EMC MOD and CHAPTER 13

[Blackcandt]

We currently owe 220,000 on our home and have a 30 year ARM and payments are $2230.00 a month. We received a modification back in October and were told that our investor would not lower our interest rate so pretty much all it did was get us current and lock in our current rate for five years. This payment is 47% of our income. I called Chase a few weeks ago inquiring about the new Hope For Homeowners Plan and was directed to the website and told to fax everything to the number on the forms. I faxed everything right away as requested. I called this week to verify they received the info and they could not confirm for me. I did get a call back from a Rep. that told me that I do not qualify for any other Modification at this time because of the Modification in October. She said that I could qualify for the new Obama Plan. I did fax all info to Chase again. Is there anything else I need to do at this point? She also told me that they are reviewing everyone for the plan but she is unsure if there have been any modification done for the Obama Plan yet. So can anyone else tell me if there is anything else that I can do or how long they are saying it will take to implement the program?

Thanks
Tami

[Dan Bailey]

Blackcandt,
Glad you found the forum and posted.
I see you posted this exact posting in another Chase thread..that is not necessary..it is better to keep your posts in one spot.

If you have faxed your info in again , the best thing you can do is keep calling to see wen/if it was received and noted. There is a tremendous backlog at this point.

If you get no satisfaction from them, and this is your only property, you may also want to contact NACA and start the process with them :https://www.naca.com/refinance/refinanceSubmission.jsp

They are a non profit group .

[Blackcandt]

Okay thanks for your help. Is there a certain number to call to verify the fax has been received? Shouldnt they be noting on your account when they receive it?
Thanks
Tammy

[Dan Bailey]

The paperwork gets handed from desk to desk until it reaches a data entry point-they scan it and enter it, etc..... What they should do and how their process work are two differnt monsters

[azdmsmith]

I faxed my info on 3/5 and have called several times to follow up. I was first told I would be contacted in 10 business days, now they are saying that it will be longer as they are still clarifying info on the Obama plan and have been bombarded with applications. This info is consistent with what other people in this forum have posted that they are being told as well. Also, I was told the faxed info goes to a third party so they cannot verify that it has been received. It appears others are being given info along that line as well. I understand where you are coming from, it would be nice (an easier to wait patiently) if they could just verify that they have the info. I know they received it because I have the fax confirmation, but there are lots of stories here about "lost" paperowork.

[Blackcandt]

I wanted to share my story in case it would help anyone else. We have an ARM and when it reset it went up $500 a month. Until that time we paid our payment on time. In Oct 08 EMC gave us a loan modification and because we were behind on payments we felt we had to take it. Our payment didnt get lowered only put the payment past due on the back of loan and fixed rate for 5 years. Well it didnt take long and we are behind again. We filed a Chapter 13 because we felt it was our only hope at catching up. Well I called this week to find out for the Obama Modifications and was told because we filed a Chapt 13 we didnt qualify. I insisted this was not the case and that a bankruptcy did not disqualify you from the plan. Then when I told them I was recording all phone calls he becomes very nice and tells me that he will email all documents to our attorney and to submit to him all paystubs, bank statements and hardship letter. So please do not give up. I think they are trying to hurry every one off the phone and being negative in hopes that you will give up and it is one less customer they have to deal with. Any way I will keep you posted.

[Blackcandt]

Update on my journey with Chase/Emc. The loss mit rep that I was dealing with got terminated. So I had to start over with a new rep. I faxed all paper work yesterday and called today and confirmed that it was received. Can anyone tell me what the next step is? From what I was told they will gather all documents and send it to EMC and then EMC will send it to the investor for approval. Second question is how to find out who my investor is. I did receive foreclosure papers several months ago before filing Cht 13 and on the papers it says Bank Of America, National Assoc successor by merger to Lasalle Bank National Assoc as Trustee for certificateholders of EMC Loan Trust.

Thanks

[Moe Bedard]

That looks like the investor is Bank of America for you.........but it was LaSalle until Bank of America bought LaSalle and all of its assets.

[Blackcandt]

Thanks ***! Have you heard of anyone on the forum getting approval with Bank of America as the investor?

[Moe Bedard]

most do not know who the investor is unless it is FannieMae/FreddieMac/FHA or VA................so I don't really know the stats there.

