What do we know about the: CHASE 3 MONTH TRAIL PAYMENT OFFER?

[Marie T]

They already have our 2008 Tax returns so unless they string this out so long that we're into next year it seems they could only ask for latest paystubs and bank statements after a trial mod. i am sure they want to see if your income has improved in the 3 month mod period so they can make your payemnts higher.

I have only had a couple calls from NACA yesterday to clarify some payment info so hopefully I am close to a trial mod here.

[Marie T]

I did just have a thought on the "stringing it out"......I have to get this mod done by the end of August or I will not be able to claim the predatory lending as you only have 3 years from closing date for statute of limitations....so, I guess I had better remind them of that. Not sure how that would work out with trial loan mod since if they did it right now that still puts it 2 months past the statute of limitations.

[c150000]

hi
what happens after the 3 months ,,,,,,,,you do not qualify for any mod.....

cheryl

[Hodgini66]

FYI: Received a call from "Mr Malone" @ Chase in the "pre-foreclosure dept."

For Jumbos owned and/or serviced by Chase: Chase's "system" apparently provides for a 41% debt-to-income ratio, including an allowance for standard living expenses, property taxes AND homeowner's insurance. "Standard living expenses" apparently comes from an internal (Chase) table and is based on two fatcors: Your region (zip code?) and the number of people "living in the household".

Simplified scenario (annualized numbers):

$100k Gross wages

+ $10k in property taxes
+ $1k in Homeowners insurance
+ $10k standard living expenses
=====
$21k gross numbers, debt-to-income (equal to 21% of gross wages).

This translates to a max of $20k per year allowable for mortgage P&I.

Divide by 12 = ~$1,666 per month (for the above scenario only)

That's REALLY cheap money (sounds too good to be true)!!!
=================================================

Anyone else receive info/data on "Jumbo" trial loan guidelines?

[Marie T]

Hodgini ~

Not sure I understand what you are saying above but I saw on another recent thread in here somewhere that Chase was using a 40% of gross income for all house expense - mortgage payment + interest + insurance + property taxes + HOA. Right now, we are at 58% for all house expense so if we could get it down to 40% we could breath again!!!

[Hodgini66]

Originally Posted by Marie T

Hodgini ~
Not sure I understand what you are saying above but I saw on another recent thread in here somewhere that Chase was using a 40% of gross income for all house expense - mortgage payment + interest + insurance + property taxes + HOA. Right now, we are at 58% for all house expense so if we could get it down to 40% we could breath again!!!

The first Q is whether or not your loan is "conforming", i.e. FHA/VA compatible. Mine is not. I believe the Obama Plan allows for 31% DTI... Not sure WHICH debts are included in that number though. I think the number I was fed (41%) applies to Jumbo ("non-conforming") loans.

And yes, that DTI percentage number is some sort of an "all-inclusive" type of number, but excludes certain types of overhead, such as court ordered child/spousal support, garnishments, judgements, etc., I just can't fill in many other types since I am only privvy to my situation.

This is exactly why I posted in this thread, so others could fill in the gaps.

Anyone with more documentation or copious notes? Thanks!

[Marie T]

Hi Hodgini,

Mine is WAMU - jumbo but under that $729,750 ceiling, although I am not sure that matters as mine is owned by WAMU, no separate investor.

I just went on CHASE'S website and they have new press release from yesterday saying how many loans they have already started on 3 month trial. They are also giving TARP money back so I am sure they are doing that so government cannot tell them what to do!

It does not give any definitive number for what income you must have but says "must show you have adequate income to make reduced payments on ongoing basis and that modification is an appropriate option given the characteristics of your mortgage and the value of your home"....THAT wording I have aproblem with....appropriate for who ...me or the bank?

It also says "homeowner must be able to afford a debt ratio PITI payment of 31% to 40% of gross monthly income" - right now it is 58% but I believe before my husband had the 30% reduction of his income at the first of the year we had been paying the payment and the payment was at least 40% of our income then...now it is 58% so pretty impossible to pay and I am at 60 days late although I am trying not to let it get to that 90 day point. Pretty frustrating that I am cutting everything to make this huge payment on a predatory loan and I can't get them to modify it!

[potels]

So, is there anyone who successfully got loan modification after 3 mo trial w/WaMu? If Yes - what's the condition? Anyone who was successfully bargained the initial Loan Modif agreement to get 40 years loan?
I just signed and faxed a Forbearance agreement with WaMu for two mo trail (Jul 6, 2009). I'll pay using Bill Pay (electronic checks) - is there any reason not to use them?
Financail Statement attached to Loan Modif - does it need to show negative balance or positive? And how much? Different banks have different requirements. Please advice.