Chase Loan Modification - Pre-qualified!

[Kalvin09]

sunboy....Fannie Mae is the investor..

I have missed the modification by $100........when they enter my gross pay in the system it does not approve for the modification......

they took my bi weekly pay check and multiplied by 26 and then divided by 12 months to get the 31%. During the pre qualification, they took my biweekly paycheck, multiplied by 2 and then derived the 31 %......so there is a difference between these two calculations......and now they rejected my loan mod.

[Kalvin09]

After my permanent mod was denied, Chase extended the trial payment until November.....Is this not against the guidelines?

I have sent emails to Jamie Dimon and other executive office personnel I was working with....no response yet except for the email from Seema Bawani.....which was kind of the generic reply.....

I have been on the trial payments for 6 months....and now they extend one more month....after denying my perm mod.....

What da hell is going on???? Any advice on what I should no next?

[SBBLUEWATER1]

Kalvin-
If they have flat out rejected your loan mod and are not offering you any other options then paying another month of trial mod payments is just extending the time they are going to give you before they foreclose, etc. Did you ask them if you could apply again or what other options you have? I stopped paying after my 3rd trial mod payment and will not pay any more payments until they they give me the final mod that we were approved for. Either that or they can foreclose and take the over $200,000 loss. I'm sorry that you are going through what you are. That is the exact reason why I stopped paying. If everyone would do the same maybe it would force Chase to step up to the plate and modify the loans like they are suppossed to. The stress that this whole process is putting on us all is crazy. I would call the executive resolution team at Chase and explain your situation and ask them to please help. I don't have the number handy but it is posted on this board somewhere.

[Kalvin09]

sbbluewater1

Thanks for the reply....they flat out rejected the perm mod and they said they will look into other Chase internal programs, if I qualify...in the meantime, and as a courtesy, they extended one month trial payment....when they used the word "courtesy" I was laughing out loud.....Courtesy and Chase.....can never go together...

May be I will also think about not paying the next month's trial payment....I am just worried about how bad my credit will be dinked if I do that....currently they are reporting me 30 -60 days late already.....

for the past 6 months, I have been in contact with Chase Executive team, they cannot do anything except just tell us what the loan analyst has told them......or read the loan analyst's email to us......So far I have not seen any advantage contacting the executive team...based on my experience, I think it is better to contact the loan analyst directly to save time.....

Good luck to you.....

[SBBLUEWATER1]

Kalvin -
Chase would not even consider us for a trial period mod until we were 90 days late. That alone ruined our credit so my feeling is we have nothing left to lose as our credit is now shot. I am fully expecting to get denied for some stupid reason that has nothing to do with anything.

[Kalvin09]

After being denied for MHA modification, Chase exec res team said they will work with loss mitigation dept to see if I qualify for any Chase in house programs.

Today, I received an email from exec team saying that I was approved for a Chase modification......You know what, the payment was same as before, no change in interest rate, HOA not included and all the late fee accrued will not be waived......WTF!!!! What kind of a mod is this?

I was current on my payments entering MHA trial payments...now my credit history got dinked with trial payments and Chase said they will not fix it, since I am not approved for MHA......and also they take me to the same original interest rate......Chase screwed me.......BIG TIME!!! I was in a much better situation 6 months back......

What are the options I have now? Since my credit is already dinked, can I shortsale the home? I dont think I want to pay any payments any more.....

If you have any thoughts, please share.........I AM COMPLETELY LOST!!!!!!

[shade]

kalvin - what is the reason they denied you?

[Calli09]

Kalvin09, be careful of the short sale. It is my understanding that it is very possible that the difference between what the house sells for, and what is owed, you will have to pay the irs taxes on that amount of $$. I think there is a short sale forum here somewhere.

As for Chase not fixing the credit report, I think they should. Its not your fault they jerked around for so many months. Whether or not you can enforce they fix it, is another matter. I think that you could only force them to fix it or "modify" it for lack of a better term, if you got a mod. The late fees, (the unpaid ones, if there are any) are supposed to be removed in a mod. The fact that late fees are even incurred, are bull anyways, as we have all paid the trial payments by the date that was expected, or earlier, so why the late ding? $$ to line their pockets of course.

It is my feeling, that if you decide short sale, you may as well start stashing the monthly payment in your wallet, and await the final foreclosure, and forget the short sale.......not a real fan here, I have read some negative tax implications of those....and you never know, unless you get something in writing stating that the short sale price is a paid in full price and no difference will be out there for Chase to report to the IRS for a tax filing later.....who knows, if you start stashing the cash for a few months, perhaps they will be willing to deal......or you will have some cash for a change.......I am considering that myself, as I close in on 7 mos of pmts now and still nothing....notta.......hang in there Kalvin!

[Kalvin09]

@shade: MHA was denied because my DTI is below 31% considering the gross pay, which I still do not understand as Chase did not include HOA,,,,,, I fought fought fought and gave up...

@Calli09:thanks for your thoughts on my situation....I will start to do more research on this....

[c150000]

kalvin09
well, there is your problem,, you gave up ! thats what they want

get up dust yourself off.. and try again

i didnt get a chance to read your earlier post what was your hardship?
and were you current when you applied?
your dti ratio under 31% are you sure? have you checked it yourself?

[snapple candy]

Kalvin,
I am a believer in there is more than one way to skin a *** and sometimes it requires to jump thru the hoop that will get you what you need by whatever means.

I can only suggest you find "a way" to show you have an additional $100 worth of income so you fit into their "box". Werent you thinking about renting out that back room for a few extra bucks to make ends meet??????

Hang in there. Take a deep breath and play their game by your own rules.

[Kalvin09]

All:

I have decided to stop making my payments starting from 11/1/09, as it does not make sense paying expensive monthly mortgage. Like I said, I can rent the same place for less than half of the monthly mortgage payment.

Are there anythings, I need to be aware of? I am sure I should be prepared to answer the zillion collection calls.....my mail box will be full with NOD.....

I am in the state of MI and would like to know if there are any things, I need to be aware of......please advise.

[AZOwner]

Expect phone calls from collections. They will begin anywhere from15 - 30 days after you are late. I simply told them that they could expect a payment after I received a final mod package from the bank. I also threw in that I wanted to talk to someone about the settlement agreement my bank made with the AG in AZ.

Don't sit back and wait. If you want to keep your home you need to start blasting communications everywhere. . .

There are listings, by State, under the Homeowner Party forum on this site. If MI is there, write, fax, call, email everyone on that list -- the facts of your case. If it is not there, please share the information that you gather by posting your state contact data there.

We have contacted everyone in AZ, and written the bank our bottom line requirements for modification. I will not let them dictate terms to me, but my situation is different from many here -- and frankly I just need a cover for my stuff and my family -- I will happily rent.

Unfortunately, that doesn't take the frustration out of the situation -- we have been greatly wronged by our "financial backbone", and they are really putting it to the middle class (everyone was impacted, don't get me wrong, but the middle class is feeling the brunt of the pain here).

Good luck to you!

[Kalvin09]

AZOwner, Thank you

Can anyone let me know where can I find MI- Action contacts?