Loan Modification Forum - LoanSafe.org - View Single Post

river22 · 11-21-2008, 12:03 AM

Hi my name Mike. I have been trying to modify my loan with Chase Bank since March of 2008. When I first started the process I was not behind in my payments but I knew I would fall behind soon if I didnt make a move. When I called Chase Bank they told me that I would need a referal to see if I qualified for a loan modification. They approved my request. Chase told me that I would need to send them the following documents. paycheck stubs, Tax returns, List of monthly expenses and a hardship letter. I sent all this to fax#: 877-309-0377 I waited a couple of weeks to here somthing back from Chase but nobody ever called me. I finally called back to find out what was going on and they said they never recieved the paperwork. So I had to start over. This time around I talked to Dennis Schrader he is the superviser in collections. Dennis told me to send the paper work directly to him and he would make sure it went over to the right department. I waited for a response but nothing, no calls to me . So I called Dennis back and he said he would find out what was going on and get back to me. Finally a lady from underwriting called me, she left a message on my phone and said she was an underwriter from chase and that she would be handling my loan mod. She also said that she didnt have a phone number for me to call her back but I could get updates from the modification dept. I waited about 2 more weeks and then called the modification dept and they said that there was no record of me being in loan modification. I was so frustrated with everything so I called Chase back to explain what was going on and connected me back to modification dept. I talked to a lady named Penny in the Modification Dept. She told me to send all the paper work to her. Same Fax # . The contact number I had for her is: 877-309-0377 I then called Penny everyother day to follow up with her to make sure she received everything. Then penny called me and said they needed bank statements 1 year all pages. So I sent the bank statements to her. After that I could not reach her anymore. I left her probably 8-10 messages. She never called me back. So Now I just talked to who ever would answer the phone at chase. They would tell me that the loan modification was being done but there was no updated info at that time. I still would call every other day to get updates. In September I fell behind in my first payment. My loan had adjusted and work was very slow. I kept in constant contact with chase but never could get a straight answer on what was going on. I found out by the collection department that my loan mod had been approved in the middle of October and that it was going to docs. Chase never would tell me what the terms were so I just had to wait. It is now November 29 2008 I received my modification docs today by Fed Ex. I was so excited when they came but when I opened the package it was just a big dissapointment. My new loan terms are the same as my old loan terms. Here is what the paperwork says.

Dear Michael & Kimberly
I am writing about a modification to your loan. The terms or the modification are set forth in the encloed modification agreement. The new payment will be effective December 1 2008 upon satisfaction of the conditions set forth below.

Total loan Iterest Payment due through 11/1/08 $16181.11
Corporate advance $110.29
Past Due Escro Payments $2380.44
Past Due Escrow advances $2163.45
____________________________________________
Arrearage: $20835.29

Loan Modification Agreement

Effective december 1 2008 the unpaid pricipal balance will be increased $729790.07 to $744546.36
effective November 1 2008 the interest rate will be 8.875
The new principal and interest payment will be: $6028.66
and it does not include my taxes and insurance.

I cant believe after all the phone calls, the aggravation and stress that this is what Chase is offering me. I am going to lose my home. I cant afford the payment anymore. I dont know what to do. I have to have this modification signed & notarized and send it with a good faith payment of $6079.00 by November 25th Thats in 5 days. and then the new payment of$6028.66 is due on December 1st. This is never going to happen. I dont have the money. I was hoping that Chase would lower the payment or I dont know mabey I was just dreaming.
Please if anyone has any suggestions on what I should do next, please help. I am beside myself.

11-21-2008, 12:03 AM	#1 (permalink)
river22 Senior Member Join Date: Nov 2008 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Modification Nightmare Hi my name Mike. I have been trying to modify my loan with Chase Bank since March of 2008. When I first started the process I was not behind in my payments but I knew I would fall behind soon if I didnt make a move. When I called Chase Bank they told me that I would need a referal to see if I qualified for a loan modification. They approved my request. Chase told me that I would need to send them the following documents. paycheck stubs, Tax returns, List of monthly expenses and a hardship letter. I sent all this to fax#: 877-309-0377 I waited a couple of weeks to here somthing back from Chase but nobody ever called me. I finally called back to find out what was going on and they said they never recieved the paperwork. So I had to start over. This time around I talked to Dennis Schrader he is the superviser in collections. Dennis told me to send the paper work directly to him and he would make sure it went over to the right department. I waited for a response but nothing, no calls to me . So I called Dennis back and he said he would find out what was going on and get back to me. Finally a lady from underwriting called me, she left a message on my phone and said she was an underwriter from chase and that she would be handling my loan mod. She also said that she didnt have a phone number for me to call her back but I could get updates from the modification dept. I waited about 2 more weeks and then called the modification dept and they said that there was no record of me being in loan modification. I was so frustrated with everything so I called Chase back to explain what was going on and connected me back to modification dept. I talked to a lady named Penny in the Modification Dept. She told me to send all the paper work to her. Same Fax # . The contact number I had for her is: 877-309-0377 I then called Penny everyother day to follow up with her to make sure she received everything. Then penny called me and said they needed bank statements 1 year all pages. So I sent the bank statements to her. After that I could not reach her anymore. I left her probably 8-10 messages. She never called me back. So Now I just talked to who ever would answer the phone at chase. They would tell me that the loan modification was being done but there was no updated info at that time. I still would call every other day to get updates. In September I fell behind in my first payment. My loan had adjusted and work was very slow. I kept in constant contact with chase but never could get a straight answer on what was going on. I found out by the collection department that my loan mod had been approved in the middle of October and that it was going to docs. Chase never would tell me what the terms were so I just had to wait. It is now November 29 2008 I received my modification docs today by Fed Ex. I was so excited when they came but when I opened the package it was just a big dissapointment. My new loan terms are the same as my old loan terms. Here is what the paperwork says. Dear Michael & Kimberly I am writing about a modification to your loan. The terms or the modification are set forth in the encloed modification agreement. The new payment will be effective December 1 2008 upon satisfaction of the conditions set forth below. Total loan Iterest Payment due through 11/1/08 $16181.11 Corporate advance $110.29 Past Due Escro Payments $2380.44 Past Due Escrow advances $2163.45 ____________________________________________ Arrearage: $20835.29 Loan Modification Agreement Effective december 1 2008 the unpaid pricipal balance will be increased $729790.07 to $744546.36 effective November 1 2008 the interest rate will be 8.875 The new principal and interest payment will be: $6028.66 and it does not include my taxes and insurance. I cant believe after all the phone calls, the aggravation and stress that this is what Chase is offering me. I am going to lose my home. I cant afford the payment anymore. I dont know what to do. I have to have this modification signed & notarized and send it with a good faith payment of $6079.00 by November 25th Thats in 5 days. and then the new payment of$6028.66 is due on December 1st. This is never going to happen. I dont have the money. I was hoping that Chase would lower the payment or I dont know mabey I was just dreaming. Please if anyone has any suggestions on what I should do next, please help. I am beside myself.