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snapple candy · 06-02-2009, 08:46 PM

Cliff,
I have filed BK (Chapter 7) in 2007. When you get the Home Affordability program, the cover sheet has the title 'Making Home Affordable" across the top and has a special govt seal with special inspector general and Troubled Asset relief program within the seal. Its called a fraud notice. There is also a trial period cover letter with WAMU is now becoming Chase logo that outlines "you may qualify for a Home Affordable Modification Trial period Plan" then instructs you again to send in same documentation as before if it has been over 30 days. You then have to sign a contract fro Trial Modification Plan (form 3156 uniform fannie/freddie) that outlines that you cannot afford your current mortgage,etc. and a hardship affidavit.
Too bad assessor wont cut you a deal. I am sorry to say lenders dont care about the condition of the house. I dont know if that argument will help you.
I think Chase is in control for the most part over WAMU cuz I have gone back and forth between Chase Exec resolution and WAMU.
HELOC modification requests are sent to loss mitigation under separate cover than 1st.
You are right, I think the 3 mths trial is to buy time to see if something changes in their favor. Interest rate cap is set at time of final mod which will be the prevailing rate. I think they are waiting for it to go up while they are still collecting the current higher rate that you have for original loan. I think they continue to earn the higher interest rate during trial period even though it is lower payment and that also tacked on the the tail end of loan.
I will take the trial myself and see what I get offered in the end. I dont have any warm and fuzzy feelings about it though. I am cautiously optimistic.

06-02-2009, 08:46 PM	#42 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,307 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WaMu/Chase Mod Moving Forward Cliff, I have filed BK (Chapter 7) in 2007. When you get the Home Affordability program, the cover sheet has the title 'Making Home Affordable" across the top and has a special govt seal with special inspector general and Troubled Asset relief program within the seal. Its called a fraud notice. There is also a trial period cover letter with WAMU is now becoming Chase logo that outlines "you may qualify for a Home Affordable Modification Trial period Plan" then instructs you again to send in same documentation as before if it has been over 30 days. You then have to sign a contract fro Trial Modification Plan (form 3156 uniform fannie/freddie) that outlines that you cannot afford your current mortgage,etc. and a hardship affidavit. Too bad assessor wont cut you a deal. I am sorry to say lenders dont care about the condition of the house. I dont know if that argument will help you. I think Chase is in control for the most part over WAMU cuz I have gone back and forth between Chase Exec resolution and WAMU. HELOC modification requests are sent to loss mitigation under separate cover than 1st. You are right, I think the 3 mths trial is to buy time to see if something changes in their favor. Interest rate cap is set at time of final mod which will be the prevailing rate. I think they are waiting for it to go up while they are still collecting the current higher rate that you have for original loan. I think they continue to earn the higher interest rate during trial period even though it is lower payment and that also tacked on the the tail end of loan. I will take the trial myself and see what I get offered in the end. I dont have any warm and fuzzy feelings about it though. I am cautiously optimistic.