WaMu/Chase Mod Moving Forward

[shade]

Cliff can you expand on the DTI qualification?

[snapple candy]

Cliff,
No I dont think you are paranoid. I have no doubt they huddle all the time after seeing all our posts. Even Moe said they are watching.....and it didnt take them long to start singing the same old story line for 2nd lien mods. At least for Chase, it sure happened that way. As for who the banks are? There a a few players in this and no doubt they are the 5% upper income bracket for this country whom are pulling the strings. I know there are wealthy whom live by the motto of giving back to the community but it sure seems like these days, those are few and far between. Ill keep watching for the Sept 1st date for things to start happening.

[Bert C]

Hi Snapple. I just last week submitted all my application paperwork thru the local homeownership office here in town. I have been after Chase since April of this year mind you. Well, just yesterday they claim they have approved me and gave me some of the details. I figured maybe the "extra" push from the local office had something to do with it?? The guy there swears to me the paperwork I submitted thru him is totally different and separate from my previous application and that it is a direct response from what I did last week. So, I'm thinking, if he is correct, I only wish I had visited the darn office sooner and not wasted the last 3 months trying to unsuccessfully get this through on my own!!!

[snapple candy]

Hi Bert,
Glad you finally got yours thru. Did your first packet have all the same applications and forms? It seems that Chase loses half or a portion of the applications in the faxes sent in by homeowners. I am having the local non-profit take over for me at this point. They have people they work with directly that can fast track them, as well as give them the straight scoop on things. Chase wont send me back my trial mod contract signed by them stating they are on hold. The non-profit HUD guy has never heard of such a thing! Dont feel bad Bert, 3 mths is not much time compared too most. It took me 1 year to get this far.

[Bert C]

Wow i hear you! 1 year is horrible to have to endure this. Regarding the second application, yes it was basically the same paperwork along with the most recent statements from the bank and pay stubs blah blah blah. The only difference I saw was the order of the checklist the guy was filling out. He did everything online and by the next day had a confirmation they received all the docs. that alone made it worth my time as previously, I had to re-submit the paperwork several times and every single time I called they were missing one thing or another. I'm anxiously awaiting the fedex package Monday or Tuesday.

[cliffdweller]

Hi all,

Had to resurrect this old thread from the archives. Not sure if this really qualifies as a "Moving Forward" but I was a bit encouraged at any rate.

Getting ready to submit my last trial mod payment on Wednesday. Called Customer Service just to see what I would be told.

They said, "Your file is currently in the Loss Mitigation Dept so they have everything they need to do a work-out on your permanent modification." You just need to sit
tight and wait for the paperwork to come in the mail to sign. No re-submission is required at this time.


I asked, "Is it possible they may decide to decline a permanent mod? She said, "You would not have been given a temporary if you did not qualify."

She did say it was possible it could go into October before I got the papers, but to
just sit tight.

Made it sound just as smoothe as glass.....????

[chevy56]

I asked, "Is it possible they may decide to decline a permanent mod? She said, "You would not have been given a temporary if you did not qualify."

Hi Cliff,
I hope this is true for all. It would be a shame if they put people on the trial plan and then deny a perm mod. I believe that would force many into foreclosure that were current or not that far behind.

Good luck to you and us all.

[cliffdweller]

Amen to that Chevy!

[chevy56]

I paid my last trial payment august 1. 2 weeks later received a packet in the mail. I had to re-submit everything and then some. The cover letter stated Notice of incomplete request. This is not an approval of your request for a loan workout plan. please update package as soon as possible. These updates are for the modification. So, which is it? It's sad that they put you on a trial making you feel a little bit relieved. Then at the end you are more frustrated because you don't know what will happen next. The letter also states I may still reinstate my loan as permitted by applicable law.

[a2kman]

Hi Chevy,

This is exactly why I have been calling weekly, I learned that all your docs expire after 90 day IE the same time frame of the Trial period. I have now re-submitted everything 3 time just to keep it current and will do so again this month when I send my final payment.

I don't want to give Chase ANY excuses.

[cliffdweller]

Hmmm...makes sense that they would want to see updated bank statements and pay stubs...can't understand why they need all the rest duplicated...Hurdles may not be over yet sounds like...

[chevy56]

a2kman,

I totally agree. I'm not giving them any excuse either. I faxed and sent the last package overnight signature required since they only gave me 5 days to get it in. They should really let you know if you qualify or not before the 3 payments are made.

Chevy

[cliffdweller]

The thing is that some people lose their job DURING the trial, or have some significant thing happen to change their ability to pay. Also I am seeing more and more people who have decided to walk...just too hard to fight the battle. I agree that some of their requirements do seem unnecessary though and like they may be trying to weed people out however they can.

[shade]

On the flip side my mod will be done hopefully in the next few days...I might have a job offer to start in 3-4 weeks. Obviously my mod becoming permanent today and start a new job tomorrow wont change my mod.....Thats a good feeling.
Im getting my mod done on 2 unemployment incomes and some child support so it can be done.

[cliffdweller]

That is good to hear Shade.

[Marie T]

I was told when I called CHASE that they get rid of everything after 30 days - not 90 days. They did get rid of my file once already when I was initially denied due to insufficient income. As soon as I received the notice in the mail I called them and they said they had already deleted my whole file because it was over 30 days old. When I told them that a lot of the info, like last years tax info, would be the same, they said they just get rid of everything at 30 days.

