Emc loan modification application - Loan Modification Forum

MAXIE19 · 05-24-2009, 12:05 PM

Just wanted to know if anyone has had any luck with modifying a jumbo loan with EMC. Submitted my loan modification package approximately 6 weeks ago based on substantial hardship. Although, I do not qualify under the Obama plan because my loan is a jumbo loan, I was told that all EMC loan mod requests are on hold pending the finalization of the fed guidelines. Was told that the guidelines would still be used to evaluate all applications even if you do not qualify under the Obama plan. Both my husband and I are self employed but we both have verifiable incomes and receive 1099s with direct deposit of our income into our bank accounts. We purchased our home when the market was high in 2006. Our home has lost over 600K in value since then. Meanwhile, my husband and I have seen a drop in income of over 100K significantly affecting our ability to continue to pay a high mortgage and make ends meet. (The drop in income is also verifiable on our 1099s). We are unable to refinance due to the fact that we owe more on our mortgage than the home is worth. We love our home and hope to keep it. We have asked EMC for a reduction in interest rate. Our current rate is 6.37 percent, fixed for 30 years. Not bad compared to the plight of others, however, at the end of the day, the terms mean nothing if you cannot afford it. We have requested and hope to get an interest reduction from EMC. Any help or thoughts will be appreciated as we embark on this process.

ciscokidinsf · 05-24-2009, 05:15 PM

Yeah, this is what keeps me awake at night. I am NOT clear if the re-definition of a jumbo loan is retroactive or not. On February 2008 President Bush signed the first economic stimulus package that temporarily increased the conforming limit in the United States to $729,750 until December 31, 2008.

The limit for any area would be the greater of (1) the 2008 conforming loan limit ($417,000); or (2) 125% of the area median house price, but no more than 175% of the 2008 conforming loan limit ($729,750, which is 175% of $417,000)

In my case, I'm slightly above the original Jumbo limit in total ($480K) but my loan was an 80/20 and Both loans are with EMC, so the amounts were $410K and $70K

Now, When I called EMC I was GIVEN the MHAP application. Which I assume it means my loan qualifies for the MHA Plan. Did you get that package from EMC or did you get the EMC letter for modification. As far as I know, EMC's best offer will likely be a 5 yr reduction on interest that goes BACK to the original terms of your mortgage. This does not include taxes/insurance/etc...

If you sent it over 6 weeks ago, you may want to call again to see. A lot of people here who had applied for mods over 2 months ago have been told by Chase to re-apply under the MHA. I am not sure of the amounts have changed or not in terms of what loans qualify and which ones don't.

MAXIE19 · 05-24-2009, 08:39 PM

Thank you for responding. Unfortunately, in my case, my loan amount is slightly over 1 mil which puts me beyond the original and current jumbo limit. Before submitting my application, I did call EMC and explained my situation. I stressed my loan amount and the fact that I did not fall under the Obama plan. They listened and assured me that it does not matter because they had their own in house programs for people in my situation. They actually encouraged me to submit my application and sent me the application forms. It took me about 4-5 months to gather all my information together. I then completed and submitted the application to them with the required documentation. When I checked back to see if they had received my packet, they informed me that they had but that they had recently generated new forms and that I needed to access their website to complete the new forms. I complied and faxed the new forms back to them. They confirmed receipt of the new forms but nothing much has been done with my file since then with all their loan mods on hold until the unveiling of the new guidelines.

MAXIE19 · 05-30-2009, 04:56 PM

Under the Obama plan and the 31% mortgage payment guideline, "Gross Monthly Income": is defined as the total income of all borrowers who signed your mortgage before any taxes or other deductions are made. If more than one person signed your mortgage, such as your spouse or a co-signer, add the gross monthly income of all borrowers and enter this amount.

My question is this: Is the definition of borrower strictly construed? Is a non-borrower spouse's income taken into account in arriving at the gross monthly income? My husband is not on the note but is on title because the loan would have been more expensive with his less than stellar credit. We were qualified based on stated income which took into account the entire household income. For purposes of our loan modification application, will they take into consideration the entire household income or just my income in determining the 31% mortgage payment guideline. I am the only borrower on the mortgage note.

