Loan Modification Forum - LoanSafe.org - View Single Post - What do we know about the: CHASE 3 MONTH TRAIL PAYMENT OFFER?

Hodgini66 · 06-30-2009, 03:56 PM

FYI: Received a call from "Mr Malone" @ Chase in the "pre-foreclosure dept."

For Jumbos owned and/or serviced by Chase: Chase's "system" apparently provides for a 41% debt-to-income ratio, including an allowance for standard living expenses, property taxes AND homeowner's insurance. "Standard living expenses" apparently comes from an internal (Chase) table and is based on two fatcors: Your region (zip code?) and the number of people "living in the household".

Simplified scenario (annualized numbers):

$100k Gross wages

+ $10k in property taxes
+ $1k in Homeowners insurance
+ $10k standard living expenses
=====
$21k gross numbers, debt-to-income (equal to 21% of gross wages).

This translates to a max of $20k per year allowable for mortgage P&I.

Divide by 12 = ~$1,666 per month (for the above scenario only)

That's REALLY cheap money (sounds too good to be true)!!!
=================================================

Anyone else receive info/data on "Jumbo" trial loan guidelines?

06-30-2009, 03:56 PM	#29 (permalink)
Hodgini66 Senior Member Join Date: May 2009 Location: Orange County, CA Posts: 67 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do we know about the: CHASE 3 MONTH TRAIL PAYMENT OFFER? FYI: Received a call from "Mr Malone" @ Chase in the "pre-foreclosure dept." For Jumbos owned and/or serviced by Chase: Chase's "system" apparently provides for a 41% debt-to-income ratio, including an allowance for standard living expenses, property taxes AND homeowner's insurance. "Standard living expenses" apparently comes from an internal (Chase) table and is based on two fatcors: Your region (zip code?) and the number of people "living in the household". Simplified scenario (annualized numbers): $100k Gross wages + $10k in property taxes + $1k in Homeowners insurance + $10k standard living expenses ===== $21k gross numbers, debt-to-income (equal to 21% of gross wages). This translates to a max of $20k per year allowable for mortgage P&I. Divide by 12 = ~$1,666 per month (for the above scenario only) That's REALLY cheap money (sounds too good to be true)!!! ================================================= Anyone else receive info/data on "Jumbo" trial loan guidelines?