WaMu/Chase Mod Moving Forward

[rachel_p]

pbharris, be sure to post what your husband finds out when he calls to ask about the signed copies. I've heard a lot of people on here say they never received a signed copy.

[pbharris4]

I know that before the date of Nov. 1st we are to receive a signed copy of the Trial Payment Plan AND Modification agreement, but I am not sure as to WHEN we were supposed to recieve the Trail Payment Plan signed copy? Were we supposed to get this 2 months ago or after we make the 3rd payment & before the 1st of NOv.?

[rachel_p]

We aren't that far yet, pbharris, so I don't know. We are still waiting to be approved/denied for the trial period. Waiting, waiting, waiting....

[pbharris4]

gotcha. I am going to contact our lawyer. We've been waiting to file BK. We qualify for either a 7 or a 13. But I want to explain the situation about the 3 payments and perm. mod. date and see what he advises us to do. One of these days Dh will get garnsihed and we'll have to file.

[snapple candy]

pb,
If you have a 2nd, isnt it better to file Chapter 13 so you can strip the lien? I suppose that may depend on what state you are in?

I followed up yet again with Chase Executive Resolution yesterday about my numerous inquiries into Why I have not had my contract returned signed by them. I am still going round and round on this with them. She stated that everyone tells her it is not necessary and no one ogt theirs back signed (I know that not to be the case). I repeated that I suggest she talk to one of their in-house attorneys about the clause that states we are to get a signed copy back NOT one of the negotiators or handlers of the account.
I already filed a TARP complaint about this in June, and I think I will follow up with another one, as well as do an add-on to OCC complaint. This is a bunch of BS.

I also asked for an explanation about this cryptic letter I received from Chase about making additional payments. The language makes no sense whatsoever even she said it didnt make sense to her. It did mention something about sending out additional payment coupons which I have not received. The negotiator was real vague with me about making payments and when I pressed him, he said we have been told to tell people to keep making the payments.
I told him, sorry NO CAN DO. I told Executive Resolution until I get a signed copy of contract or something in writing, I wont be making any additional payments.
I figure Ill get a perm mod contract offer or a Notice of Sale. I have 120 days from notice of sale which puts me into the dead of winter here for an auction date...hehehehe Serves them right if they want a house empty in the winter here with pipes freezing and all.

[pbharris4]

HI Snapple!

DH left another message for our negotiator who nevers returns messages. He called another # we had (it was 866-575-6885). He called and asked if there was any other paperwork we should send in and if they got the payment (the 3rd & last payment). They didn't process it yet...I just Expressed it yesterday.

She said that they have all of our paperwork. Then DH said about the signed copy of the Trial Payment Plan and she said she didn't know why we didn't get a copy and will email our negotiator about it. She also had a different name down as to who our negotiator was. When asked about only making the 3 Trial Peroid Payments she said if our modification isn't approved by Nov. 1st to keep on making the payments. And my DH said...well it doesn't state that in the agreement. And he got the ol' " When you don't continue to make the payment, you "run the risk" of them closing your file. She didn't say they WILL close your file. She didn't say you will be DENIED either. I mean you "run the risk" of losing your house anyway when you don't make the payment. We have met the requirements of the agreement we signed...paid all 3 payments on time, nothing has changed income or debt wise, and as for the other, all the hardships are still there. So if they were going to deny us from the beginning then they will deny us...BUT they are DEFINTELY NOT going to squeeze 2-3 more months of payments from us and then deny us anyway. 3 payments were required, 3 payments were made. Obviously, we can afford the amount and all 3 payments or we wouldn't have made them. They knew the credit situation and we'd be filing BK soon (haven't yet) so they knew that going in. I think they are playing on people's minds and wallets and it's wrong. Read the contracts over again. They are cutting whatever loss they can by stretching out the payments. And if they are "behind" who cares..that's not our fault. Hmmm. with the Trail Plan they sent us 4 payment coupons, but it states to only make 3 payments.

