Emc loan modification application

[emc0317]

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]

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" />>>

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]

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.

[amiesheikh]

Does anyone have the contact info for the executive office? We have an EMC turned chase loan we are trying to get modified.

[Jillian118]

Does anyone have the contact info for the executive office? We have an EMC turned chase loan we are trying to get modified.

there is a contact sticky at the top of the chase section. everything you want is in there.

[MAXIE19]

UPDATE 1 OF 3
AWAITING INVESTOR APPROVAL, HAVING SECOND THOUGHTS ABOUT LM AND RAMIFICATIONSfficeffice" />>>
>>
Could write a book about this frustrating process, but will make this as brief as I can, hoping it will help others similarly situated. >>
My husband and I are both self-employed and have suffered significant income reduction due to the slowdown in the economy. In April 2009, we applied for a loan modification through EMC/Chase due to income reduction and excessive credit card bills incurred while trying to stay current. Purchased home in May 2006 for 1.715 m. Mortgage payment is 9.6k with EMC and $ 350 with CitiMortgage. Primary Loan balance with EMC is 1.286 m. Secondary loan with CitiMortgage is 45 k . Have always been current and remain current to date. I am the only one on loan but hubby on title.>>
First application was denied in July 2009 on the grounds of insufficient income. Submitted another application through NACA in August 2009 and also appealed July 2009 denial through the Executive office. Worked with a very helpful supervisor who was able to secure necessary exceptions from two managerial approval levels. Application denied by third and final manager in November 2009 for insufficient income. Worked with Kevin Winn with regards to NACA application. NACA application also denied in December 2009 for insufficient income. >>
Took a break and re-filed another application through NACA in April 2010. Nothing happens with file for several months until I register numerous complaints through Kevin Winn and directly through EMC/Chase. Finally told to submit numerous paperwork including four months most recent bank statements for hubby and I. They claimed they received nothing from NACA . EMC/Chase also ordered internal BPO which was performed in July 2010 with report dated 7/28/10. Was told BPO came in for one million. Home more than 700 k underwater. After about another month, NACA second application denied due to insufficient income on September 9, 2010. Based on the formula they use, I was told that they could only verify 17 k of the 24 k joint monthly income amount submitted.>>

[MAXIE19]

UPDATE 2 OF 3

AWAITING INVESTOR APPROVAL, HAVING SECOND THOUGHTS ABOUT LM AND RAMIFICATIONSfficeffice" />>>
>>
Appealed NACA second denial on September 10, 2010 through the executive office. Heard nothing back from them other than file in (perpetual) review. Re-filed brand new application on October 3, 2010. Also, gave them a detailed and itemized narrative of every document submitted including:
Request for Modification, Hardship Affidavit, Form 4506-T, Detailed Hardship letter.
Monthly Household Budget.
Separate Profit and Loss Statements from 10/01/09 – 09/30/10 for hubby and me.
Separate 2009 – 1099s for hubby and me.
2007, 2008, and 2009 joint income tax return statements.
Separate business bank statements from 10/01/09 – 09/30/10 for hubby and I.
EMC Oct 2010 mortgage billing statement
CitiMortgage Oct 2010 mortgage billing statement
Real Property Tax Bill for period 07/01/10 – 06/30/11
Homeowner’s insurance policy for 05/19/10 – 05/19/11
Utility Bill (Electric) for October 2010.
Documentation depicting home value (home value of comparable homes)
Proposed modification terms (Requested affordable monthly payment of $ 6820 ($7000 max)>>
>>

[MAXIE19]

