Emc loan modification application

[emc0317]

Originally Posted by bighousebt

any more news here..? I just got my denial letter from emc.

i just received my denial letter yesterday from emc a subsidiary of chase. This is after i spoke with someone last week who - on the phone told me that i was denied because i had at least 3 months of mortgage payments in my savings. Thus - my assets were too great. Then the letter i received states that my income exceeds the max for the lending program and that my hardship is not of a permanent nature. Then the letter states that if i am delinquent - that they may be able to offer me an alternative to help avoid foreclosure. I am not in a situation where i cannot pay a payment. But that payment is a negative am and a 2^nd that is interest only. Seeing as my house has gone down in value $300k – this is not a rational loan. I went through a divorce and had to get my ex-husband off the loan. I went with the best option with the ability to re-finance this month (3 years). Due to the downturn – that is not an option for me at this point. What are my options? I am a single mom with a good job and i just need some help to stay above water. If i cannot get this worked out then i will lose everything. My house, my credit, my son’s confidence… what do i do?fficeffice" />>>

bighousebt,
i tried to modify with emc 3 times, samething first 2 i was denied beacuse of pmi, then they lift the pmi.3rd time denial because my hardship is not permanent. So im short selling my house rightnow. I dont whats gonna happen if they deny it again.

[MAXIE19]

Originally Posted by bighousebt

Any more news here..? I just got my denial letter from EMC.

Originally Posted by bighousebt

I just received my denial letter yesterday from EMC a subsidiary of Chase. This is after I spoke with someone last week who - on the phone told me that I was denied because I had at least 3 months of mortgage payments in my savings. Thus - my assets were too great. Then the letter I received states that my income exceeds the max for the lending program and that my hardship is not of a permanent nature. Then the letter states that if I am delinquent - that they may be able to offer me an alternative to help avoid foreclosure. I am not in a situation where I cannot pay a payment. But that payment is a negative am and a 2^nd that is interest only. Seeing as my house has gone down in value $300K – this is not a rational loan. I went through a divorce and had to get my ex-husband off the loan. I went with the best option with the ability to re-finance this month (3 years). Due to the downturn – that is not an option for me at this point. What are my options? I am a single mom with a good job and I just need some help to stay above water. If I cannot get this worked out then I will lose everything. My house, my credit, my son’s confidence… What do I do?fficeffice" />>>

Have you tried emailing the CEO Mr. Jaime Dimon amplifying the facts you just stated in your post? Divorce and now being the sole breadwinner is a hardship, as well as having a predatory loan.

[MAXIE19]

Before emailing Mr. Dimon, include your most recent bank statement with a balance that is less than 3 times your mortgage payment.

By the way, it lends a clearer picture in evaluating your options when you post the specifics of the terms of your current loan? Try also performing the NPV test. It gives you an idea of where you stand with the lender with regards to the benefits of modification as compared to foreclosure. You will need the following to perform the test.

1. Original loan amount
2. Original amortization term
3. Original interest rate
4. Is your loan Interest only or Principal and interest
5. Current unpaid principal balance
6. Current interest rate
7. Remaining loan term
8. How many months past due
9. Monthly Income
10. Monthly taxes and insurance payment
11. Current value of home (try zillow.com, chase.com and cyberhomes.com for
home value estimates).

[Marie T]

Originally Posted by MAXIE19

Have not posted in a while. Nothing really to report. My file was submitted to a manager for executive review on 9/24 through the Executive Office, and remains pending. Called for weekly updates since that date. The supervisory rep appears to be doing everything she can to expedite matters including seeking the assistance of her own manager over two weeks ago in an effort to reach out to the executive review manager. She is not sure why it is taking so long which is why she sought the assistance of her own manager. She said it is either due to the sheer volume of files that the executive review manager is working on or the complexities of my case (size of loan and two self employed people). She noted that this is the first time that a loan of this size assigned to her unit has made it this far to a manager for executive review (apparently the final stage in the approval process). Other files of similar loan sizes never made it this far in her experience.

I have continued to intensify my prayers. Very pleased to see that my dear husband has been praying really hard as well not just with regards to our loan modification process but with regards to his business (always slow during the fall/winter period) and all other aspects of our family life. To be honest, he is praying harder than I am these days. Going through this stressful process has been a blessing in disguise. For a long time and like most women on this forum, it seemed like I was fighting this house saving battle on my own. It is no longer my battle alone. I am still the only one dealing directly with Chase since I am the sole borrower. However, it is so nice to see him fighting along with me. While I am fighting and appealing to the human powers to be, he has taken up the fight of seeking the divine intervention of our Heavenly Father. I truly believe that we have made it this far by God's Grace and will have a testimony to tell when this is all over.

Maxie...I have not been on here for awhile either but I have always felt a connection with you as we are both the sole signers on our mortgages and we both pray a lot! Sorry your modification hasn't moved forward...at least you have not been denied (again) yet! Is NACA continuing to help you?

My husband does not do well with stress at all, it exacerbates a medical condition of his, which would cause problems with his job so unfortunately it has pretty much been on my shoulders as I have tried to keep him out of the blow-by-blow details and only give him the big picture overview once in a while. My husband was concerned with the toll this was taking on me and encouraged me to find an attorney and I finally found one to help. I guess time will tell if that was a wise decision. I do not like paying out money that could have gone to pay the mortgage!

So far not really seeing much relief of anxiety but at least I feel that I have someone (the attorney) working with me now! I still usually wake up about 2 a.m. and that is when I pray a lot...if I am lucky I am able to go back to sleep and that is the time I do the most praying. I find that when I remember to thank God for everything that is good in my life...my husband loves me and he still has a job...kids are healthy...I lost control of my car when someone sideswiped me Saturday but gained control and did not crash and die, lots of things to always thank God for......I do better.