Marie T · 05-30-2009, 10:14 PM

I am the only signer on our mortgage, when I did the loan I qualified just fine for it plus the house we were in at the time. My husbands credit was great, we just had it set up that way - the cars and cc's were in his name. Then I lost my job.... my husband isn't on the title but he has been making the lion's share of the payment since I lost my job. Chase told me to put his income where it says co-borrower, and yes, they said we could use all household income. You will have to provide all tax statements, paystubs, W2's, and checking account statements for both of you so it is verified income.

My documents were all submitted 4 days ago so I'm just starting on this. Good luck to you!

MAXIE19 · 06-08-2009, 06:36 PM

I have read in several threads of the assistance the Chase Executive Team has been able to render in moving some of the stalled loan modification applications along. Does EMC have a similar executive team that anyone is aware of. If so, what is there contact information.

*** can you help? I have read several comments that you have made on the Chase Executive Team. Thanks.

Moe Bedard · 06-08-2009, 09:00 PM

This is the office of CEO John Vella

Quina Young
1-214-626-3674

Not sure if they can help, but it is definately worth a try.

MAXIE19 · 06-08-2009, 10:04 PM

Thanks *** for your response. Would you happen to have a direct fax number to his office as well?

MAXIE19 · 06-22-2009, 12:49 AM

Does not appear that EMC/Chase has approved any mods since the Obama plan was unveiled. Does anyone know why it is taking them so long in contrast to the other servicers. The most they have done at this point is send some files to the underwriting department. As of Friday of last week, no underwriters had been assigned to the individual files and I have been told it could take another 30-60 days for a resolution.

Also, do not understand why they do not screen and pre-qualify loan mod applicants over the telephone like the other servicers, with immediate placement in the 3 month trial program at inception. It seems to me it would speed up the process a little bit, especially if we still have to go through the same 3 month trial period after underwriting if approved. Some of us have had applications pending for about 90 days now and if pre-qualified at inception could have been finishing up the trial period by now.

MAXIE19 · 07-02-2009, 12:37 AM

Has anyone noticed that there seems to be an upward tick in home values using the online estimators. I am in the MD/DC area. The upward tick actually has me concerned as I believe that EMC/Chase would be more willing to modify my loan with negative equity. My loan amount is currently 1.3 mil on the first with EMC and 45K on the second with Citimortgage. This upward tick is probably what the lenders have been banking on as reflected by the slow pace in which they have been processing the pending loan mod apps.

At last check on 6/8/09, the following values were posted when I performed the online check:

Zillow.com $ 1,155,000.00
B/A - Cyberhomes 1,134,230.00
Chase 1,206,000.00
County assessed value 1,206,840.00

As of today, the following values were posted:

Eppraisal 1,490,555.00 (value range = low 1,266,972.00 - high 1,714,139.00)
zillow.com 1,164,500.00 (value range = low 954,890.00 - high 1,432,335.00)
cyberhomes 1,239,371.00
Chase 1,215,000.00

I also received my property tax for 2009 and my taxes went down from about 15k to 12k, this translates into a savings of about 3k for the year and monthly savings of about $250.00, thereby increasing my surplus. I am concerned that the additional surplus may adversely impact my chances for getting a loan mod to the extent that the recommended surplus range is $200-300. I was previously showing a surplus of about $138.

I am trying so hard not to be so pessimistic about this situation, however, each passing day increases my concerns and fears.

NohelpfromEMC · 07-02-2009, 07:11 AM

Maxie,

I am in the Boston area and my value according to Zillow increased 6k in the last month.

Speaking of taxes...my 2nd half taxes were due by 6/30. I called my tax collector to let him know that I need 1 more week (waiting for a quarterly commission check). I was told absolutely not...that if I did not get the taxes in by Monday AM he would do a "taking" which would involve puting my name in the local paper and placing a lien on my home. Needless to say I sold some stock I had ( at a bad time) to make the payment.