I did not have to resubmit some things as I was working with the local CHASE Homeowner Center and they had scanned my whole file so could resubmit.

I have been paranoid too about the lenders reading our info here but if they are as busy as they say they are, when would they have time?

[cliffdweller]

Oh well...re-submittal is the least of my worries, really. It is the DTI guidelines that I am afraid of..feels like it is tightening up.We're both working two jobs hoping to make it...getting real tired.

[cliffdweller]

Also Marie..could you share what the front-end DTI was when you ended up with the "Repayment Plan." Last thing we need is to be working all these hours, and then have that happen!! I show a pass on the NPV test with our current income, but not with our old income (my husband's hours were cut also) and my work cut in 1/2.

Good to have all that stuff scanned in, by the way...I should do that. I just sent the hard copies by FEDEX last time.

[cliffdweller]

Originally Posted by shade

Cliff can you expand on the DTI qualification?

Shade: I am sorry I missed this post. It was hidden in the advertisement. I have a WaMu-owned loan, so they are not bound by the MHAP. I have heard/read that they are not doing 2% and that we can probably expect 4%, which means our income has to be higher.

All of this is speculation though...I really don't know anything...

[Marie T]

Hi CW -

Here is the thing - I have NO idea what they used. My understanding is that even if you do not tell them of your credit card payments, they can pull your minimum payments off your credit report but if they did use those, no way would they be setting our payment at $4,200. I did not list the cc payments as expenses on the re-submit. For them to give us the $4200 payment, they not only ignored our cc payments but also our car payments, child support and other payments. I literally do not have enough money to pay them $4200 a month.

I pass on the NPV test with the payment coming in around $2,600 so adding insurance, taxes and HOA should be about $3,200 which we could do. It would be tight but if we knew we had that for five years and then 1% per year with a cap of 5% we could probably handle it.

I was told by the counselor at the local CHASE Homeownership Center after we were disqualified for insufficient income that we were almost $2,000 a month short - so I believe when I resubmitted we should have been right on. So they raised the payment by $700 and still no idea what the it includes or if that would be the permanent rate. I know it is over 6% interest even if it includes PITI and that is bogus!

The counselor at the local CHASE center told me he did not know if they went off net or gross - I think they went off net to disqualify us for not enough income and off gross this last time to put us on a re-payment plan. I think they were going to put the two lates on the back of the loan so that is not included in the $4200.

How can WAMU say anything about what they will or will not accept - they are owned by Chase now. Am I missing something here - I thought the Comptroller of Currency shut WAMU down and Chase bought all of WAMU's assets for pennies on the dollar and WAMU did not have a choice in the matter. If Chase isn't accepting anything less than 4% on WAMU loans they are truly greedy! My loan now is at 6.75% interest only so 4% with the required principal included will not help that much.

WAMU did not sell my loan to an investor that they promised a certain return over the next several years so it makes no sense to me! so is this something that CHASE making up just to squeeze more money from us?

[cliffdweller]

I hear 'ya...it is a mess and very confusing. So what are you doing now? I say keep on re-submitting..they can't stop you, right?

I started feeling better a few days ago, now I'm in the dumper again..just soooo tired (I know you know what I mean). We've been at it since November 08, and I just feel like we have come so far, and to have it not work out...ugh, I'm just so worried.

As soon as we see more people reporting in on permanent mods, I think we will all feel better.

Personnally, I am hoping for a 3% interest only with T&I amortized. I am hoping that they will accept interest only since we are not MAHP. Why not?

[Marie T]

They did say since I was not denied for mod (they gave me $4,200 month "mod"), I may not be able to re-submit. Guy at Chase did not know for sure....I have been doing this since first of March and I am getting run around - time to go over their heads.

I have a full day tomorrow, worked full day today so not sure when I can work on this again...need to get on here and search thru forum as I have seen some great letters, etc.

[cliffdweller]

My best to you! You might want to check out the "Success Stories" thread. There are people on there that declined the trial mod offer and who played hard ball and won!

[cliffdweller]

Hi all,
I'm feeling a little inspired this morning, so want to make some notes about the approach I have tried to maintain with the Bank so far and that I plan to use until this permanent mod is complete:

Humble, but not apologetic - I need their help and it is not 100% their fault that I am in financial difficulty

Clear in intent - I want my home and will do what is necessary (within limits)

Polite and upbeat - They are people too and respond best to this, I think

Intelligent - I am savvy, capable and understand how to make things happen.
I will focus on my ability to pay now and in the future...I think if there is anyway
possible to show an increase in income from the temporary to permanent mod, it is a good thing to do...it is the foreclosure in the future that they want to avoid.

That's about it. I am so grateful to those who supply financial and business wisdom, but being a Counselor by trade, this kind of stuff is what i got to offer.....

Cheers to us all for a great fight!

[Marie T]

Cliffdweller - you might not want to increase your income too much - I onlu increased mine by what they said I needed and they upped my payment $700 more than the one I had....just a thought....

I have always had the same attititude as you but I did "lose it" a bit with this last guy but only because he was telling me that we must have gotten a $3000 month raise and he didn't know if they were using net or gross income....