Chase Loan Modification - Pre-qualified!

[Kalvin09]

HK2828: It depends on forebearance vs. trial period payments............if you are in forebearance, I guess the payments would go to your loan analyst department and if you are in trial period payments, the first payment will go to 31 Inwood, CT address and the remaining 2 payments will go to the address where you send your regular payments.....

***:
I have made my second trial payment.........where is all this money going to? Because I have not seen this applied to my mortgage account........Will all this be applied when the modification starts?????

[Moe Bedard]

Kalvin09


Use of Suspense Accounts and Application of Payments

If permitted by the applicable loan documents, servicers may accept and hold as “unapplied funds” (held in a T&I custodial account) amounts received which do not constitute a full monthly, contractual principal, interest, tax and insurance (PITI) payment. However, when the total of the reduced payments held as “unapplied funds” is equal to a full PITI payment, the servicer is required to apply all full payments to the
mortgage loan.

Any unapplied funds remaining at the end of the trial payment period that do not constitute a full monthly, contractual principal, interest, tax and insurance payment should be applied to reduce any amounts that would otherwise be capitalized onto the principal balance.

[Kalvin09]

***:

Thanks for the information. I have made two trial payments so far and they did exactly as your note above. But they also charged a late fee. But I thought they will wait until all the 3 payments are made.........

They combined my two payments and charged the one month PITI payment, late fee and the remaining balance has been applied to the principal.........I am not sure whats going on......but will wait and see.......

[Kalvin09]

Great.....I have received a letter from Chase today stating that they have cancelled my special forebearance upon my request...........this is getting crazy day by day....I have never requested for a cancellation.

I did make my 2 trial payments and now I received this letter from Chase........I am not sure what the hell is going on.......... I will call Chase tomorrow and will find out.....I am so frustrated that I might end up filing a official complaint against Chase,,,,,,

[Calli09]

Kalvin09, I just read your last post and was quite alarmed, as I just mailed my 3rd pmt of the Obama Making Home Affordable plan pmt yesterday......after reading your post of yesterday though, I went back through this thread from the beginning.

I believe what you have sent in 2 pmts on is the same thing I did. You received the Fedex pkg from CT, and sent the 1st pmt in from there. THAT IS the Obama Making Home Affordable plan. What I understand you said they cancelled, was a forebearance. I think early on you had spoken of forebearance, but somehow wound up getting the MHA Obama plan from Inwood CT. Since you spoke to so many different people along the way, it makes "some back handed sense" that you would get a letter stating cancellation of forebearance, since they now know that you have sent #1 to Inwood CT, then #2 to your original pmt address. I don't think I would be too concerned, I would however ask for clarification. Also, may I suggest that you call the 800 number that came in the Fedex pkg and ask them where they show you stand at this time......pmt wise. See what they say. Because if you read my lasts few posts, last week I spoke to an Executive Response Team person, somehow assigned to me (shes in Columbus OH), she asked me to have sent to her the copys of the signed Obama Plan that I received in the mail, so that she can be sure that Chase and "third party" are on the same page. That seems weird, but since left had knows not what the right one does, well, seems normal now. I wish you good luck, and am trying to keep my postings updated so all knows what to expect. My post is modification, Forbearance, I'll Flip a Coin, in case you need to ck it out! Take care, and let us know what you find out.

[Kalvin09]

Calli09:

Thanks for your reply. I got the letter on Saturday and I was under immense stress the whole weekend........I did not go to work on Monday, just to call Chase to figure what the hell is going on......

There was a Executive Resolution person assigned to my loan, who works with my loan analyst......I left her many voicemails and emails.....at last, at about noon, I was able to get her on the phone and asked her whats going on......she put me on hold for 10 mints and came back saying that the special forbearance which the loan analyst has offered has been cancelled as I already signed the Obama plan.

She said I am still actively participating in the Obama plan trial mod and requested me to send in the 3 rd payment on time. Oh my God......that was a great relief for me after all that mental stress.......

I am following your thread as well......Wish you good luck and hope we will get out of this with good mods........I will keep updating my posts regularly..........Since you already made your 3rd payment, keep calling them to make sure that they have to modify the loan.......

[Kalvin09]

Got a collections call today from Chase.......I told her that I am on the 3 month trial payment period for a loan modification and have asked her that whether she is able to see that in my account.....she said, "yes". Then why the hell, I got this call from Collections.......She said, debt is a debt, and even though we are in the trial mod, Chase will call the consumer to see if they are ready to pay the full amount..........

Such a stupid system......I hate it to the core.........the whole banking sector needs a makeover.....

[Marie T]

what I have been told by the the CHASE counselor I am working with is that the collection people will keep calling you until a modification is completed. He actually said not to believe anything the collection people say, their sole purpose is to get you to pay and they will say whatever to try to accomplish their goal.

[Calli09]

Kalvin, any word on the permanent mod yet?

[Kalvin09]

Calli09....

Last I heard, was it is going to take few more weeks before we can hear on permanent mods......I dont have any hope that Chase will offer a permanent mod, looking at all the stories here......

When they offered the trial payment, the HOA fees was not included......and they said not to worry...as this will be included in the final mod......but now, looks like they are extending the trial payments by another 3 months ........what the heck??????

[Kalvin09]

Why would Chase care about us, when it is busy showing profits to the country.......


