WaMu/Chase Mod Moving Forward

[cliffdweller]

Thanks Marie,
You make a good point. I am just so amazed they did that to you. And if something
similar happens, I will have a hard time not loosing it as well. I just think this whole
thing is a big game, and the smarter we all are at playing it from all angles, the better.

Remember Meg Ryan's words in "You've Got Mail".....It is not personal....it's business!!! Tough for me personally to get my head around, but think that's the way it is.

[Marie T]

Hi Cliffdweller -

Thanks for being the calm voice in the storm....I know that logically that makes sense but it is hard for me to not take it personally when this has been our home for more than ten years and all of our savings and equity from all our prior houses is tied up in it.

Like you, I also have a WaMu-owned loan, so mine is not bound by the MHAP either, so my question is, how do I "hold their feet to the fire" ? I am seeing postings on here from others who are quoting the rules to WAMU/Chase and getting some action but they don't have to follow the rules with us, right?

On my newest thread ...Defies Logic...., a poster said that they had been told by everyone at Chase and Wamu that their loan was owned by WAMU then they found out when they received foreclosure papers that it was owned by B of A. I am wondering if that might be the case for mine as I have been told so many times that mine should be streamlined as there isn't an investor yet they are digging in their heels at doing a reasonable mod.

[G851613]

Cliffdeweller - I'm glad things seem to be moving forward for you. After having a permanent mod pkg sent to the wrong address and then rescinded after we found out about it and now trying to redo the mod for a good year now, I have little faith in Chase.

Marie - I have no idea who owns our loan. It was originally with WMC. Foreclosure papers listed myself, my husband (whose name is ON the loan), John & Jane Doe AND WMC as defendants and US Bank as Plaintiffs. This is on my list of questions to ask Chase, but I seem to recall asking before and being told Chase owned it.

At any rate, we'll see if the Executive Team can do anything for us. I did get a fast response to my email yesterday, so who knows.

[MAXIE19]

Marie, I agree with Cliff about keeping it professional and taking or minimizing the emotions when dealing with these people. Bring, the emotions to the forum for the appropriate support and advice. Although, it is home to us and a roof over the heads of our children, it is purely business and just another file to the people we are dealing with. Once, it is 5:00 pm, we do not enter their thoughts again until there is reason for them to again review your file.

I belong to a profession where if I do not get what I need on the lower level, I escalate as far as I can go to top management. Will tell you what that profession is when all this is over. Honestly, it has been proven over and over that those who make the most noice by escalating to the top are more than likely to achieve their goals. See the number of people on the news recently who have finally gotten some assistance after months of fighting and being denied after the media drew the attention of top management to their plight.

Let's all continue to fight. I indicated in other threads about seeing this message on a church bulletin board about a month.

"People do not fail, they just stop trying".

Above all, do not forget your prayers because divine intervention is always possible when all else fails.

[Marie T]

Maxie - I know you are right - the guy at Chase Homeownership Center even told me my house is only an asset on paper to Chase so I get that.

I will continue to fight although today I am so exhausted I can't even think straight! I do pray a lot - especially at 2 or 3 in the morning when I am wide awake and I start thinking about how to try to get all this worked out.

[chasepmt2hot-firefighter]

Amen...........

[cliffdweller]

Hi all,
Just in from my sister who is a Real Estate broker. Looks like
interest rates dropped back down again. Check it out:

5/1 ARM @ 4%
7/1 ARM @ 4.5%
10/1 ARM @ 4.875%
30yr fixed @ 5%

So, maybe the stalling (if that is what they are doing) is not such a bad
thing...maybe?

[rachel_p]

Cliffdweller, those rates sound great. Wish we had one of those right now!

I've looked over a few of your posts. I saw a timeline you posted back in April?! Did they tell you at that time that you were approved for modification? Are you still working on it? Did they ever send the fedex documents?

[rachel_p]

Also, cliffdweller, our situations are similar as we both REALLY want to keep our homes. I don't want to walk and am basically willing to do anything (within reason) to save it.
If you don't mind my asking, how many payments are you behind? Have they sent any foreclosure notices to you?

We are 6 payments behind and have received a foreclosure notice (told to disregard). This is all so incredibly stressful.

We call Chase every single day trying to figure things out.

[cliffdweller]

Hi Rachel,
I got my trial mod in late May with due dates of 7/1, 8/1, 9/1. Just
made my last trial payment and have been told to wait a couple of weeks for
permanent mod package...most likely will be asked to make another trial mod payment on 10/1....though I am really hoping that they are getting their act together
now to start banging out permanent mods.

I was 4 months late at time of trial mod. I also have a 2nd, and have continued
to make those payments, though I will attempt to get it restructured following
the 1st.

I never got a foreclosure notice, probably because I didn't make a couple of payments, then made one, then didn't again, then did again...know what I mean?
I was told somewhere along the way that it showed good faith on your part to make payments when you can, so I did. Trouble is, it made us totally broke. We will
be in trouble if perm mod falls through...really have our eggs in that basket.

Plan to send them an appraisal I had a real estate friend do for me (for free) showing
our home value is $274,000....loan is $491,000. I honestly think we could sell
it for more, but it is good for the restructure to have the lower value.

