2008
I have been using the Equity Exselerator Program with Washington Mutual. This is where my payments are made every two weeks and are automatically taken from my bank account. I have had many harrassing phone calls regarding payments not being made but have automatically been withdrawn from my checking account. I have had my escrow payments increase by 200.00 A MONTH and Late fees attached to my account even though payments are automatically done and the responsibility of Washington Mutual.
I would relay the problem to those individuals that called stating to them that the payment had already been removed from my account and that they should get organized because payment had been made. Late fees were incurred anyway by Washington Mutual
Extreme stress mentally and constant harrassment by Washington Mutual personnel. Due to the 200.00 a month increase in payments, i have not been able to buy my diabetes medicines which has caused a hospital stay due to severe high blood sugar. Which is caused and aggrevated by stress.
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