NEW YORK (Reuters) – JPMorgan Chase & Co posted a higher quarterly profit on Thursday, topping Wall Street estimates, as strength in its core consumer and investment banking businesses offset a jump in credit losses.
Second-quarter net income rose to $2.72 billion from $2 billion a year earlier, while net revenue jumped 41 percent to $27.71 billion.
Profit per share fell to 28 cents from 53 cents, due in part to an increase in shares outstanding.
The bank said it set aside $9.7 billion for credit losses, up from $4.29 billion a year earlier but down from the first quarter's $10.07 billion.
JPMorgan last month repaid $25 billion taken from the Troubled Asset Relief Program and is the largest U.S. bank to repay federal bailout money. It has said it will allow the Treasury Department to auction the attached stock warrants, rather than pay an inflated price to buy them back.
Chief Executive Jamie Dimon said in a statement that the bank felt confident that its capital, reserve levels and earnings power are solid even if the economy weakens.
Second-quarter results included per-share charges of 27 cents relating to the TARP repayment, and 10 cents to bolster a federal deposit insurance program.
Analysts on average had expected profit of 4 cents per share on revenue of $25.91 billion, according to Reuters Estimates.
JPMorgan shares closed Wednesday at $36.26 on the New York Stock Exchange. Through Wednesday, the shares had risen 15 percent this year, compared with a 14.4 percent decline in the KBW Bank Index.

[NohelpfromEMC]

Mortgages Are Still A Growing Source Of Pain For JP Morgan Chase

[Kalvin09]

I dont know wat to say......but should I do a short sale on my condo.....I am just not able to take it anymore.....

Successfully completed the 3 month trial period by July 1st....not heard any word from Chase on my final modification....instead they tell me to keep paying the same trial amount while they are working on modification.....they have no idea when it will be completed....

i have received 5 collection calls so far.....and also a letter from Chase about my loan being default.....there was never a late payment.....Chase offered Obama plan...i took it and I am in deep **** now.....

i am loosing my patience day by day...

[shade]

Stick with it the payment will flip to a permanent at some point especially now since the giv is putting more pressue on the servicers to make it happen.

[tomeason]

Anyone know where I can see the spreadsheet Chase uses to determine eligibility / qualification?

[chasepmt2hot-firefighter]

I'd sell plasma to pay the person willing to produce the eligibility/qualifications speadsheet.

[Kalvin09]

I have already paid 5 trial payments and getting closer to the 6th payment on a 3 month trial agreement with Chase.
I stopped calling Chase as there is no hope that they will give an answer I would like to hear. From what I hear in the news, these banks have to provide permanent modifications and report the numbers to Govt by November 1st week. So lets wait till then.........

[Kalvin09]

Here is an update...

Chase called me today to say that I am not qualified for the final HAM modification. When asked why they said that I am below 31% DTI......and then Chase tells me that they will put me for Chase modification..

I ran the numbers again with Chase on phone, and the DTI is 39 %....so why I am not qualified....she told me some **** which she did not completely understand......I was not convinced and demanded for clear explanation....she failed to give it and still insists me to go for Chase modification instead of the Government modification...

I requested for a detailed explanation with numbers on the disqualification upon which I will decide the next step...

this is so stressful.....i am loosing patience...

[Chased around and around]

Originally Posted by Kalvin09

From what I hear in the news, these banks have to provide permanent modifications and report the numbers to Govt by November 1st week. So lets wait till then.........

Remember the lying government only cares about "TRIAL MODS" the lying banks are doing.

Permanent mods are not in the vocabulary of either and never will be...

[Kalvin09]

Chase around and around....you might be right....

Does anyone know how the 31% is calculated for Fannie Mae loans under Home Affordable Modification program?

[Kalvin09]

LOL.....I called Chase again today to realize that my 6 months of trial period is a waste of time....and Fiserv (the third party company, Chase hired) did not run my financials properly.......so I AM NOT QUALIFIED FOR A LOAN MODIFICATION..........I dont know what to say...............

Now they want my financials again to see if I qualify for other programs.....they asked me to call back tomorrow to give the financials......no hopes, but I will give it a try....

Can anyone tell me, if there is a deficit of $300, will I be eligible for any other programs? Or should I show no deficit to be eligible? I am confused again and back to square one...

I am not in a mood to write anymore........

[SBBLUEWATER1]

If you qualify for the MHA program then you qualify. I see people on this board keep talking about deficits, etc. but the reality is that to see if you qualify for the MHA mod you just need to look at the guidelines and compare them to your situation. For example, is your loan under the $729K amount and did you get your loan before January of 2009 and is your current monthly payment more than 31% of your gross, etc. Chase has arbitrarily made up this whole thing about how much you can be short or over in your monthly budget. This is not mentioned anywhere in the servicer guidelines, at least I could not find anything that addresses this issue. They know the government is not watching or monitoring so they are doing whatever they feel like. That is why you see so many people now making their 4th, 5th or even 6th trial mod payments. If Chase was going to give us permanent loan mods don't you think we would see them mentioned on this forum? Chase is sitting on everything waiting for the housing market to go back up. I have been at this for over a year now and have made all of my trial mod payments and am no farther along than I was when I started. The people on the Executive Resolution Team cannot even get any answers. I think Chase is stretching everything out for accounting purposes and really has no intention of modifying any loans under the MHA program.

[litehouse01]

to my knowlege correct if I am wrong the 31% is calculated by totaling your total monthly gross income and taking 31% of that....I figured out mine and thats what it came out to be......

[sunboy]

Kalvin09,
Who is the onwer or investor on your mortgage? Is it Fannie or Freddie?

[rachel_p]

Originally Posted by litehouse01

to my knowlege correct if I am wrong the 31% is calculated by totaling your total monthly gross income and taking 31% of that....I figured out mine and thats what it came out to be......

This is what our lawyer told us as well.