Loan Modification Forum - LoanSafe.org - View Single Post - Modification? Forebearance? I'll Flip a Coin!

snapple candy · 06-10-2009, 07:03 PM

Well Calli,
Did you notice that Chase will be paying back their TARP funds in the next week or so. I am wondering how that will effect everyone's modifications. On PBS they were talking about how they wont have to be accountable to the government since they are paying back the funds. I am also assuming they will no longer participate in MHP plan since they will be paying back the TARP fees but unsure. It may not effect us since we already on plan.
Yeah they are tacking on all kinds of fees, as well as still charging you the higher rate on your original loan until final modification agreement. I think the delays have been intentional just to keep charging the higher interest rate. If you think about it, with these mods, what are the banks really losing in the end? They do get incentives and after 5 years or so the loan will cap out at the current going rate. They are just taking a loss in the interest earned for a few years and get a kickback. Meanwhile, tick, tick, tick fees are added,etc. Since I had been served a Notice of Sale, I sent (certified mail) the trustee a letter saying I disagreed with the fees added and requested a detailed accounting of all the fees and delinquent payments. I suggest you do that with Chase.

Funny, I received an offer from Chase today to open up a checking account that has a $100 check attached to it, if you do..hehehehe right like I will keep all my funds in their bank to attach. Maybe Ill set up the account with a few bucks in to get the $100. All on Chase of course.

06-10-2009, 07:03 PM	#126 (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: Modification? Forebearance? I'll Flip a Coin! Well Calli, Did you notice that Chase will be paying back their TARP funds in the next week or so. I am wondering how that will effect everyone's modifications. On PBS they were talking about how they wont have to be accountable to the government since they are paying back the funds. I am also assuming they will no longer participate in MHP plan since they will be paying back the TARP fees but unsure. It may not effect us since we already on plan. Yeah they are tacking on all kinds of fees, as well as still charging you the higher rate on your original loan until final modification agreement. I think the delays have been intentional just to keep charging the higher interest rate. If you think about it, with these mods, what are the banks really losing in the end? They do get incentives and after 5 years or so the loan will cap out at the current going rate. They are just taking a loss in the interest earned for a few years and get a kickback. Meanwhile, tick, tick, tick fees are added,etc. Since I had been served a Notice of Sale, I sent (certified mail) the trustee a letter saying I disagreed with the fees added and requested a detailed accounting of all the fees and delinquent payments. I suggest you do that with Chase. Funny, I received an offer from Chase today to open up a checking account that has a $100 check attached to it, if you do..hehehehe right like I will keep all my funds in their bank to attach. Maybe Ill set up the account with a few bucks in to get the $100. All on Chase of course.