You would think I would have some leeway given the current economy.

ciscokidinsf · 07-02-2009, 09:02 AM

Quote:

Originally Posted by *** Damiano

This is the office of CEO John Vella

Quina Young
1-214-626-3674

Not sure if they can help, but it is definately worth a try.

FYI - John Vella is no longer with EMC. That number does go to EMC but not to the executive line.

MAXIE19 · 07-02-2009, 11:09 AM

Just got an unprompted call from my negotiator, Irene. Missed her call and called right back. Spoke to Robert, who incidentally, I have spoken to on two other occasions. Have to say that I am impressed with his level of customer service. I was on the phone with him for about 30 minutes asking him question after question about the process. He patiently and politely answered all my questions and apologized profusely about the length of time it has taken to process the applications. He said that they are frustrated as well about not having all the tools that they need to process the huge backlog of applications. At last word, they were informed that things should be in place before the end of this month. Before I could even protest that we have been hearing that same song for the past few months, he added the caveat, "of course, we have heard that before".

Anyway, when we got around to talking about why my negotiator was calling, he said she was calling to tell me that I needed to complete the new "HAMP hardship affidavit" and to send it in ASAP so that my application will remain in a state of complete readiness for processing by the underwriters as soon as they receive the tool.

I promptly downloaded the new forms from their website, totalling 11 pages long. The new forms are actually different from the one we submitted in April. According to Robert, the new forms came out last week. For those of us with our files already submitted to underwriting, they only need us to complete Section 3 of the forms which is four pages long. I did so and faxed it back immediately to them.

As much as I am hurting and "robbing Peter to pay Paul", psychologically, my conversation with Robert and the call from my negotiator made me feel a little bit better today. Will see what happens next week.

chasepmt2hot-firefighter · 07-02-2009, 11:22 AM

I don't understand this magical tool they are speaking about. Before computers people did it by hand and/or with a calculator. Why are they trying to make is so difficult? What is the "tool"?

NohelpfromEMC · 07-02-2009, 11:30 AM

I think the "tool" deals with "current" borrowers and imminent default.

It seems like the loans thru EMC are having the most trouble. (anyone have a comment on this)

I want to beleive them but it seems like they keep pushing the date out and then get everyones hopes up just to push the date out again.

MAXIE19 · 07-02-2009, 11:38 AM

Your concerns are all valid, however, what options do we have. We are at the mercy of these people. And from what I read on some threads, paying intentionally late does not speed things up. EMC may either just be a little bit behind in the curve or doing us a favor by making sure we are truly qualified before embarking on the trial process (by this, I am referring to the heartache that comes if you get denied after completing the trial process).

MAXIE19 · 07-14-2009, 02:57 PM

Still no movement with EMC/Chase. Wondering if going with NACA could improve matters. Have a few questions though.

Most of the threads here detailing success stories with NACA involve BOA/CW and Citi who appear to have a partnership with NACA.

Has anyone with an EMC/Chase loan had any success working with NACA, if so, could you please answer the following questions.

1. Did you get a trial mod or a permanent mod.
2. Were you current or late at the time the mod was achieved.
3. How long did the process take.
4. What kind of loan workout did you receive.

Thanks in advance for your responses.

NohelpfromEMC · 07-15-2009, 05:41 AM

Maxie,

Did you call and get a status update from EMC? If so what did they say?

My last contact with EMC was an email on 7-7 from the person I have been dealing with from the Executive team telling me that she received my affadavit and would escalate my file to underwriting. I was thinking of giving them a call later today for a status update.

I have a coworker who is going through the same runaround with Citi and was eventually denied due to not enough income. He had a paycut that is why he is now in trouble with his mortgage and is now working with NACA.

MAXIE19 · 07-15-2009, 05:45 AM

Have not called this week. But did on Friday and they claimed that things were still on hold with underwriting while awaiting the guidelines for those of us who are current.

NohelpfromEMC · 07-15-2009, 05:50 AM

Today will be the 1st time I have gone over 15 days late..will be 1 more week before I can pay.

I spent every penny I had last week on my taxes or the tax collector claimed he would do a "taking" of my property..

