Question: That’s good it is working for you.. Just don’t get a home loan with them.. > A > > national radio show called the trouble shooter (Tom Martino) gets calls > > weekly about horror stories each week about them.. It took almost a year > for > > me to clean up a accounting screw up on their part. California Better > > Business Bureau has an extensive complaint file on Washington Mutual. A > rep > > from the BBB that I talked to told me to run away quickly.
> My son has a Washington Mutual home loan (I do too, for a rental property we > own but we handle our own escrow account). We heard complaints about WaMu > playing fast and lose with the escrow accounts. My son has heard rumors to > that effect also.
Answer: Last month’s issue of Smart Money had a long feature story on the horrors of WaMu’s home mortgage business. Fast and loose means, in some cases, that mortgage holders paid into the escrow accounts but the tax and insurance payments were never made. Customers described a Kafkaesque system where their efforts to straighten out various kinds of snafus were completely ineffective. I’d say the article is recommended reading for anyone who holds or might hold a mortgage with this company.
Link to http://www.smartmoney.com/mag/index.cfm?story=nov02-wmutual for a partial look at the article; the full print copy would probably be available from your local library.
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