Chase/Wamu and Deutsche Bank

[Mountain life]

Caldwell: Thanks for your response. I have a WAMU/now CHASE loan and the investor is Deutsche Bank with a balance of about $ 497,000. Although I paid 550,000 for my home in 2006, it is probably work about 480,000 or less right now. I intended to remain current on my loan during the tedious waiting for a modification, but I just cannot make the payment this month. I will probably do what you may do: stay one month behind in payment and try and catch up, and PRAY that my modification is approved. Its so frustrating, even though my application is with the underwriter, everything is going so slow! I think that I may have to go to the NACA event in Los Angeles in October to try and get some progress on the NACA submission of my modification to CHASE on 8/18/09. Thanks for your input, and good luck to you and everyone else going through this terrible process.......

[caldwellb02]

Hey all. Feeling like a rank amateur today. This woman at Chase really got me scared. She said that she has seen Deutsche Bank (owner of my first loan) foreclose on someone when they are only a month late. Most of me is choosing to take this as a scare "tactic," but I gotta say it did scare me. I've been researching and am somewhat calmer but need reassurance that it takes longer than that in California. Anybody?

[Jillian118]

It was my understanding that once you were 90 days late you got a notice of intent, then at 120 days late proceedings were started. I believe this is the law in california, but you may want to hop on the foreclosure thread and check it out.

Which is why a lot of people try not to go 120 days late. I understand your fear though...she wants you to pay up!

[Marie T]

Sounds like a scare tactic...why would they foreclose on you in one month when there are thousands further behind than you that haven't been foreclosed on?

Was this a person in collections? Remember that the people who call from collections will tell you anything to get money out of you...they are minimmum wage people who get a bonus if they get you to pay. Ask for their name and ID number...it is illegal in many states for collectors to use "scare tactics".

All that being said, as soon as you are behind even one month, they start sending the letters saying they can accelerate the loan. I am now 3 months behind and very scared.

Also...thanks for doing the great letter...I think Obama's focus is off homeowners right now and has moved to healthcare but let's all pray for the best!

[caldwellb02]

Trying to keep my thread updated. The person wasn't in collections. It was somebody (Brook) I called at Chase to pay on my first for August. (I'm just going to concentrate on my first - I have an 80/20 - right now. The house is worth less than the first, so the second is unsecured). I am at this very moment not in default (but I will be again on the 15th.) Even paying the first is more than 50% of my Gross!

There is a neat video on one of these threads from "The Professor" that talks about California State Law re: foreclosure. The lovely lady who scared the bejonkers out of me yesterday could have been referring to another state - some states only give even less than a month. But CA law gives us three months AFTER the NOD (and I don't have one of those yet) and even then if Foreclosure notice is filed there is at least 21 days. Okay. So I've written it and hopefully it stays in my brain and I won't let some knucklehead scare me like that again! Thanks as always for this forum.

Evan/Moe - I will donate soon. Just working these finances out right now. This forum is literally a lifesaver.

[caldwellb02]

So today I joined the ranks of those getting collection calls. (haven't paid October). Egad they get me. Two calls. One at work (I told them to not call me at work and it seems they took that number off - we'll see - and another just now). Both asking the same things. And my ARM has adjusted up. I asked if I couldnt' pay it before, how can they expect me to pay more? Tried to be nice - they were actually both nice people. But I went through a time with my ex when there were lots of collection calls and I really got my credit score up and now here I am again. It is so frustrating. I knew this day was coming when I started in January. AHhhh. How to survive this sane........

[caldwellb02]

Hi all here is the rebuttal letter I just sent to WaMu/Chase Imminent Default Team. there were paragraphs in this letter, but they aren't allowed here.
I am writing in response to the denial letter you sent me dated August 14, which I received on September 5. It states that the mortgage loan modification I applied for starting January 4, 2009, was denied because: “Your hardship is not of a permanent nature.”
I confess I have looked at this comment/reason in every way I can, and asked many others about what it could mean and still come up with a big question mark.

