Talk to an accountant and talk to the loss mitigation department at WAMU and tell them why you can no longer afford to pay.

Even if they go into collections, we will just sell the account to one of our subsidiaries; take the tax break and then collect on the whole debt.â€I worked for banks where their lending department had the very same philosophy.

Keep plugging away but Wells will want something for sure.If you want to keep the property and try a loan modification, talk to the loss mitigation department of Countrywide.

Could you be of any assistance in that department?

There was a contractor that used to live next door to my friend that inspired the remodel - new kitchen and added horizontal square footage.Plans from the architect were drafted, turned into the city planner's for review, Comments were made, Architect corrected and then neglected - architect let them sit in his office for 5 months, finally turned back in and then the planning department moved and lost the plans.

Even if they decide to adjust assement values lower due to lowering price all they will have to do is bump that take rate a bit higher and still collect the same amount.I can't see the government take a big hit in the tax department.

Tell him you have a friend that specializes in loan modifications and forebarences & that if you gave him their loan # he would talk to the loss midigation department for them.Then just call yourself with loan # & all your friends problems go away.Be careful though your friend & I've seen things like this before might feel alienated.

So you can contact the decision makers directly instead of going through the generic REO department daisy chain.

Loan customers should continue to make their payments as usual.http://www.fdic.gov/news/news/press/2008/pr08099.htmlNational Bank Acquires All the Deposits of Meridian Bank, Eldred, Illinois FOR IMMEDIATE RELEASEOctober 10, 2008 LaJuan Williams-DickersonOffice: [email protected] Meridian Bank, Eldred, Illinois, was closed today by the Illinois Department of Financial Professional Regulation-Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver.

I would call your lender to see if there is anyone in their collections department who can give you some insight.