UPDATE 3 OF 3

Complete file sent to underwriter within a week. Underwriter sends file back to relationship manager within 48 hours with a note that he needs internal BPO. Found this out when I called for status check a few days later. Called imminent default dept and argued that I had an internal BPO done with regards to 9/9/10 denial and BPO still current (good for 90 days although scheduled to expire on 10/28/10). Supervisor recommends that underwriter evaluate file with current BPO while awaiting new BPO. Underwriter and relationship manager press need for new BPO and had several appraisers contact me for urgent BPO. Capitulated and allowed appraiser to perform second internal BPO on 10/20/2010. Report submitted by appraiser, however, due to system breakdown, EMC/Chase not aware of submission until I called on 10/27/10 and spoke to really nice rep. He was extremely patient, professional and wanted to make sure answered all my questions. During call that lasted for over 2 hours and while painstakingly going through my file, he suddenly finds 10/23/10 appraisal report that he told me earlier during call had not been submitted. He explains discrepancy by stating that the report must have come in during the time they experienced a system breakdown. Also, said second BPO came in at 950k. Home now over 750 k underwater.fficeffice" />>>
He sends email on 10/27 to RM to inform her that internal BPO report in file. She sends file back to underwriter on 10/28 for review. Underwriter sends file to investor for approval on 10/29. All in all, from start to submission to investor for necessary approval was less than a month.>>
Called today 11/01/10 and was informed of current status of file. Asked for terms. Was told that terms could not be provided to me until approval process completed. Okay. Asked for amount of verified income and was told it was about 19.95 k combined for hubby and me.>>
I should be elated but I am not. I have been at this process for over 20 months and while patiently waiting on the sidelines, I have learnt a lot about this process through this forum by reading up on the experiences of others. I am unsure of how much help we can get from EMC/Chase if approved. What is clear to me, however, because we are both self-employed, is that having good credit has allowed my husband and me to make ends meet during our bad months (income wise). My husband’s credit rating has taken a beating throughout this process to allow at least one person in the household to have good credit. I do not want to lose the help we periodically get by relying on credit cards and credit lines because EMC decides to provide us with some low mortgage assistance, i.e. $500. Because our combined mortgage is about 10 k, this is of no help at all. Of course, I would rethink my position if the help was substantial. I know that good credit is not what most people trying to save their homes are worried about, however, in our case, it is a significant concern because my husband and I are both self-employed and need a credit line to make ends meet during our low months.>>
My car lease is scheduled to expire in Feb 2011 and I am seriously thinking of terminating my lease early and getting into another 4 year lease while my credit is still good. I may have to take that leap this week.>>
I have heard that whether current or not, your credit takes a beating as soon as they approve your trial plan and report the partial payments to the credit bureaus. This could mean a drop in your credit score of about 100 – 150 points and reduced credit lines or close accounts. To make matters worse, I have also heard that your credit takes a hit whether you accept the trial plan or not, meaning that even if you reject the offer, that your credit would still reflect the modification signaling to your other creditors that you are having financial problems and thus a greater credit risk. The reps that I spoke to claim that my credit should not be affected if current before the trial plan, however, it appears that this is not the case based on some of the narrated experiences. The rep that I spoke to today said that I could counter any credit hit concerns by making my regular payments rather than the modified lower payment and that this should not lead to an automatic rejection because she has seen a lot of people do that.>>
My last concern about this process is that our application was approved based on income from what are typically our best months of the year. The holiday season months are typically very bad for my hubby and me. My fear is that even if initially approved, we may again be denied for insufficient income at the end of the trial process when asked to update our financials with income from the holiday months.>>
All in all, this has probably been one of the most frustrating experiences of my life and I am unclear as to what the future holds. What I do know however, is that my faith in God will see me through.>>
>>

[MAXIE19]

I forget to mention that with the Oct 3 application, we submitted a joint income amount of $22.7 k based on our bank account direct deposits and expenses of about $22.3 k with a surplus of about $400. Chase gave us credit for only $19.95 k (verified income) which means we probably registered a deficit of about $2 k. The $19.95 k income is clearly the most we have been able to show throughout this process. This with the underwater home value of 950 k may have helped with the NPV results. One could ask why we just don't walk away with our home value being so depressed. We paid $1.7 m for the house four years ago. Outstanding balance for our Chase primary mortgage is $1.28 m while our Citi secondary mortgage is about 45 k. We have over $400 k of our funds invested and would lose it all if we walked away. We do not particularly care how underwater the home is. We love our home and the neigborhood and have no interest in starting afresh elsewhere. This is why we have struggled to stay current despite our hardship.