DH will call again Oct. 15th to check the status. And again Oct. 22nd. after that we'll wait it out. Like you said Snapple.....unless I have a signed copy of a Permanent Modification in my hands..no more $$$.

[pbharris4]

Oh..yes...in a CH13 you can strip the loan. IF we get the permanent mod. we'll do a CH 13. If not Chapter 7 it is and we'll include the house so all debt will be gone. Don't have any student loans or that stuff.

[cliffdweller]

Hi all,

Well...I have decided to settle into the notion of 6 months of trial payments....I am not going to call Chase or be on this forum...I just need to focus on my work.

If they contact me before, great! I will let everyone know if something happens and when. And will keep you all in my thoughts for sure!!

[pbharris4]

Our lawyer said he would continue to make the payments as a "good faith" thing. They won't foreclose on us if we continue to pay. We'd be paying rent payments somewhere else anyway. However, not to let it go on too long so as to have the home value rise too much. He says we have the walk away card and they know it. I just don't know. My gut tells me not to make the 4th payments. We weren't put on a 6 month trial. We'll see..have to really think this out in the next 2-3 weeks.

[cliffdweller]

Hi PB,

My gut says to go with the flow right now...most important thing is to get our
$$ up...that is why I need to get focused. They lowered our payment by $1k and
we are still struggling. The perm mod will be a higher figure with taxes and insurance added in. Must get the bank statements looking good, or will be denied for
insufficient income.

I think the heat will get turned up on the Banks here pretty soon. I am happy
for the Michael Moore's of the world who expose fraud and injustice...that is not
my style, but I will support the effort in any way I can.

Best of luck to you PB.

[SwillerAlesbane]

PB....you are doing the exact same thing I am. If Chase works with me, I'll chapter 13 and re-structure my debt by wiping the $39,000 2nd away.

If they decide to drag their feet....which they ARE doing, I'll just default and not make any payment at all, mattress a few thousand dollars, and declare chapter 7.

I've done all 3 payments for my loan mod. They even gave me the TERMS in interest, but the paperwork never arrived. Renting will save me money every single month. Staying in this house will give me a tax shelter and the possibility to recoup my money....however, I can walk and probably make out much better in the coming years.

Home ownership isn't all what people seem to think it is. I LIKE owning my own home, but at what cost? Now throw in people who LIE and manipulate on the banking side, and guess what? I don't give two sh1ts about the home now. At least I'm saving CASH while they can't find their own a$$ with both hands.

[cliffdweller]

Swiller,
I LOVE my home. It is a prime piece of property and has a lot of blood, sweat, and $$ invested. Home ownership means different things to different people.

I am signing off the forum for a few months....hard to do! Must though, taking up too
much time and energy.

[SwillerAlesbane]

I hearr you cliff, and if I had a "prime" piece of property, I might feel a bit different about it.

My "prime" piece of property has less than 1200 square feet. I'ts a 3 story, two bedroom condo. At least the walls are thick enough I don't have to hear the neighbors having sex.....however, if the window is open on the back side where the garages are, you can hear all kinds of activity.

You too can have all this for only $420,000. Now...if I lived in Laguna Beach or something and I loved my house...sure I'd fight for it, so I totally understand cliff. In fact, my heart goes out to you because I know I have certain freedoms that you don't. I am fast getting over even wanting to keep my home, and that gives me peace. I certainly wouldn't feel peaceful if I loved my home and the banksters were just stringing me along.

I'm certain your a person I could kick back with and discuss ideas with, even if we disagree, we can honor one another by listening. Be well cliff, I'll miss ya posting, and hope you change your mind and hang out every now and then with grumpy old scruffs like meself.

[cliffdweller]

Yeah Swiller...just call us Polyanna and the Grumpy Old Scruff!

somehow we find our way in the middle. I appreciate your passion, and know
that you are trying to open our eyes to some very sad realities.

I just need to hang on to my shirt right now...will check in though for sure.

