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famlena · 10-24-2009, 12:15 AM

I did check the value estimator on Chase's own website and it came out at $620k. Originally, I was thrilled that Chase owned both my loans. Chase owning the loan means that they didn't need to have the investor's approval so my mod would go smoothly & quickly but that has not been the case. It does seem that they are making up their own rules as they go. They don't need to answer to anyone...which is bad.

I've inquired about the MHA but have been turned down several times. They did not say why I did not qualify only that "it needed further analysis" which means I had to be on their in-house programs which I do not qualify for because I have equity in the house! It seems that Chase does not care much about their 2nd.

I am trying to hold onto my house as long as I can because comes next year reports from economists say that there is going to be a lot more foreclosures. So, I'm hoping by then Chase would be more flexible.

In the meantime, the 1st is offering me a forebearance but I have to first qualify for it. I needed to pay them $2100 and then they will review my situation to see if I will qualify for the forebearance (they call it an extension). I am working with the 2nd to see if they will settle or mod. This has been an extremely long process. Chase is very creative and I'm intrigued to see what else they are going to throw at me. I never thought that the BPO would ever be an issue. I've been thinking they'll deny be because of insufficient income or hardship is not permanent like a lot of other people. I never saw this one coming.

10-24-2009, 12:15 AM	#11 (permalink)
famlena Senior Member Join Date: Jul 2009 Posts: 72 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Can I appeal a drive by BPO? I did check the value estimator on Chase's own website and it came out at $620k. Originally, I was thrilled that Chase owned both my loans. Chase owning the loan means that they didn't need to have the investor's approval so my mod would go smoothly & quickly but that has not been the case. It does seem that they are making up their own rules as they go. They don't need to answer to anyone...which is bad. I've inquired about the MHA but have been turned down several times. They did not say why I did not qualify only that "it needed further analysis" which means I had to be on their in-house programs which I do not qualify for because I have equity in the house! It seems that Chase does not care much about their 2nd. I am trying to hold onto my house as long as I can because comes next year reports from economists say that there is going to be a lot more foreclosures. So, I'm hoping by then Chase would be more flexible. In the meantime, the 1st is offering me a forebearance but I have to first qualify for it. I needed to pay them $2100 and then they will review my situation to see if I will qualify for the forebearance (they call it an extension). I am working with the 2nd to see if they will settle or mod. This has been an extremely long process. Chase is very creative and I'm intrigued to see what else they are going to throw at me. I never thought that the BPO would ever be an issue. I've been thinking they'll deny be because of insufficient income or hardship is not permanent like a lot of other people. I never saw this one coming.