WaMu/Chase Mod Moving Forward

[Benilole808]

Hi Everyone, just updating my situation. I spent the day making phone calls with Chase. I have been working on my modification since August 09 and it is now November. I have been denied two times. I was first denied because they claim to not have received all my paper work (and we all know how hard we work to get all the necessary paper work in). Anyhow, I was asked to resubmit my current paperwork so they can reopen my modification. I was denied a second time. This time I was told that I did qualify for the "Making home affordable" modification because my income was too low. The next day I call Chase again and the person over the phone told me that I was denied because my income was too high. Anyhow, that person tells me to fax current paperwork, yet again, so that they could reactivate my modification.

In an effort to be current (3 months behind) I have called collection to ask them for help during this "reactivation modification" time. Collection has me on a repayment plan that will help me pay for November but from then on, I swear I can't believe they think I can make the repayment payments with the number they gave me.

Anyhow, I worried about the repayment plan because I knew for sure, I would only be able to afford November and will be pulled out of the repayment program in December. I called Chase again to talk to someone regarding this.

The person on the phone basically shot me down, told me that I was going to go into foreclosure, give up hope on being approved for Modification and stop giving to my church to help pay my mortgage (God knows I give what I can and it is not anything near a mortgage payment). I told that person that I was due for reactivation, my loss of income has decreased even more so than when I first started in August and the current paperwork I had faxed over will reflect this. The Chase person argued that they will stick to their previous numbers, EVEN THOUGH, my financial situation has changed.

This is when I decided to call HUD. They calculated my gross income and mortgage payment and it came out to 38%, therefore, qualifying me for the "Making Home Affordable" modification. Even before that I came out to 36%. I will now be working with a HUD counselor but at the same time making contact with Chase.

HUD person believes Chase is just giving me the round around. Why would Chase give me the round around when I qualify?

Anyone had similar experience?

[exhausted girlfriend]

You were working with Chase collections. They are going to help you with trying to get a modification. They are only trying to collect payments from you. You need to be in touch with Loss Mitigation.

[Marie T]

Exhausted Girlfriend is right...do NOT talk to collections people about modifying your loan...they are paid to collect money from you. I started this process in March, and at one point I was told by a collections person that I did not qualify for a loan mod because my loan was over $400,000...they know nothing and what is really bad is that they will totally mislead you and tell you lies and if you do not know better or do your own research they can really screw you up!

[Benilole808]

Hi Exhausted and Marie,

On Oct. 29th, Imminent default told me I was denied because my income was too low. I called the next day, Oct. 30th and someone else from the same department told me that I did not qualify because my income was too high (at $10,000.00) and that person actually went over my financials over the phone and told me that it did not make sense that they would put my income at $10,000.00 because according to what he was getting, it did not add up to $10,000.00. He told me to fax current documents to reactivate my modification.

It was someone from Loss Mitigation that I last spoke with today. He basically shot me down, told me that I wouldn't qualify for modification because they were going to stick with what they came up with. I told him that my renters could not afford the rent and I had to decrease the rent in my financials in the current documents that I had to fax for reactivation. He said it didn't matter, I would still not qualify.

I finally decided to talk to someone from HUD to get a second opinion because I was not getting a straight answer from the folks from Chase. Turns out that I qualify for the Making Home Affordable modification, I am at 38% (must have 31% or more to qualify).

Now I am working with a HUD counselor to assist with my modification. I hope this time around I get some real results. I'll keep you updated.

[exhausted girlfriend]

Benilole,

I have learned that when on a call with Chase, and a person does not seem to know what they are talking about, i hang up and call back to speak to a different person. Unfortunately, you will have to call a lot till you find the right rep to help you out.

[robert6717]

I am at wits end with Chase/WaMU. I applied for a loan modification on May 1, 2009 and it took them seven months to deny me based on my income. I make interest only payments that total $1,531 a month but the full payment is $2,200 a month which is 42% of my gross income. How is it that they denied my loan modification request? By the time I make the payment and pay the other bills not including food, I have $73 a month left. How is anyone supposed to live on that? This company, Chase, calls me night and day because I am behind on my payment and no one will talk with you about the loan modification. I have asked many times for a supervisor or to talk with the negotiator assigned to my case but of course you can't do that. Does anyone have the name and phone number of anyone at Chase who can help me and that actually has a brain? I can't keep going like this, the stress is unbearable.

[caldwellb02]

Sometimes if you send a brief and nice e-mail to jamie.dimon@chase.com or jamie.dimon@jpmchase.com - sorry I can't remember which it is right now - (Jamie Dimon is the CEO) you can get an executive team member to call. They can facilitate some movement.

Another idea is to go to a Hope Now organization and even NACA. The issues there

1. Once you're with NACA Chase will not talk with you. (Working with NACA seems to have finally worked for me, but it took 11 months and alot of pressing on my part as well - to dimon and others at Chase, and complaints to the OCC, letters to senators, etc.) NACA also takes a long time. What I have is the promise of papers coming for the trial payment, which I hope by the March 2010 they have better organized.

2. If you call the Hope Now number - maybe even Auriton Solutions (you can google all of this) and sign on (no cost) to work with them. Chase seems to be able to talk directly with you even when you are with them. this will, though, also cause you to submit paperwork - the whole thing - all over again.

Any way you look at it, this is a nightmare of all nightmares and you are not alone. I absolutely understand.

Some of the threads on Chase have more names and numbers. I'm sorry I don't have the numbers with me right now. See if you can find them and if you can't let us know and we'll help.