Loan Modification Forum - LoanSafe.org - View Single Post - What do we know about the: CHASE 3 MONTH TRAIL PAYMENT OFFER?

Marie T · 07-03-2009, 09:50 AM

Hi Hodgini,

Mine is WAMU - jumbo but under that $729,750 ceiling, although I am not sure that matters as mine is owned by WAMU, no separate investor.

I just went on CHASE'S website and they have new press release from yesterday saying how many loans they have already started on 3 month trial. They are also giving TARP money back so I am sure they are doing that so government cannot tell them what to do!

It does not give any definitive number for what income you must have but says "must show you have adequate income to make reduced payments on ongoing basis and that modification is an appropriate option given the characteristics of your mortgage and the value of your home"....THAT wording I have aproblem with....appropriate for who ...me or the bank?

It also says "homeowner must be able to afford a debt ratio PITI payment of 31% to 40% of gross monthly income" - right now it is 58% but I believe before my husband had the 30% reduction of his income at the first of the year we had been paying the payment and the payment was at least 40% of our income then...now it is 58% so pretty impossible to pay and I am at 60 days late although I am trying not to let it get to that 90 day point. Pretty frustrating that I am cutting everything to make this huge payment on a predatory loan and I can't get them to modify it!

07-03-2009, 09:50 AM	#32 (permalink)
Marie T Senior Member Join Date: Apr 2009 Posts: 484 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do we know about the: CHASE 3 MONTH TRAIL PAYMENT OFFER? Hi Hodgini, Mine is WAMU - jumbo but under that $729,750 ceiling, although I am not sure that matters as mine is owned by WAMU, no separate investor. I just went on CHASE'S website and they have new press release from yesterday saying how many loans they have already started on 3 month trial. They are also giving TARP money back so I am sure they are doing that so government cannot tell them what to do! It does not give any definitive number for what income you must have but says "must show you have adequate income to make reduced payments on ongoing basis and that modification is an appropriate option given the characteristics of your mortgage and the value of your home"....THAT wording I have aproblem with....appropriate for who ...me or the bank? It also says "homeowner must be able to afford a debt ratio PITI payment of 31% to 40% of gross monthly income" - right now it is 58% but I believe before my husband had the 30% reduction of his income at the first of the year we had been paying the payment and the payment was at least 40% of our income then...now it is 58% so pretty impossible to pay and I am at 60 days late although I am trying not to let it get to that 90 day point. Pretty frustrating that I am cutting everything to make this huge payment on a predatory loan and I can't get them to modify it!