Understand the stress...it is aweful...but hang in. Good that they told you to
ignore foreclosure notice. How long have you been trying for mod?

[rachel_p]

Thanks cliffdweller. Way back when they told us to skip the 3 payments was about october 08. We were 30 days late already, and called them to make arrangements to make up that one missed payment. That's when they advised to skip two more to make us 90 days late in order to qualify for a mod. After the 3 months of skipped payments we were denied (by phone, not by paper notice) for mod. We then got on a forbearance plan and paid 6 months on that. That ended in June. They told us not to pay in July AND august because their computers were messed up. Now we are at risk to foreclose because of all the missed payments that they told us to miss!
We have our July payment and can come up with our August payment within the next couple of weeks. But there is no way we can make up those first 3 missed payments from back in '08.

Hopefully we hear something this week.

[cliffdweller]

Good luck Rachel. You have a really good case to appeal I think. Just keep
up the good faith on your end, as you have been doing.

[Marie T]

Cliffdweller,

Great news about rates going down...maybe that will make Chase get in gear here!

[cliffdweller]

Hey Marie!
You betcha! I've been watching a couple of your posts and it sounds like
you have had an encouraging week - yay!!! Thanks for the info on
NACA and the 2% loans..I will be watching that and keeping it in mind
when/if I get a perm mod offer.

Hope you have a relaxing and safe Labor Day Weekend!

[Marie T]

Thanks Cliffdweller!

Right now I am just waiting to hear back from NACA....I have to say that Kevin Winn sounded very capable on the phone and I hope that translates into something good!

[cliffdweller]

I spoke with a Customer Service Rep today that was helpful. He told me that permanent modifications are absolutely happening. He says there is a lot of fraud and deception coming from homeowners...people claiming they live in the house when they don't, people doctoring pay stubs, padding bank accounts with funds from families and friends, then writing checks to re-pay the $$.....gee, thought of a couple of these myself! He says this has caused Chase to tighten up. He says if you can prove ability to pay and hardship, you will get help. My last trial mod payment was Sept 1. He says I should hear by mid-October...really no reason to call before then, and to submit another trial payment. He says the average negotiator is processing 150 apps per day (that is more than I thought). I felt he was sincere...just curious that more of these permanent mods are not on this forum. I asked him to tell Chase that it would be encouraging to publish more success stories on the Internet to give hope to sincere homeowners like us!!

[BobandArlyn]

Anyone,

Our mortgage is backed by FreddieMac. We will start our Trial mod 11/1 (package gemerated today our negotiator said but we are to give until the end of next week to get it).

We are having our payment reduced from $2069 to $1400, YEAH. Don't know the other details yet. We are in Chapter 13 as they are aware. What is it that Chase/FreddMac want to see done with the $669 savings? Do we leave it in savings so when it comes time for the permanent mod review process and it shows on our bank statement? Not sure what they want??

We have about $54k of CC debt (just remodeled home), credit cards went CRAZY raising payments and interest while lowering limits. Couldn't make payments once that started. We were never late before and always paid more than expected...but once one was late, everyone followed suit with their term changes. We filed Chapter 13 because we made about $75 more than met the Chapter 7 means test. I (wife) must retire for health issues come December. With my little retirement, we will then qualify for Chapter 7 relief. WOW....can't believe I laid that out there. How embarrassing! WE NEVER thought we would find ourselves in this position. Holy cow.

[snapple candy]

B&A,
You should be in good shape to prove you DONT have a temporary hardship in the end. I wouldnt keep a whole lot of money in the bank but this isnt much so i wouldnt worry about it. I think when it goes more than 3 x the mortgage payment, it becomes an issue.
Cliff,
This makes sense what they have told you since my negotiator was really tweaked about me having a mailing address different from the home address a few weeks ago. He was concerned the Treasury people would see it as a red flag. I had to type up a declaration explaining why I have mailbox for my mail. I provided a copy og my BK filing coversheet that shows both addresses. he was still concerned about it. I suggested they send out the Brokers who did the BPO on the house twice to confirm this is owner occupied. He said was a good idea but no one has ever showed up yet.
Hasnt Obama set a mandate for 400K perm mods by Nov 1? Maybe thats what they are all hard at pushing thru right now? I think I might have mentioned that my negotiator said they were sitting on 60K mods to process for permanent solutions.
I am concerned about not paying additional trial payments but I want something in writing from Chase that tells me to do so.

[cliffdweller]

Yeah Snapple - think the banks are trining to crunch us through, but be as thorough as they can. Newly trained negotiators make mistakes, which are hard to undo..kinda wonder what the turnover is like...not a fun job for sure.

Understand that you want something in writing...makes sense...I am willing to go 1 more payment, but will balk at a 5th without a little more certainty of approval. I told the Rep that we had to work together on this deal...you need to give us something too.

