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up until september there were tons of layers to work through... (i.e. had to have made certain amounts of payments, had to be at certain debt to income ratio, had to be primary residence, etc etc.) well chase (in its all growing wisdom) realized that if we dont help people keep their homes then chase (and investor) are going to be owning a WHOLE HECK OF A LOT OF PROPERTY!!! and since chase is not in the real estate game they must have realized that they need to waive all the criteria to start "referring" loans for modification.
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I know that Chase has made some improvements, now why won't Homeq Servicing. They are basically telling me that the computer sorts through the accounts with certain criteria (which they will not divulge) and if our account does not fit the criteria they will not even talk to us about a loan modification.
The main reason we are not considered for a modification is because of our one late payment in August 2007 (this was an isolated incident due to medical reasons) and we brought ourselves current and put money away so that this would not happen again, but now our rate has adjusted and they are not willing to work with us. Wouldn't it make sense for them to work with us and continue to receive reasonable payments, rather than foreclose on our home and end up sitting on it for however long (homes are not selling in our neighborhood)
Does anyone have any suggestions on how to handle this situation? We have already contacted 995-Hope and our counselor has also tried to explain that we would be a good candidate for a loan modification, but according to them their hands are tied.