Loan Modification Forum - LoanSafe.org - View Single Post - Home Affordable Modification on 40 yr mortgage and navigating Chase

azdmsmith · 07-02-2009, 09:32 AM

I am so disgusted, frustrated, angry, you name it! I applied for a modification on 3/5/09 and remain current on my payments (FannieMae backed mortgage serviced by Chase). I FINALLY got my file to underwriting where my modification was DENIED. “Russ” from executive resolutions called to tell me it was denied, but seems clueless about the home affordable modification program and could not even provide me a reason for denial. All he wanted to talk about was that he would respond in writing to my Better Business Bureau complaint.
Here is the response that was sent to the BBB by Chase:
The loan is less than a year old and is a 40 year loan at 5.8% interest. Based on the financial information given to Chase these payments should be able to continue....In the future you can apply again by contacting Homeowners Assistance Department at 800 446 8939
That’s all I get after almost 4 months of waiting! The guidelines require that the loan originated on or before January 1, 2009 (NOT that it needs to be more than one year old) and that the mortgage payment is more than 31% of gross income (regardless of the interest rate and length of loan). My loan originated before Jan 1 and my payment is 43% of my income because my pay has been reduced due to mandatory furloughs.
I’m absolutely at wits end. Chase did not properly apply the home affordable modification guidelines and refuses to return my calls (I’ve left 4 messages for an exec resolution supervisor). I don’t even know who else to contact to require them to apply the guidelines correctly.

07-02-2009, 09:32 AM	#58 (permalink)
azdmsmith Senior Member Join Date: Mar 2009 Posts: 118 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Affordable Modification DENIED I am so disgusted, frustrated, angry, you name it! I applied for a modification on 3/5/09 and remain current on my payments (FannieMae backed mortgage serviced by Chase). I FINALLY got my file to underwriting where my modification was DENIED. “Russ” from executive resolutions called to tell me it was denied, but seems clueless about the home affordable modification program and could not even provide me a reason for denial. All he wanted to talk about was that he would respond in writing to my Better Business Bureau complaint. Here is the response that was sent to the BBB by Chase: The loan is less than a year old and is a 40 year loan at 5.8% interest. Based on the financial information given to Chase these payments should be able to continue....In the future you can apply again by contacting Homeowners Assistance Department at 800 446 8939 That’s all I get after almost 4 months of waiting! The guidelines require that the loan originated on or before January 1, 2009 (NOT that it needs to be more than one year old) and that the mortgage payment is more than 31% of gross income (regardless of the interest rate and length of loan). My loan originated before Jan 1 and my payment is 43% of my income because my pay has been reduced due to mandatory furloughs. I’m absolutely at wits end. Chase did not properly apply the home affordable modification guidelines and refuses to return my calls (I’ve left 4 messages for an exec resolution supervisor). I don’t even know who else to contact to require them to apply the guidelines correctly.