MAXIE19 · 07-15-2009, 05:59 AM

Have not paid this month's mortgage. May overdraft on my checking account to pay the whole amount due by tomorrow 7/16. Checking is with BOA and when I go over, under the advantage program that I have with them, they typically will cover all overdrafts up to the limit of 15K on my credit card linked to the program. They in turn will transfer the deficit to my credit card and charge me interest of 23.99 %. Classical robbing Peter to pay Paul. I have no choice though, just trying to stay current for as long as possible.

As far as taxes, our accountant filed for an extension and we will probably stretch matters to the deadline of Oct 15.

Let me know your status after your phone call with EMC today. Thanks.

NohelpfromEMC · 07-16-2009, 07:02 AM

Maxie,

I called yesterday for my status and I was told that my file is being reveiwed by underwriting and it will take another 30-60 days...

Weird that the person never asked where this months payment was that is now 16 days late. Hopefully my quarterly commission check comes in tomorrow so I can pay Julys payment without using credit to pay it.

MAXIE19 · 07-17-2009, 11:36 AM

Nohelp:

Just called EMC for a status update and to verify that they have received the updated financials that I sent to them early Thursday morning. Based on the good counsel from this forum and to keep my file in a state of complete readiness at all times, I sent them my YTD receipts, signed 2007 and 2008 returns (previous copies were unsigned), updated June joint checking account for my spouse and myself, my June business checking statement, and my husband's June business checking statement. The rep that I spoke to confirmed that they had received and uploaded all the documents on my account and that my file was still with underwriting. I asked her additional questions relating to whether they had pulled my credit (as my credit monitoring does not seem to show that) and whether they had performed the BPO/appraisal. She told me that my file would not have been sent to underwriting unless those steps had been completed. She said that I would not notice the credit check because it is a soft hit and does not affect my credit score. She also said that they performed their version of a BPO online and that my home value came in at 1.2 mil. I owe 1.3 mil and we purchased the home in 2006 for 1.72 mil. She said from the standpoint of the mod, the low BPO helps because it tells them that I cannot refinance. From my point of view, this is terrible because I am underwater by 500K and will face a substantial loss if we have to sell. She told me to call back in two weeks for another update.

She also said that they have all the guidelines and software needed to process the current loans. I called my ET specialist today who told me that my file would be escalated as soon as the software was in place. I am yet to hear from her to confirm this new information and to see whether my file has been escalated. Also, called her two weeks ago and never heard back from her. So much for the executive help with EMC/Chase.

Anyway, bottom line, the waiting continues.

MAXIE19 · 07-28-2009, 10:39 AM

My loan mod app has been pending with EMC Chase for over 4 months now with no end in sight. My file was submitted to the underwriting dept mid June and I have been told that there is no "ETA" on a resolution.

I am thinking of starting a simultaneous app with NACA but not sure whether there are any negative ramifications from doing that. Will starting a new app with NACA cancel out my previous "pro se" app. Really would hate to start from scratch if that becomes the unintended consequence of going through NACA. Does anyone have any experience with simultaneous pro se and NACA applications. If so, please share your experience. Thanks.

Questions · 07-28-2009, 01:52 PM

Has anyone had experience with EMC's forbearance plan? I have a second mortgage with EMC and they put me on the 3 month trial/forbearance period. Told me to not even apply for the modification until I'm done with the forbearance period. I am curious how this is going to report on my credit? One rep said it will show 'paying partial payment but pays as agrees' without late payments showing on my credit report but another rep said it will also show 30,60,90 day lates on my credit report.

Please let me know your experiences. Should I apply for the modification now? They are saying I need to wait until my 1st mtg is modified (which is in the process with another servicer).

Does anyone have the email address of someone that I can email and correspond with?

Thanks so much!