Firstly, there is the one in a million (or more) chance that any of us, including me, could win the lotto. If that happened to me, my current hardship (that I do not have the financial means to pay my mortgages as they stand now) would, in fact, be impermanent. Or some unknown wealthy relative could leave me with a lot of money. But quite honestly I don’t see anything in the near future that will change the hardship I am experiencing in paying my mortgages, although I would love it if there was something.
So I ask you – what do you mean that my “hardship is not of a permanent nature?” I cannot figure it out. My salary continues to be at $4100/month gross, and although I am pushing for a raise, in this economy I don’t expect to get one and even if I did, I certainly don’t expect one that would significantly increase my ability to pay these loans as they stand.
I have talked with my son, and he, too, has no reasonable expectations that his salary will increase or his expenses decrease in the near future.
My hardship lies in the fact that my son (who does not live with me) was paying ½ of the mortgages, and he cannot any more, due to decrease in his salary and increase in expenses. Thus, the burden of paying over $2300 a month in mortgages falls to me, and this amount continues to grow as my ARM adjusts up.
I am asking that you reduce the interest rates on both of my loans for this home so that I can consistently pay them, and continue to care for this piece of the planet. If my total payments were 31% or less than my current gross, I can guarantee I can continue to pay the loans. I have a stable job, and expect to keep it. And if I could pay the mortgages, you would not have to deal with foreclosure costs, nor with the prospect of losing a great deal of money since this home is now worth significantly less than I owe.

I respectfully request that you reconsider my application for a loan modification or, at the very least, explain to me what you know that I don’t know about the permanency of my hardship.Thank you,

[Marie T]

Hi Caldwell ~ good letter, hopefully they will answer you.

[caldwellb02]

Didn't send that letter cuz I'm confused. Have had a couple of calls from Chase telling me that as of August 14 (one day before I got that denial letter) my request was "in review" for a mod. I'm on hold now with Chase who has told me that again - after getting a call from collections, calling them back, then having them transfer me to loss mitigation which turned out to be collections, now I am on hold again to get to loss mitigation. What's the difference between loss mitigation and imminent default? Also - I know somewhere in the halls of this forum there is a direct line for loss mitigation --- does anyone know it?

[caldwellb02]

Correction. August 14th is the day their denial letter was mailed (I got it @9/5). Their computer says I've been in review since August 13th by loss mitigation. Sorry - I fear I'm letting them get to me again. Yikes!

[MZWITHHOPE]

CHASE......The left hand doesn't know what the right hand is doing. My loan is also owned by Deutsche Bank and CHASE told us they were not doing any loan modifications but I haven't given up! I wonder if anybody has received a loan modification from this bank?

[Mountain life]

Caldwell:

I just got denied today because my hardship was deemed to not be permanent. The representative from CHASE who claimed to be from imminent default was at 1-888-708-3336. He was not very empathetic and told me that I had no other recourse. I subsequently called Making Home Affordable hotline and a escalation team member placed a conference call to CHASE and they told us that I should fax an explanation of my permanent hardship for the underwriter to review. Are you faxing your letter to the general fax number (which I was told to do ) at 1-866-282-5682? If not and you are faxing it to another number which would better guarantee that the underwriter willd see it, could you please provide me with that number? I am so upset about the crazy determination that my hardship, which is not going away, is summarily decided by CHASE that it is not permanent. If it were so why would I be in such desperate need for assistance?

[Marie T]

Hi Caldwell, Chase is totally inept! Like sending me a letter dated August 8th in a FedEx package dated Sept 7th which I received Sept 9th and the letter is saying I must send first payment and signed agreement back by Sept 1st!

There is no way even with snail mail that it should take them 19 days to get your letter to you...and now they are saying you are in review??? I guess that is better than being denied. I found out today that the state attorney generals office and state banking commission cannot do anything with Chase as thay are a national bank so must file any complaints with the office of comptrolller of currency...same agency that shut WAMU down!