[Marie T]

Hi Cliffdweller,

I know this is time-consuming to be on here and it can be almost like a drug sometimes...for me because I have noone else to talk to about this situation. Even though I am married, it is my loan and I need to figure it out so this forum has become my refuge. My husband does not handle stress well at all and has a condition where he becomes very sick if stressed too much so it is on me.

My situation is very similar to yours as far as loving my home although I am envious of Swiller since I do believe he has greater freedom in being able to walk away. It is a custom home and there is not one thing in the home that I did not personally pick out and agonize over making the right choice...lots of blood, sweat and tears! We have also owned this home for over ten years and we planted 35 trees and 400 bushes....worked like field hands every spare moment the first three years just putting in the landscape. I really do love this house even with all the structural defects that we will have to repair if we stay, so it makes it rough.

I hope you do not wait months to get back on...maybe you could just give us a quick update every other Sunday or something like that? I know that as a self-employed person, I need to start limiting myself here too. I have a miserable head cold right now so I do not want to infect anyone so ok to be on here!

[cliffdweller]

Hi Marie,
Thanks for the post...and that is a great idea - every other Sunday it is!

I'm just hoping that Chase will get its systems together and that we will begin to
hear some good news. That would just make all the difference in the world to people.
Even if we have to wait, most of us will do that gladly if we know that a positive outcome awaits us at the end.

Funny, I not only have visual images of many of the people here on the forum, but I also have images of their houses! So...I see you happily in your home with 35 trees and 400 bushes and all of this mess is in the past...how is that for a sign-off note for now!

Be back October 4!! Unless I have important news.....take care all!

[pendulum30]

My application for loan modification was declined for following reasons:
1) we still have assets in savings enough for more than 3 months of mortgage payments
2) unemployment (I claimed my unemployment as hardship) is a temporary, not permanent hardship
Any advice or comment? Can I appeal, or it pretty much final? When I applied, I thought, if the mortgage payment is more than 35% of monthly income, I have good chance to be approved.

[snapple candy]

Pendulum,
1) Dont have more than 3 x payment in bank (dont you have bills to pay with that money?)
2) Give data that unemployment is not expected to change for a lengthy period of time. Such as regional unemployment issues or specific job definition is not in demand and need time to retool or re-educate yourself.
3) If you fall within payment being 31-38% of gross pay, well might want to look at other options.
You need to re-apply and not have more than 3X payment in your accounts for a start.

[7138pps]

Hi Moe
I am new member, I had put in my loan Mod. app. with Wamu/Chase since July 2009 never get a reply back, in September I decided to call them and they told me to fax more papers work which I did, I called them back to make sure they got everything they needed they told me that they submit my paper to underwriter. Until now is still nothing going on. On Sept.28 I decided to go to LA convention to see NACA. They have submit a loan restructure which will low my principle and interest rate (my counselor told me to stop pay my mortgage). She sent me to see Chase, they can not help me yet because I am current and told me that they have to submit my loan app. to my investor which is CITY Mortgage. They told me I will get the answer in about 7-10 business days. My question to you is should I stop making payment on my mortgage, I am so afraid that I am going to lose my house. Please let me know what should I do about it.
Thanks
Jill

[caldwellb02]

Cliffdweller and everyone - there is absolutely no movement on my 9 month mod nightmare with Chase. Today I faxed my third letters to my congressman, my senators and the president. I called my State Congressman's office to see if I can set up an appt to have them look at the Oregon and WA laws that were just passed to see if CA might help. I am in the first home I've ever owned and I'm OLD. I didn't build it, but I've created a nice spot. It's just your regular ticky tacky home in a residential neighborhood, but inside it now has just the right colors. When it's cleaned up people say it looks like an "artist" lives here. I love that! I was getting ready to do some landscaping, but stopped. Can't even begin to think of a garden, cuz I don't know how long I'll be here. I'll spend no more on fixing this home up till this quest is finished. I do love my home. There is a spot right in the center soon as you walk in that has this great feeling and that sold me on the place only about 4 years ago when it had all white walls. I don't want to leave. But I'll be okay if I do.