05-24-2009, 12:05 PM	#1 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Emc loan modification application Just wanted to know if anyone has had any luck with modifying a jumbo loan with EMC. Submitted my loan modification package approximately 6 weeks ago based on substantial hardship. Although, I do not qualify under the Obama plan because my loan is a jumbo loan, I was told that all EMC loan mod requests are on hold pending the finalization of the fed guidelines. Was told that the guidelines would still be used to evaluate all applications even if you do not qualify under the Obama plan. Both my husband and I are self employed but we both have verifiable incomes and receive 1099s with direct deposit of our income into our bank accounts. We purchased our home when the market was high in 2006. Our home has lost over 600K in value since then. Meanwhile, my husband and I have seen a drop in income of over 100K significantly affecting our ability to continue to pay a high mortgage and make ends meet. (The drop in income is also verifiable on our 1099s). We are unable to refinance due to the fact that we owe more on our mortgage than the home is worth. We love our home and hope to keep it. We have asked EMC for a reduction in interest rate. Our current rate is 6.37 percent, fixed for 30 years. Not bad compared to the plight of others, however, at the end of the day, the terms mean nothing if you cannot afford it. We have requested and hope to get an interest reduction from EMC. Any help or thoughts will be appreciated as we embark on this process.

05-24-2009, 05:15 PM	#2 (permalink)
ciscokidinsf Member Join Date: May 2009 Posts: 29	Re: Emc loan modification application Yeah, this is what keeps me awake at night. I am NOT clear if the re-definition of a jumbo loan is retroactive or not. On February 2008 President Bush signed the first economic stimulus package that temporarily increased the conforming limit in the United States to $729,750 until December 31, 2008. The limit for any area would be the greater of (1) the 2008 conforming loan limit ($417,000); or (2) 125% of the area median house price, but no more than 175% of the 2008 conforming loan limit ($729,750, which is 175% of $417,000) In my case, I'm slightly above the original Jumbo limit in total ($480K) but my loan was an 80/20 and Both loans are with EMC, so the amounts were $410K and $70K Now, When I called EMC I was GIVEN the MHAP application. Which I assume it means my loan qualifies for the MHA Plan. Did you get that package from EMC or did you get the EMC letter for modification. As far as I know, EMC's best offer will likely be a 5 yr reduction on interest that goes BACK to the original terms of your mortgage. This does not include taxes/insurance/etc... If you sent it over 6 weeks ago, you may want to call again to see. A lot of people here who had applied for mods over 2 months ago have been told by Chase to re-apply under the MHA. I am not sure of the amounts have changed or not in terms of what loans qualify and which ones don't.

05-24-2009, 08:39 PM	#3 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Thank you for responding. Unfortunately, in my case, my loan amount is slightly over 1 mil which puts me beyond the original and current jumbo limit. Before submitting my application, I did call EMC and explained my situation. I stressed my loan amount and the fact that I did not fall under the Obama plan. They listened and assured me that it does not matter because they had their own in house programs for people in my situation. They actually encouraged me to submit my application and sent me the application forms. It took me about 4-5 months to gather all my information together. I then completed and submitted the application to them with the required documentation. When I checked back to see if they had received my packet, they informed me that they had but that they had recently generated new forms and that I needed to access their website to complete the new forms. I complied and faxed the new forms back to them. They confirmed receipt of the new forms but nothing much has been done with my file since then with all their loan mods on hold until the unveiling of the new guidelines.

05-30-2009, 04:56 PM	#4 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Is a non-borrower spouse's income included in gross monthly income Under the Obama plan and the 31% mortgage payment guideline, "Gross Monthly Income": is defined as the total income of all borrowers who signed your mortgage before any taxes or other deductions are made. If more than one person signed your mortgage, such as your spouse or a co-signer, add the gross monthly income of all borrowers and enter this amount. My question is this: Is the definition of borrower strictly construed? Is a non-borrower spouse's income taken into account in arriving at the gross monthly income? My husband is not on the note but is on title because the loan would have been more expensive with his less than stellar credit. We were qualified based on stated income which took into account the entire household income. For purposes of our loan modification application, will they take into consideration the entire household income or just my income in determining the 31% mortgage payment guideline. I am the only borrower on the mortgage note.