[famlena]

caldwell,

I got my denial today 9/17 and the letter was dated 9/4. My negotiator told me that I would not be receiving anything in the mail regarding an approval or denial. She said that she would receive that info from the underwriter and then would call to notify me. She has absolutely no idea that I've been denied already because I had spoken to her a couple of days ago and she's researching it. Chase is absolutely disorganized!!!

[caldwellb02]

So update: Sent another letter to the Office of the Comptroller of the Currency, and just received a copy of a letter that my congressman sent to them on my behalf.

Am receiving two calls (at least) a day from Chase/Wamu. They always say they want my money now DUH but then they say I'm in the modification process. (If so, then I ask you - what were those denials all about?). First call today on my second mortgage. She wanted my money now (of course) but then said I was in the mod process and even gave me the name of a negotiator (I'll believe that - sure!). I flat out told her I saw no reason to pay the second if I couldn't pay the first, since my house was worth less than the first! Onward and upward!

[Mountain life]

I got my first late mortgage payment call this morning from CHASE. The representative asked me if I could borrow my mortgage payment for the month of September from a friend or relative...I adamantly told her NO!
She also offered to give me the the phone number of the person in loss mitigation who can assist me with my loan modification since it was still under review......Do CHASE collectors provide everyone with other phone numbers to call to assist with a loan modification? I was surprised that she seemed so helpful.

[SONORACADREAM]

I Called Chase/Wamu and got a person in Florida, she said that the loan modification line's for California are so jammed the send all call to Costa Rica to start a mod process. After hearing all the gloom and doom here I have no hope, I recieved my statement for modification from chase and it says it needs to be finished and returned in 10 days. Also there are plenty of scary letters before the mod. I am 300k under water, and my opt-arm loan is no longer.they took interest only options away without any consent from us.
I am going to talk with my local HUD worker, I am supposed to talk to her before I sign any bank document. She is wary of what uis going on out there right now.
I believe your comment on what is more important a roof over your head or Medical change, Where did all that home owner money they promised to help with go? I see alot of greedy forclosure wolves prowling.I am new here and will keep you posted, I hear attourney's can't help much either so hang on to what you have.

I wish you the best, Kirk Persing

[caldwellb02]

Mountain LIfe - I've found that the Chase people are a little friendlier lately - but just as ineffective. I'd take any phone number they give. I got a phone number that they said to call weekly: 866-394-4034 and I am to ask for loss mitigation (she wouldn't give me the direct number. This is different than the other number I had: 877-838-1882 ext 52195. I've also gotten 866-665-7629. So I'll probably call all of them this week.... or not. Havent decided yet exactly what my next move will be. More than likely they'lll call me first. It will be collections. They'll try to get my payment. then oh my they'll notice I am under review, and I should really call loss mit. They just want their money any way they can get it. If i don't pay this week I'll be in default two months. I was going to pay the first, but my son keeps counseling me not to ---- that this may be the only way we can get some movement from Chase. I just don't know. I mean what's the difference? I will soon be 2 then 3 then more months in default. Yuck. I'm not handling this well today!

[Mountain life]

Caldwell:
I did not pay my September payment. I do not plan to pay my October payment: however I will make sure that I do not reach three months without a payment. I feel awful about it, but remaining current did not cause me to be taken seriously, and I have been in this process since April 2009. I was denied on September 17, 2009, due to "not a permanent hardship" but after I sent a written response to the CEO's office on Friday, September 18, I got a phone call from my Executive Resolution Group representative ( who never calls me back) and she was extremely helpful and assured me that my letter was forwarded to the underwriter for consideration and that my file was still active. Today I faxed another letter and supportive documents to the CEO because that is the only way I am guaranteed that the documents will get to the underwriter. I feel drained, but if we do not fight to get our well deserved modficiations, CHASE will win, and I am not willing to let go of the house I love and have worked hard to get for those bureaucrats! I am also going to the NACA save the home event scheduled for Los Angeles this Thursday and I plan to be in line at 5 AM or earlier.
It's got to get better for all of us.....without reading everyone's supportive adviset I think I may have given up! Good luck to everyone.