[cliffdweller]

Hi Caldwell and all,

Just checking in. I am glad to see a couple of success stories on the forum in the last several weeks, though they do not appear to be supported by paperwork yet...argh!

Caldwell - I love the sound of what you have done to your home...lovely! I'm sorry I don't know all of your details, but it sounds as though you have not received a trial modification, correct?

Boy - there seems to be a number of conflicting factors going on. Those who are seriously underwater with clear hardship and ability to afford modified mortgage appear to get approved....eventually! I'm not certain what DTI (debt to income) ratio they are using....personnally, I'm shooting for $500 max left over after EVERYTHING is paid.

The "insufficient income" and "hardship not permanent" declines may be catch-all phrases they are using to decline people who
don't fall into the "sweet spot" they are looking for. I get the feeling that they are
looking to approve "x" number of files, and are comfortable letting "x" number go to foreclosure....it is a numbers game, and I believe they have worked out the numbers to work in their favor...of course.

For those who qualify, it is the polite, persistent, bull-dog approach that seems to work (did you see that one on another thread?)...thought it was right on.

For those who do not, there may be success after a fight.

As I said earlier, I am settling in to 6 months of trial payments...that is a mindset that
frees me up not to worry so much, so I can work productively. I have a back-up plan if we do get foreclosed on...that is all we can do. All the while, we are looking to
improve our income.

I will check in again after I call on October 15 to see how things are going in the
world of Loss Mitigation at Chase.

Holding good thoughts for all the nice people on this forum.

CW

[pbharris4]

Made our last payment for Oct. 1st on Sept. 22nd. Chase actually called us on Friday 9/25 to say they rec'd the last payment and it would be a few weeks and we'd know something. Husband asked if they needed any additional paperwork and they said no. I'll believe it when I see the paperwork in my hands. I am telling husband to call them every week for updates.

[caldwellb02]

Cliff - no trial mod. no nothing. Denied twice. nine months and waiting. Still in review - again. I'll be okay in the end - whatever.

pbharris - hoping for the best for you!

[cliffdweller]

Caldwell,
I believe there is a higher force than Chase...that is what I hold onto. I want you
to know that you remain in my prayers...I am serious...it helps to have numbers when
it comes to prayer. That is the beauty of this forum...we can hold each other up.

The love and care that you put into your home matters in my book, big time, and hopefully one day these things will translate into tangibles better than they do today.
For now, we have to play this silly $$$ game.

I pray that you connect with the right person in the Bank who will help you
achieve results! I did...that is how I got the trial mod. I'm putting it out there
for the same thing with the permanent, but need to remain surrendered to the
fact that this may not be in the cards for us...so far, it appears that it is.

Vaya con Dios as Swiller says...where IS Swiller???

[cliffdweller]

Hi All,
Quick update. I called today to make sure that they received my 4th payment..cleared my bank on 10/5. They said "NO" but we will investigate with the Cashier and find out what happened. Had this nagging feeling I should call..good that I did I think.

Anyway, they looked at the file and said a fedex pack was sent today asking for
updated financials..they said "You are on track". I'm still worried because we have
a bunch of debt that will need to be discharged, and I hope that doesn't affect things. She said to put down that we had really great credit until we were forced to
default.

So I am putting together my final package to fedex back. Going to use the same strategy I used in the beginning...picture of my husband and I standing in front of our mailbox with the big yellow banner, "Thank you for helping us save our home." I figure
it doesn't hurt to turn us into real people.

Feel like we are reaching the end of this. She did say that they are making an effort
to avoid 5 trial payments..files get expedited after the 4th....apparently. She says
we should have a perm workout by Nov. 1. provided the "financials work".

I think we need to stay on top of it. I don't think they would have sent out the package requesting new financials if I did not call today.

Have a great week-end everybody.

Cliff