[Blackcandt]

Ok thanks. I really do not even know what dept I am dealing with at this point. The fax number I sent my documents to is 214-550-3970. The number on my financial form I recieved was 214-626-4743. Of course when I sent it to the number on the form nobody would confirm it was recieved. So I got a rep that had me fax it to her attn at the other number. Its like running in circles.

[donnac]

Hi i am also with emc mortage 30 year fixed and 12.5 interest rate. I called emc about a mod and they sent my lawyer the paperwork because i am in a chapter 13. The paperwork they sent me has to go back to a lawyer that is working on behalf of emc his name is Moss Codilis llp. Did you recieve this letter with your paperwork from this lawyer

[Blackcandt]

No, the papers I received were from EMC Loss Mitigation. You need to google that attorneys name. Also you may want to fax your info to the number I listed above. Cant hurt to send it a few different places.

[donnac]

When you called to request mod paperwork were you in a chapter 13?

[Blackcandt]

Actually I just filed the Chapter 13 and hadnt had my confirmation hearing yet. I am waiting on the confirmation hearing to see what happens with the mod but I guess to answer your question yes I was in a chapter 13 when I requested the mod. I was told at first by two people that I did not qualify because of the bkcy, I pushed the issue with them and insisted that I do qualify and the Hope Hotline informed me that I did. I also informed them that I was recording all phone conversations and then they agreed to send me the papers. Now my confusion is that the papers and the rep's name on the bottom to contact is with Loss Mit. When I call my file is with a different rep in the bkcy dept and I was told it will remain there until the mod is complete.

[Blackcandt]

***,
I called for my weekly update on my loan mod today and was told they are now requesting MORE additional info. They need all financials AGAIn. I assume because it has been over 30 days since my last financials were sent. I do not know. Any way when transferred to the dept handling the mod the voicemail stated " You have reached Moss Codilis?" can you tell me what dept this is? I am really not sure what stage my loan mod is at this point.

Thanks

[Blackcandt]

Okay after reading the older threads it looks as if this is Moss Codilis. My rep's name is George that is handling the mod. Does anyone else know much about this dept or had any luck with them?

[donnac]

I am with EMC also at a 12.5 interest rate 30yr fixed and also on my 4th bankruptcy. I believe they hired this company to collect all the data and then they send it over to EMC. Or maybe because we are in bankruptcy they have to go through a law firm. They seem very nice when you speak with them. My investor is also bank of america, I am glad to find someone going through the same process as myself with the same mortgage company. Keep me posted, donna

[Blackcandt]

What stage in the process are you at? Also I was reading the other thread and they are stating EMC loan mod's are on hold. Have you been told this at all? We are converting our Chapter 13 to a Chapter 7 and won't be including the house in on it unless the mod goes through. When I spoke to EMC she said that the Mod will continue regardless of what we are doing in the Bankruptcy. I just wish the they would hurry up before our court date.

[Blackcandt]

Just received a letter from EMC in the mail that stated that per the new Making Home Affordable guidelines more information is now needed for our modification. They now need April May and June bank statements and pay stubs and a contact for an appraisal if one should be needed. That was really about it. So guess I will be faxing again tonight. I would think that if everything was on hold I would not have gotten the letter today.

[NohelpfromEMC]

After reading your latest post I have another call into the person I have been dealing with at EMC executive resolutions.

Not sure why she keeps telling me all mods are on hold when others seem to be making progress and not getting the same answer that I do.

Maybe I upset them when I sent an email to Jamie Dimon. It certainly got them to call me.

So much for being proactive...

[Blackcandt]

Yep I am not sure why you are getting that response. I am over 3 months behind and it could have something to do with the bankruptcy. I to emailed Jamie Dimon and got a call back from the executive team after my email.

[donnac]

I just began three weeks ago I sent all my information over. I did ask they told me 60 to 90 days from beginning to end. I had to send them my pay stubs, hardship letter and my budget. They called me a week later and told me I had to download a form off the irs website so they could get transcripts of my last three years of tax returns. I am anxious to hear something but I also feel better having the chapter 13 and feeling protected. When is your court date? Donna

[Blackcandt]

Well they just postponed the court date hoping this will be settled by then. I dont know my exact date but I am thinking sometime end of July. Have you had to send them 3 months pay stubs?

[donnac]

I would go and have your confirmation so you put that behind you. You can always turn your 13 into a 7 anytime. I did send them my paystubs. It's really strange how they ask for different things from different people