05-30-2009, 10:14 PM	#5 (permalink)
Marie T Senior Member Join Date: Apr 2009 Posts: 434	Re: Is a non-borrower spouse's income included in gross monthly income I am the only signer on our mortgage, when I did the loan I qualified just fine for it plus the house we were in at the time. My husbands credit was great, we just had it set up that way - the cars and cc's were in his name. Then I lost my job.... my husband isn't on the title but he has been making the lion's share of the payment since I lost my job. Chase told me to put his income where it says co-borrower, and yes, they said we could use all household income. You will have to provide all tax statements, paystubs, W2's, and checking account statements for both of you so it is verified income. My documents were all submitted 4 days ago so I'm just starting on this. Good luck to you!

06-08-2009, 06:36 PM	#6 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Does emc have an executive team like chase I have read in several threads of the assistance the Chase Executive Team has been able to render in moving some of the stalled loan modification applications along. Does EMC have a similar executive team that anyone is aware of. If so, what is there contact information. *** can you help? I have read several comments that you have made on the Chase Executive Team. Thanks.

06-08-2009, 09:00 PM	#7 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Emc loan modification application This is the office of CEO John Vella Quina Young 1-214-626-3674 Not sure if they can help, but it is definately worth a try. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

06-08-2009, 10:04 PM	#8 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Thanks *** for your response. Would you happen to have a direct fax number to his office as well?

06-22-2009, 12:49 AM	#9 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Does not appear that EMC/Chase has approved any mods since the Obama plan was unveiled. Does anyone know why it is taking them so long in contrast to the other servicers. The most they have done at this point is send some files to the underwriting department. As of Friday of last week, no underwriters had been assigned to the individual files and I have been told it could take another 30-60 days for a resolution. Also, do not understand why they do not screen and pre-qualify loan mod applicants over the telephone like the other servicers, with immediate placement in the 3 month trial program at inception. It seems to me it would speed up the process a little bit, especially if we still have to go through the same 3 month trial period after underwriting if approved. Some of us have had applications pending for about 90 days now and if pre-qualified at inception could have been finishing up the trial period by now.

07-02-2009, 12:37 AM	#10 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Has anyone noticed that there seems to be an upward tick in home values using the online estimators. I am in the MD/DC area. The upward tick actually has me concerned as I believe that EMC/Chase would be more willing to modify my loan with negative equity. My loan amount is currently 1.3 mil on the first with EMC and 45K on the second with Citimortgage. This upward tick is probably what the lenders have been banking on as reflected by the slow pace in which they have been processing the pending loan mod apps. At last check on 6/8/09, the following values were posted when I performed the online check: Zillow.com $ 1,155,000.00 B/A - Cyberhomes 1,134,230.00 Chase 1,206,000.00 County assessed value 1,206,840.00 As of today, the following values were posted: Eppraisal 1,490,555.00 (value range = low 1,266,972.00 - high 1,714,139.00) zillow.com 1,164,500.00 (value range = low 954,890.00 - high 1,432,335.00) cyberhomes 1,239,371.00 Chase 1,215,000.00 I also received my property tax for 2009 and my taxes went down from about 15k to 12k, this translates into a savings of about 3k for the year and monthly savings of about $250.00, thereby increasing my surplus. I am concerned that the additional surplus may adversely impact my chances for getting a loan mod to the extent that the recommended surplus range is $200-300. I was previously showing a surplus of about $138. I am trying so hard not to be so pessimistic about this situation, however, each passing day increases my concerns and fears.

07-02-2009, 07:11 AM	#11 (permalink)
NohelpfromEMC Senior Member Join Date: Jun 2009 Posts: 40	Re: Emc loan modification application Maxie, I am in the Boston area and my value according to Zillow increased 6k in the last month. Speaking of taxes...my 2nd half taxes were due by 6/30. I called my tax collector to let him know that I need 1 more week (waiting for a quarterly commission check). I was told absolutely not...that if I did not get the taxes in by Monday AM he would do a "taking" which would involve puting my name in the local paper and placing a lien on my home. Needless to say I sold some stock I had ( at a bad time) to make the payment. You would think I would have some leeway given the current economy.