[snapple candy]

CLIFF,
I THINK YOU ARE RIGHT. When I requested my negotiator fix the payment due dates on the trial mod contract, he refused and threatened to pull the plug on the whole thing and start all over the process. I think is what a matter of he didnt want to do the work to fix it and was already on to the next loan mod to process.
I would feel a little more comfortable about making a 4th payment if I had a signed trial mod contract returned to me. Exec resolution was supposed to be providing me one (promised Aug 31) but I havent seen a fax yet.

[SwillerAlesbane]

I had a signed 3 month trial. I completed all 3 payments. The negotiator told me on the phone the rates on my new loan MOD, she also gave me a FED-X #.

I never received the package, called a few times in the weeks after trying to get the package in order to make the Sept. 1st payment (she said it was the 1st payment due on the new loan), they had no idea where it was, or why it wasn't in the mail.

It's now been a month. I will not make any further payments on a home that will not rise in value for years to come.

How long can I go w/o paying anything? As soon as the NOD hits my door, I'll be filing BK.

Don't be embarrassed, it is what it is. Many of us spent more than we should, but by all means, we didn't deserve to get de-frauded like this from our financial institutions.

Don't you find it ironic that society tries to make YOU feel guilty if you have to break a contract and declare BK....but when a BUSINESS has to break contracts and declare BK, well that's just business.

Wake the F up society...my LIFE is a business too. I'm not ashamed...I'm PISSED OFF!

[cliffdweller]

Swiller,
Did you track the fedex #? What was the outcome of that?

Whenever i call and receive information, I have them read back to me the notation that has been added to my file, e.g. last time I made sure that it was notated, "no need to call back until mid-October." I believe that this will be helpful in holding Chase accountable and avoiding foreclosure action.

If it was me, and I was as close to perm mod as you, I would NOT stop until a got a better answer from the Negotiator as to what happened to that package. I doubt she
made up a fed ex #. I would call until I found a Rep that would be accountable for answers. If a package was sent and lost, it can be re-sent!

Guilt...anger...understandable.....but too draining for me......I just try to direct my energy into the result that I'm after.

[SwillerAlesbane]

The first 2 weeks of daily calls and all I found out was that for some reason (never found out WHY), the FED X package was not sent.

I would be more inclined to work my a$$ off....IF I felt it would accomplish something.

You see, I'm underwater on my home, and I will be for awhile. I was thinking long term when I bought the home, but now I'm thinking more like, "WTF will happen to me if I just continue to live day to day without ANY savings?"

Chase can call ME. I'm doing THEM a favor by staying in an underwater house. Right now I'm just going to save my money (not in a bank thats for sure!), and then when Chase gets me out...which will be at the fASTEST another 3 months.

At 2k a month in payments...save save

[cliffdweller]

I understand...makes sense. Probably your best stance at this point. I bet
you will get a good offer before this is over, whether or not you choose to accept.

[pbharris4]

We just made our 3rd and last Trial Mod. Payment. I was browsing the boards here and saw that people are making 4th, 5th, and sometimes 6th Trials Modification Payments. WHy?! So I decided to re-read the Trial Mod. Plan agreement. Now..our rep. sent us 4 payment coupons (the 4th one "just in case"). All payments were sent Certified Check and Express mail (wanted the signatures).

In our agreement it says to 3 Trial Payments (not 4, ot 5, not 6). It doesn't say to keep making payments. I ALSO saw that we should have a fully executed copy of this Plan...Ah ha!!! Where's our signed copy from them?!! They never sent it. I wonder how many OTHERS didn't get theirs either? So DH is going to call pronto to request our copy. It ALSO states:

"During the period (the Trial Period) commencing on the Trial Period Effective Date and ending on the earlier of: (i) the first day of the month following the month in which the last Trial Period Payment is due("the Modification Effective Date") or (ii)termination of this Plan, I understand and acknowledge that: now skip down to paragraph

F. If prior to the Modification Effective Date, (i) the Lender does NOT provide me a fully executed copy of this PLan and the Modification Agreement; (ii)I have not made the Trial Period payments required under Section 2 of this Plan; OR (iii) the Lender determines that my representations in Section 1 are no longer true and correct, the Loan Documents will NOT bemodified and this Plan will terminate. (***This is the imprtant part) In this event, the Lender will have all the rights and remedies provided by the Loan Documents, and any payment I make under this Plan shall be applied to amounts I owe under the Loan Documents and shall not be refunded to me"

Phew...OK for us...nothing has changed. We've made all 3 payments, no income changes or anything else. Just made the last payment which was due Oct. 1st. Our Modification Agreement Date (according to this Plan) is to be NO LATER THAN Nov. 1st. If Chase does not provide us with these 2 things PRIOR to Nov. 1st...it makes the Plan null and void...according to the Plan. It doesn't say to keep on paying until we can catch up. Under The Plan...the Plan will be voided AND they'll keep your 4th, 5th or 6th payments.

I think THIS is where they are maybe getting some $$$ from people. I honestly do not know if I ould make the 4th payment. I am not required to do so. We were 4 months behind when we got this Plan so who is to say they won't say it's taking them another month to do the Modification, we send in another payment and whadda ya know???? I am sorry you were denied! I don't think we'll be sending it in unless I see a signed AND executed copy of the PLAN and MODIFICATION AGREEMENT FIRST!!!