[a2kman]

Mountain Life,

Do you have the details on the event this Thursday, if I can get some time off work I think I will also attend.

[Mountain life]

The Naca save the fream tour starts this Thursday-Monday at the Los Angeles Convention Center. It starts at 9AM to 8 PM, but according to the comments that I have read there are so many people that attend it is a good thing to arrive early. I called and checked to ser i CHASE representatives will be there, and they will. If you are going; register on the NACA site.

[caldwellb02]

Guess what? I called loss mit who sent me to the Care team who sent me to immenent default (chuckle - I'm already in default) and I get to send in more docs! And I'm gonna do it. Just the usual - pay stubs, bank statements, investment information, expenses, a statement that I don't have an HOA (that's new), another hardship statement, 4506T. Sound familiar? I already have most of it any way. Just have to grab my latest statements and download a couple of things. He said to fax them in and then to call an hour later to make sure they got them and then to call 2-3 days later to make sure they sent it to underwriting like they were supposed to. I'm playing this game for a while longer. Not at all naive about it though.

[caldwellb02]

one more update. Kevin Winn from NACA called. (we had been playing phone tag for two days). I appreciate his persistence. Naca had submitted for me on 4/24; Chase denied it in August (not a permanent situation) I called Kevin, he said to make a phone appt with a negotiator. The appt got strung out for a few weeks and when I finally talked with them, the nice young woman told me it would be resubmitted as a new case. I was not happy, and called Kevin. He said today that it was not being treated as a new case, but rather went through to their naca folks at chase at a different level. And he said he would make sure of that. It's not to say Chase will okay the deal, but I feel like at least there has been a little movement here. if I could get the NACA deal they are proposing I would be SOOOO happy.

[caldwellb02]

Just updating my thread... lets' see. As of now the Homeownership Preservation team at Chase just got 45 pages on me. The Loss Mitigation team "Missing Docs" team got another 28. I was told to call the missing docs dept one hour after I faxed them to make sure i got them. Well I have been on hold twice for 20 minutes and they dropped my call each time. So I'll wait till tomorrow. I get collections calls every once in awhile - but none today. I will call NACA (Kevin) tomorrow for an update. Oh and I also sent a QWR. There are some dicey pieces of my loan and this process that I would like some answers on. If any lurkers out there are from Chase, please let it be known this is not a stall tactic. You will see when you get my request that there are some really interesting things about my loan for you to research. Anyhow I just wish this was over and I could play Susie homemaker on the weekends and pay an affordable mortgage but instead I'm pulling together packages and sending e-mails and checking this forum. Thank God for this forum.

[caldwellb02]

Okay. Finally got all my docs to missing docs. (took awhile). Called today and they have them. Talked with "Olig." I asked him "now what happens." He said "I'll tell missing docs that all your docs are in." I asked but then what. He said, well he's not sure, because I say my hardship was that my son can't pay any more on the loan, but he wasn't on the first loan so that can't be a permanent hardship. I said of course, that they inflated my income on the mortgage. I've never made that much money. (My son and I applied together, but in the end they gave it to me alone). He said but you told us you made that much money - you signed the docs. I said I have no record of signing the docs (I have the docs but without my signature). He said then it was a "stated income" loan. I said I never stated that income. In fact, WaMu put my son on the first mortgage whenI got a one year mod in March 2008 because they saw I couldn't afford the mortgage on my own. He was a prick. I pressed and said so what are you going to do with this now. He said he'd notify underwriting. I said oh, so now you know what you're going to do with this. Crap. I've got a can of worms on my hands.