07-02-2009, 11:09 AM	#13 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Just got an unprompted call from my negotiator, Irene. Missed her call and called right back. Spoke to Robert, who incidentally, I have spoken to on two other occasions. Have to say that I am impressed with his level of customer service. I was on the phone with him for about 30 minutes asking him question after question about the process. He patiently and politely answered all my questions and apologized profusely about the length of time it has taken to process the applications. He said that they are frustrated as well about not having all the tools that they need to process the huge backlog of applications. At last word, they were informed that things should be in place before the end of this month. Before I could even protest that we have been hearing that same song for the past few months, he added the caveat, "of course, we have heard that before". Anyway, when we got around to talking about why my negotiator was calling, he said she was calling to tell me that I needed to complete the new "HAMP hardship affidavit" and to send it in ASAP so that my application will remain in a state of complete readiness for processing by the underwriters as soon as they receive the tool. I promptly downloaded the new forms from their website, totalling 11 pages long. The new forms are actually different from the one we submitted in April. According to Robert, the new forms came out last week. For those of us with our files already submitted to underwriting, they only need us to complete Section 3 of the forms which is four pages long. I did so and faxed it back immediately to them. As much as I am hurting and "robbing Peter to pay Paul", psychologically, my conversation with Robert and the call from my negotiator made me feel a little bit better today. Will see what happens next week.

07-02-2009, 11:22 AM	#14 (permalink)
chasepmt2hot-firefighter Senior Member Join Date: Jan 2009 Posts: 220	Re: Emc loan modification application I don't understand this magical tool they are speaking about. Before computers people did it by hand and/or with a calculator. Why are they trying to make is so difficult? What is the "tool"?

07-02-2009, 11:30 AM	#15 (permalink)
NohelpfromEMC Senior Member Join Date: Jun 2009 Posts: 40	Re: Emc loan modification application I think the "tool" deals with "current" borrowers and imminent default. It seems like the loans thru EMC are having the most trouble. (anyone have a comment on this) I want to beleive them but it seems like they keep pushing the date out and then get everyones hopes up just to push the date out again.

07-02-2009, 11:38 AM	#16 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Your concerns are all valid, however, what options do we have. We are at the mercy of these people. And from what I read on some threads, paying intentionally late does not speed things up. EMC may either just be a little bit behind in the curve or doing us a favor by making sure we are truly qualified before embarking on the trial process (by this, I am referring to the heartache that comes if you get denied after completing the trial process).

07-14-2009, 02:57 PM	#17 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Still no movement with EMC/Chase. Wondering if going with NACA could improve matters. Have a few questions though. Most of the threads here detailing success stories with NACA involve BOA/CW and Citi who appear to have a partnership with NACA. Has anyone with an EMC/Chase loan had any success working with NACA, if so, could you please answer the following questions. 1. Did you get a trial mod or a permanent mod. 2. Were you current or late at the time the mod was achieved. 3. How long did the process take. 4. What kind of loan workout did you receive. Thanks in advance for your responses.

07-15-2009, 05:41 AM	#18 (permalink)
NohelpfromEMC Senior Member Join Date: Jun 2009 Posts: 40	Re: Emc loan modification application Maxie, Did you call and get a status update from EMC? If so what did they say? My last contact with EMC was an email on 7-7 from the person I have been dealing with from the Executive team telling me that she received my affadavit and would escalate my file to underwriting. I was thinking of giving them a call later today for a status update. I have a coworker who is going through the same runaround with Citi and was eventually denied due to not enough income. He had a paycut that is why he is now in trouble with his mortgage and is now working with NACA.

07-15-2009, 05:45 AM	#19 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Have not called this week. But did on Friday and they claimed that things were still on hold with underwriting while awaiting the guidelines for those of us who are current.

07-15-2009, 05:50 AM	#20 (permalink)
NohelpfromEMC Senior Member Join Date: Jun 2009 Posts: 40	Re: Emc loan modification application Today will be the 1st time I have gone over 15 days late..will be 1 more week before I can pay. I spent every penny I had last week on my taxes or the tax collector claimed he would do a "taking" of my property..

