WaMu 1st and WaMu HELOC

[Joel Fraser]

Ok, Where do I begin?I bought a brand new house in Orange County Ca in 2004 for $938K. The house had no landscaping. I put in landscaping, including a pool, to the tune of around $120k. In Jan 2006, I walked into my WaMu branch and discussed refinancing with a loan officer in the branch. I refinanced and took out a HELOC.At that time my house appraised for $1,425,000. I refinanced the first for $945k (original plus point fees)at $4800/month and took out a HELOC for $250,000(max they would give me)currently at $1100/month. Both loans were a stated income loan as I am self employed. The first is a 30 year loan with the first 10 years fixed and interest only at 6.1%. The HELOC is adjustable and is currently just under 6%. My business has struggled as of the last 18 months and I currently am not making what I used to. For the past 12-15 months I have had to dip into the HELOC just to make ends meet. In Feb. of this year WaMu sent me a letter informing me they lowered my HELOC limits to $223k which is now maxed out. On March 1st 2008, I stopped paying on both of these loans. In addition, I didn't make my 2nd property tax payment and with penalty is now $9100 owed as of April 10, 2008. My property insurance is up to date.I started getting calls around March 18th from the collections department and I advised them of my hardship and they sent me the loss mitigation forms which I received on May 5. I took my time in filling them out and sending in my bank statements and last 18 months Profit/Loss statements. I mailed them as they were not the proper format to be faxed. I priority mailed them to the Jacksonville office in which I was instructed to do so.The collectors are still calling virtually every other day. I advise them that I have sent in the loss mitigation package, and they are telling me that that may be another 3-6 weeks before someone will contact me. I would like to stay in the house but will only be able to do so with a loan modification. I live in a new community where there are quite a few forclosures/short-sales going on as there are not many older established homes with huge equity buildup. I am fairly confident that my business will turn around in the next 6 months to a year, but I cannot know for sure. It will be tougher as the economy tightens.Any suggestions on who to call to try to get my loan modification moving? I am 57 days late now and time is running out.Let me know if you need any more info to help me out of my situation. Your help is greatly appreciated.Thanks