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Kalvin09 · 04-09-2009, 02:50 PM

Update......... Work out plan vs. Forebearance

Received the Fed Ex package yesterday from Chase Home Finance (Home retention department). It calls for "Home Affordable modification loan workout plan"
This plan asks for payment for April 20, May 1 and June 1. (I am current on my payments so far).

Today, I received a letter from my loan analyst "forebearance for a period of time" asking to make payments for May 1, June 1 and July 1.

These two are different plans. I think my loan analyst, just to get the work load off her, has sent me a forebearance agreement. I do not want to foreclose my house or go into any forebearance agreement. I just want my interest rate to get lowered.

So with all this confusion, I called the Home retention department, and they tell me that "the work out plan" is Obama's Home affordable program, and if I was current on my payments, I will not be reported late to the credit bureaus, during the trial payments, if I make the payments on time(makes sense, right?!)
And if I make one trial payment and does not like it, I can get back to my previous payment (no issue with credit reporting).
After I make the first payment and send them my documents(paystubs, tax etc), they will come up with the plan for next 5 years, lower interest rate or extend the terms. This sounds exactly what should happen to the consumers who are not late so far. When I asked him to provide this in writing, he did not give me a straight answer......He said that is what he has been trained to do with Obama program....

He also told me that the Home retention department is a third part company which was hired by Chase to help with the loan modifications.....

What should I do? My analyst wants me to go on a forebearance agreement(which I would not do) and home retention department puts me on a loan work out plan.

I am not sure who is correct? How can I solve this mystery.......whom to trust........please help....

Is there any email of a Chase higher official, to whom I can send my story....or any other advice???? Is anyone in the same boat?

04-09-2009, 02:50 PM	#14 (permalink)
Kalvin09 Senior Member Join Date: Mar 2009 Posts: 69 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chase Loan Modification - Pre-qualified! Update......... Work out plan vs. Forebearance Received the Fed Ex package yesterday from Chase Home Finance (Home retention department). It calls for "Home Affordable modification loan workout plan" This plan asks for payment for April 20, May 1 and June 1. (I am current on my payments so far). Today, I received a letter from my loan analyst "forebearance for a period of time" asking to make payments for May 1, June 1 and July 1. These two are different plans. I think my loan analyst, just to get the work load off her, has sent me a forebearance agreement. I do not want to foreclose my house or go into any forebearance agreement. I just want my interest rate to get lowered. So with all this confusion, I called the Home retention department, and they tell me that "the work out plan" is Obama's Home affordable program, and if I was current on my payments, I will not be reported late to the credit bureaus, during the trial payments, if I make the payments on time(makes sense, right?!) And if I make one trial payment and does not like it, I can get back to my previous payment (no issue with credit reporting). After I make the first payment and send them my documents(paystubs, tax etc), they will come up with the plan for next 5 years, lower interest rate or extend the terms. This sounds exactly what should happen to the consumers who are not late so far. When I asked him to provide this in writing, he did not give me a straight answer......He said that is what he has been trained to do with Obama program.... He also told me that the Home retention department is a third part company which was hired by Chase to help with the loan modifications..... What should I do? My analyst wants me to go on a forebearance agreement(which I would not do) and home retention department puts me on a loan work out plan. I am not sure who is correct? How can I solve this mystery.......whom to trust........please help.... Is there any email of a Chase higher official, to whom I can send my story....or any other advice???? Is anyone in the same boat?