07-15-2009, 05:59 AM	#21 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Have not paid this month's mortgage. May overdraft on my checking account to pay the whole amount due by tomorrow 7/16. Checking is with BOA and when I go over, under the advantage program that I have with them, they typically will cover all overdrafts up to the limit of 15K on my credit card linked to the program. They in turn will transfer the deficit to my credit card and charge me interest of 23.99 %. Classical robbing Peter to pay Paul. I have no choice though, just trying to stay current for as long as possible. As far as taxes, our accountant filed for an extension and we will probably stretch matters to the deadline of Oct 15. Let me know your status after your phone call with EMC today. Thanks.

07-16-2009, 07:02 AM	#22 (permalink)
NohelpfromEMC Senior Member Join Date: Jun 2009 Posts: 40	Re: Emc loan modification application Maxie, I called yesterday for my status and I was told that my file is being reveiwed by underwriting and it will take another 30-60 days... Weird that the person never asked where this months payment was that is now 16 days late. Hopefully my quarterly commission check comes in tomorrow so I can pay Julys payment without using credit to pay it.

07-17-2009, 11:36 AM	#23 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application Nohelp: Just called EMC for a status update and to verify that they have received the updated financials that I sent to them early Thursday morning. Based on the good counsel from this forum and to keep my file in a state of complete readiness at all times, I sent them my YTD receipts, signed 2007 and 2008 returns (previous copies were unsigned), updated June joint checking account for my spouse and myself, my June business checking statement, and my husband's June business checking statement. The rep that I spoke to confirmed that they had received and uploaded all the documents on my account and that my file was still with underwriting. I asked her additional questions relating to whether they had pulled my credit (as my credit monitoring does not seem to show that) and whether they had performed the BPO/appraisal. She told me that my file would not have been sent to underwriting unless those steps had been completed. She said that I would not notice the credit check because it is a soft hit and does not affect my credit score. She also said that they performed their version of a BPO online and that my home value came in at 1.2 mil. I owe 1.3 mil and we purchased the home in 2006 for 1.72 mil. She said from the standpoint of the mod, the low BPO helps because it tells them that I cannot refinance. From my point of view, this is terrible because I am underwater by 500K and will face a substantial loss if we have to sell. She told me to call back in two weeks for another update. She also said that they have all the guidelines and software needed to process the current loans. I called my ET specialist today who told me that my file would be escalated as soon as the software was in place. I am yet to hear from her to confirm this new information and to see whether my file has been escalated. Also, called her two weeks ago and never heard back from her. So much for the executive help with EMC/Chase. Anyway, bottom line, the waiting continues.

07-28-2009, 10:39 AM	#24 (permalink)
MAXIE19 Senior Member Join Date: May 2009 Posts: 265	Re: Emc loan modification application My loan mod app has been pending with EMC Chase for over 4 months now with no end in sight. My file was submitted to the underwriting dept mid June and I have been told that there is no "ETA" on a resolution. I am thinking of starting a simultaneous app with NACA but not sure whether there are any negative ramifications from doing that. Will starting a new app with NACA cancel out my previous "pro se" app. Really would hate to start from scratch if that becomes the unintended consequence of going through NACA. Does anyone have any experience with simultaneous pro se and NACA applications. If so, please share your experience. Thanks.

07-28-2009, 01:52 PM	#25 (permalink)
Questions Senior Member Join Date: Jun 2009 Posts: 52	Re: Emc loan modification application Has anyone had experience with EMC's forbearance plan? I have a second mortgage with EMC and they put me on the 3 month trial/forbearance period. Told me to not even apply for the modification until I'm done with the forbearance period. I am curious how this is going to report on my credit? One rep said it will show 'paying partial payment but pays as agrees' without late payments showing on my credit report but another rep said it will also show 30,60,90 day lates on my credit report. Please let me know your experiences. Should I apply for the modification now? They are saying I need to wait until my 1st mtg is modified (which is in the process with another servicer). Does anyone have the email address of someone that I can email and correspond with? Thanks so much!

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